All change in greece after a snap election, but what are the economic challenges facing the incoming Prime Minister . European markets look like this at the start of a new trading week. We will have the details of all you need to know. And, getting an early taste for business. We meet the former teenage entrepreneur who began selling ice cream at the age of 15 and turned that cash into a pizza chain. Today we want to know, with prom season in full swing in the uk and parents splashing out on their kids for the big day, are we taking this american tradition too far . Should we indulge our children . Let us know just use the bbcbizlive. Welcome to the programme. It was once the worlds biggest Financial Institution. But now Deutsche Bank has confirmed one of the biggest overhauls at an Investment Bank since the aftermath of the financial crisis. Its confirmed that 18,000 jobs are to go over three years as part of a restructuring plan. That will ultimately cost 7. 4 billion euros or 8. 3 billion. As part of the overhaul, the bank is to scrap its Global Equities business. Deutsche bank hasnt given any Geographical Breakdown for the job losses. But with almost 8,000 staff, london is the home to its biggest trading operation. We will get details later today of what is expected to happen. Joining us is former Investment Banker, philip augar. He was at Natwest Markets which ended up being absorbed by Deutsche Bank and has gone on to write about the industry. You know a lot about whats going on. Ive been looking at it for a long time. Why are Deutsche Bank doing this . This is a really spectacular reversal of a very ambitious and aggressive strategy. It started in 1999 when they bought the us Investment Bank Bankers Trust and were determined to go head to head with the wall street giants. For about a decade it looked like it was working and then came the crash and in 2008, whereas the american Investment Banks cut back very quickly, the government forced them to do it, Deutsche Bank was too slow, too little, too late, and for the last several years they have been lingering on, dying a rather painful death, paying the consequence for not accepting tough medicine in the deep days of the crisis. So is it as simple as that . They didnt react in the correct way after the crash . Thats the fact of it. It is never a simple issue. The wall street Investment Banks have a vice like grip on the whole business of securities trading. Trying to break into them is a really tough challenge. I wouldnt be hypercritical of the deutsche management, it was just simply in the depths of the crisis in 2008 and the depths of the crisis in 2008 and the Us Government said to their banks you have to take tough medicine. The european governments, partly because the european banks we re partly because the european banks were not Strong Enough to absorb tough medicine, let them off the hook a bit and they have been paying the price ever since. Thousands of jobs are set to go, many highly likely in the city, because london isa likely in the city, because london is a big base for Deutsche Bank. How will that affect the look of the city . Thats always my first thought when i look at these big swingeing cuts, the people involved, they have careers to build on financial commitments and it is not an easy environment at the moment. I dont know of any seriously large Investment Banks that are expanding at this point and the industry will have trouble re absorbing them. Is ita have trouble re absorbing them. Is it a blow for the city . It is not wonderful news but i dont think it is strategically significant. The big issue for the city is brexit and whether it will be possible to conduct International Financial Services Business out of london, or will you have to put a foot print in continental europe, as many of the american banks are doing . Lets talk about who may potentially benefit from this moving away from Investment Banking. Ba rclays from this moving away from Investment Banking. Barclays would be an obvious answer to that. Why is that . Absolutely. Several years ago there were a number of european banks trying to break into wall street. Gradually, they have been whittled down, so there are really know only two serious players, or there were only two until this morning, those with Deutsche Bank and barclays. Morning, those with Deutsche Bank and ba rclays. The morning, those with Deutsche Bank and barclays. The demise of Deutsche Banks Investment Bank leaves ba rclays as banks Investment Bank leaves barclays as the last man standing and actually if you were a european corporate or Financial Institution and you want to do business with a european Investment Bank, the only credible choice now is barclays, good news for them. Philip auger, so good news for them. Philip auger, so good to have you on the programme. Thank you very much indeed. Lets take a look at some of the other stories making the news. The turkish lira has dropped after president Recep Tayyip Erdogan fired the governor of the countrys central bank over the weekend. No official reason was given but it comes amid reports of disagreements over Interest Rates, which the government wants to lower in a bid to boost economic growth. The lira was last down over 2 against the us dollar. Low cost Saudi Arabian Airline Flyadeal has cancelled an orderfor 30 boeing 737 max aircraft. The state controlled carrier said the move would result in it operating an all airbus a320 fleet. The decision follows the crashes of two of the boeing jets, which killed 346 people. Australias Housing Market has shown early signs of improved buyer confidence. According to data from major Analysis Firm core logic, the number of homes sold at auction rose this month. That comes after the countrys Central Bank Cut Interest Rates again in a bid to boost the sluggish economy. Lets show you what is happening with the numbers. A new week for markets, and the nikkei leading the fall this monday after those better than expected us jobs figures. Theyve reduced expectations for an aggressive rate cut by the Us Central Bank at the end of the month. Remember that meeting on the 31st of july. Thats not to say there wont be a cut but perhaps now it looks more like a quarter point cut rather than anything more significant. We will talk about that in a moment. Some weak domestic Economic Data injapan also dragging down investor sentiment. Heres whats happening in europe. The ftse 100 the ftse100 is up a little. But keep an eye on this one, thats the International Consolidated airlines group, iag, the Parent Company of ba man has been hit with a record fine this morning, to pay £183 million because of its data breach of its key Security Systems last year. Its shares have opened 1 lower. That record fine being imposed on them this morning. More on that shortly but first lets check in with michelle whos looking at whats ahead on wall street today. Although this week gets off to a slow start, it marks the beginning of the Second Quarter earnings season when firms turn in their report cards to investors. Pepsico and levis are among the first to report on tuesday while Delta Air Lines is on thursday. Now, the s p 500 has been on a winning streak of late. Will that momentum continue once Companies Start to turn in their results . Also, Federal Reserve chairman Jerome Powell testifies for two days before Congress Starting on wednesday. Wall street will be paying close attention to see what he has to say about the feds position on Interest Rate policy. Now, his comments come after a strong jobs report forjune, which raised questions about whether Americas Central Bank would actually cut rates this month. And theres inflation data expected out on thursday and friday. Joining us is Justin Urquhart stewart, director of seven investment management. Hejoins us. Welcome he joins us. Welcome to the programme. Pleasure, thank you. We are talking about greece today, after a snap election, a real move, shift away from the left for greece. There may be political change but the economy is still in the same dire straits. You can see these headlines at the moment, you had a left wing government which surrendered almost immediately unchanged but fundamentally this goes to the core of the operation of the euro because there they are, the economy has shrunk by over a quarter, not many of the reforms are having that much impact on it so it is difficult to grow. To save the economy can grow by 1 will not change a great deal. Fundamentally, you go back to the issue of how you runa you go back to the issue of how you run a single currency like that with wea ker run a single currency like that with weaker economies and you will eventually split it, you will have effectively a local currency, the tradable olive, or Something Like that, but the external debt will be maintained in euros allowing the economy to grow but unfortunately at the moment no one is willing to grasp it and it is that major decision that is necessary. grasp it and it is that major decision that is necessary. I know we cannot read too much into one election in one country because there are so many differences with what is happening in greece to so many others but this move away from populist policy that a government can come in and say we can solve these problems, you can still have all the money you had before and everything will go away, it doesnt work, does it . It sounds awfully familiar but around the world on every single continent that is what is going on and somebody will turn around and say whatever emperor you choose they seem to be sartorially challenged and they dont have the ability of getting further tax cuts, as we see with domestic policy at the moment, all things being promised to everybody. How . Its the same with greece but not only greece, it is those other weaker members of the euro still suffering who will find it more difficult and it will take surgery not tinkering. What about the private sector . Many people say the privacy that is where the growth needs to come from. To get the private sector going needs confidence, 0k, and election result is fine, but what are you doing . Will you help in terms of tax . Are you going to help in terms of giving incentives to be able to do more investment . And are you going to make the country investable . Will people want to put their money into greece . Not really. They need to make people spend more and that means helping in terms of property and the taxation. A quick word on us rates. I touched on it there in terms of what markets make of it. They will still potentially be a cut in the us but maybe not as much as we thought because of the better than expected jobs figures on friday. The american jobs figures are quite remarkable because for the past year we have said it is almost that zero unemployment. Zero unemployment is never zero because there are those between jobs and those who require a lever to get them out of bed. They have found there are more people coming back into the workforce and it is expanding. The Unemployment Rate seems to go up expanding. The Unemployment Rate seems to go up even expanding. The Unemployment Rate seems to go up even though we have got more people employed. It is really about being very strong. I would have thought the fed will take the opportunity to do a cut to keep the opportunity to do a cut to keep the president happy and off our back but not too much because otherwise it will get silly. Good to see you as always. Welcome back. Still to come. His entrepreneurial career began at the age of 15. He owned a pizzeria at 20. We are going to find out what its like to get a slice of the business action from an early age. Well meet the young founder of stoned. Youre with business live from bbc news. British airways is to be fined £183 million after data belonging to thousands of its customers was stolen. Within the past hour, the airline has said its surprised and disappointed with the fine, which is to be the biggest ever issued by the information commissioners office. Customers personal and financial details were stolen after British Airways Security Systems were breached last august. Theo has the details on this. Bring us theo has the details on this. Bring us up to date because clearly we knew the fine was potentially coming but the size of it has taken many by surprise. It was a lot bigger than expected, though not the biggest find the information commissioners 0ffice could have imposed. Under the gnu general Data Protection regulation, that big sweeping piece of european legislation that came in last year, British Airways could have been fined up to 4 of its global turnover for the year and in fa ct global turnover for the year and in fact it was 1. 5 , but nevertheless it was a steep fine. A lot of customers were affected by this, 500,000 of them, in fact. So it was the magnitude of it and also the kind of data that was stolen, including some very sensitive details, for example, the cvb number, the security number on the back of credit cards. Normally that isnt stored in databases, it is meant to be an extra layer of security but the hackers meant to managed to get that as well and it seems they did it by setting up a fa ke seems they did it by setting up a fake website that customers were diverted to. Either way, this is something of a test case. It is really the first big case brought by the ico under the gnu general Data Protection regulation legislation and it is an indication of what we can expect in future if companies dont safeguard customers data to the very best of their ability. What has ba been saying this morning . British airways issued a statement from the chief executive saying we are surprised and disappointed in the initialfinding from are surprised and disappointed in the initial finding from the are surprised and disappointed in the initialfinding from the ico, British Airways responded quickly to a criminal act to steal customers data, which is what they are supposed to do, and we found no evidence of fraudulent activity on accou nts evidence of fraudulent activity on accounts linked to the threat and they have apologised once again to their customers. They think the punishment is a bit severe considering they havent found any evidence of actualfraud considering they havent found any evidence of actual fraud despite the data being compromised. 0k, theo, thank you. That is a developing story so if you wa nt that is a developing story so if you want more on that story go to the website, bbc. Com news. Plenty more on the ba story for you there. Youre watching business live. Our top story shares in Deutsche Bank have risen in early trading after the germany bank confirmed that its to cut 18,000 trading after the german bank confirmed that its to cut 18,000 jobs over three years as part of a radical reorganisation. It will exit equity trading. A quick look at how the markets are faring. It is looking a bit flat, the london market just about keeping it is looking a bit flat, the london marketjust about keeping its head above water, the rest of europe very flat indeed. Now, starting your own business can be pretty stressful not least because of the financial risk. But how about doing it at the age of 15 . What were you doing at 15, ben . Not this well, tom honey began selling ice cream to tourists on the beach in devon later expanding to sell home made pizza. And it proved so successful, hes now opened his first ever permanent restaurant. And hes got some celebrity fans. Tom join us now. Lovely to have you on the programme. I still cant get my head around this. We have seen coco golf at wimbledon doing amazingly at the age of 15. When i was 15 i wanted to loaf around with my friends and do nothing all day. Coco gauff. Im still 15 basically i want a summer job i didnt want to work for somebody else so i bought a big batch of ice cream, i had about £100, and basically just batch of ice cream, i had about £100, and basicallyjust kind of started selling it at the beach. It grew pretty quickly and by the middle of the summer i was taking about £300 a day, which for a 15, 16 year old i was happy with that. You made it sound easy but you went toa you made it sound easy but you went to a farm and negotiated for the ice cream and you needed a freeze and all that sort of thing. All of these things that as a 15 year old, this pretty good planning. Yeah, ijust didnt overthink it, ijust kind of jumped in and i think that is still a little bit of what i do now, i think about things more because the risk is a lot bigger but back then it was kind of like, lets do this, there is no risk, and it wasnt a lot of money, £100 is all i put in for the first batch of ice cream and the freezer he let me have for free, and then obviously, as time has gone on the risk has become bigger so the consequences are bigger as well. How did you move from selling ice cream on the beach to opening your business and having 45 staff . With the money from the ice cream i bought a pizza oven and did that at a couple of campsites in north devon. Basically, in the first year it went well but it was a massive learning curve because i have no experience in food at all. Now i do a little bit. The second year we grew to more campsites but some of them were too small so we had a year of making no money at all. The 30 year we refocused and did only the sites that worked and had a really successful yea r, sites that worked and had a really successful year, and off the back of that i decided a restaurant would be a good next step. That was when i got investment from one of the founders of jack wills, robshaw, got investment from one of the founders ofjack wills, robshaw, a loa n founders ofjack wills, robshaw, a loan from natwest and virgin start ups, so ive got a lot of debt and three years later we have opened to ta ke and three years later we have opened to take away, so we have to take a break of the restaurant and the mobile sites and who knows where we will go next. When you talk about doing it year by year, it is so seasonal, especially the stuff not in the restaurant, on campsites and beaches, so youve got to nail it in those six, eight, ten weeks. Exactly and thats the thing, when people come down in the summer they see us with our massive busy and they do back of the envelope calculations and think these guys are raking it in and im like, thats not really the reality because we have six weeks to make all the money everybody else has the whole year to make, and so one of the things ive a lwa ys make, and so one of the things ive always tried to get across to media, and its never really got across, is that its not the fairy tale business. The overnight success, it is still seven years in the making. We know that dining and hospitality is really tough right now. We have seen is really tough right now. We have seen all the high profile brands that are really struggling. How do you make it work . You have the seasonal element of campsites and beaches. Does the restaurant operate all year round and can you make that work a bit longer . The restaurant, it is still seasonal, so it is still ha rd it is still seasonal, so it is still hard but you can extend the season a bit and thats why we have opened up in one of the nearby towns, because there is a big population so you can make it work for longer. 0ne there is a big population so you can make it work for longer. One of the reasons we can make it work is because we are a Small Business and we can make changes and respond to trends and what people want a lot quicker than jamie oliver could with his. In some ways you think, if he cant make it, how can any of us . But on the other hand, we can all make but on the other hand, we can all ma ke twea ks but on the other hand, we can all make tweaks so much quicker and a lot cheaper than he could. The market is constantly changing and i think the way we are going is so different to the way that i originally thought we would be going. It isjust our size originally thought we would be going. It is just our size that has allowed us to do that. Thank you for coming to talk to us, tom. Best of luck. As you may be aware, the usa has won the womens world cup for a record fourth time. But a rather different football competition has been taking place in australia robocup 2019. And as our correspondent Hywel Griffith found out, they take it all pretty seriously. Its the beautiful game but not as you know it. Yes, there are moments of drama, outrageous tackles, and of course, goals. But this is modern day football with a difference. Yes, they re designed and programmed by humans, but once theyre on the pitch its up to them. The robots are autonomous. They have to see the ball themselves and make their own decisions. Theres no remote control. The teams compete in classifications. The games can be unpredictable, sometimes exhausting to watch. A bit like the real thing, then. There is more to this than a bit of sport with circuitry. Football depends on natural human instincts, something the robots arent blessed with. But as they become more sophisticated and work as a team, they can apply those skills to other fields. The ultimate challenge is still way off but by 2050 the aim is to have a robot team who can play and beat the humans at their own game. Hywel griffith, bbc news, sydney. What do you think . Robocup . As the technology improves, it is the falling over that needs to work better. The falling over and getting up better. The falling over and getting up doesnt work for me either talking of which. Not talking about which at all, a non sequitur if ever you heard one. At the top of the programme we asked you about your opinion on prom night as the prom season kicks off in the uk. What do you think about the us tradition of having a prom at the end of the School Season in the uk . A lot of parents are spending thousands of pounds on their children. You have been tweeting in your droves. Steve says, ridiculous also are you sure he said it like that, sound so angry. Back me up here. Additional pressure that kids dont need, financial pressure on parents, some of whom cannot afford it, what next, kids are graduating from nursery . Some say is let parents spend what they want on their kids. I had a decent time at my prom. That sounds boring janet says, lovely thing, good excuse to dress up, meet up at the end of year, a stressful year of exams and a happy ending. So she is afan. So it purred, sounds tasty my 16 year old spent very little, at 18 she escalated, £25 on a dress and £25 on shoes. Lisa says so hyped up, the event doesnt meet expectations. As always in life, the expectations are always much more exciting than the reality. 0ther are always much more exciting than the reality. Other than the you, ben, the reality is better than the expectation exactly, and quite true forJustin Urquhart stewart, lovely to see you again. I havent got a prom dress youve got your braces lets talk about some stories in the papers, because i want to ask about proms, because everyone very clear about what they thought about proms. This Tall Building story is interesting and the c02 this Tall Building story is interesting and the co2 emissions from Tall Buildings, every skyline is getting taller, and it is a real environmental challenge. It is environmentally challenging and they have come up with some interesting figures. You dont have to go too far back, we had the natwest tower which became tower 42 and when they built that i remember at the time it looked a very inefficient building, and when the chairman turned up at one of their meetings and said do you know our building is the same shape as our logo . And i said, really, is that a good reason for building a property like that . It turns out it is incredibly inefficient. What makes it inefficient . Things like double glazing, the lifts the indirect items, where do people park, or do they not have to park . Cannot bring their cars at all. The whole effect of the environment and people in it. Therefore, they can start giving them, this is one of the proposals here, levels of measurement as you get on yourfridge here, levels of measurement as you get on your fridge and other electrical goods so you can see where it is, a f, tower 42 looks pretty inefficient. That will affect the Property Price because if it is inefficient and you end up getting fined for it, who is going to buy it . The result is you will have buildings have a relatively short timeframe. You go to places in the city and some of the key areas, old broad street circle, those buildings are almost designed to be pulled down, or taken apart, are almost designed to be pulled down, ortaken apart, in are almost designed to be pulled down, or taken apart, in 20 years, sometimes a bit longer than that. That short sighted . Sometimes a bit longer than that. That shortsighted . To say we can redevelop it with new technology coming in and they designed it like lego bricks, you stake do not take it apart brick by brick. A bit better than lego we are constantly told that putting solar panels on roofs and collecting rainwater to flush toilets but thats not the case if the footprint is so small, the impact is much greater. Absolutely because obviously the tower is relatively small at the bottom but if you are going up 50 or 60 floors it is focused on that so much more effort going into that design. Justin, i cannot tell you how much of a pleasure it is to have you on the programme again, please come again soon. Justin urquhart stewart. Thank you for your comments today, keep them coming in. Check out the thoughts of the people have been sharing with us this morning. The clean ones good morning, we have a changeable week ahead, some sunshine at times but there is rain in the forecast, and thats going to mainly affect northern parts through the first pa rt northern parts through the first part of this week. Temperatures, though, around the average for the time of year. Through today we have the azores high which you can see stretches from the azores up the United Kingdom keeping things relatively settled. Just this nose of High Pressure keeping things relatively settled today but this weather front out towards the west, thats going to bring some rain across Northern Ireland. Eventually, bit of rain into the west of scotland. North east of scotland, however, having some sunshine, there will be some sunshine to the south of england. In between, a fair amount of cloud today but largely dry and temperatures getting up to about 16 19d in the north, 20, 20 two celsius down to the south east of england. Now, later on, though, there is a risk of one or two isolated showers across southern areas but i think at wimbledon its going to stay dry. There will be a few bright spells and those temperatures getting up to about 21, may be 22 degrees. The rain will move out of Northern Ireland pushing into Northern England and scotland, giving some rain and drizzle. Temperatures getting down to about 10 14dc. Not as cold as it was last night, especially in the north. 0n not as cold as it was last night, especially in the north. On tuesday, the High Pressure is still there extending from the south, so many parts of england and where is remain settled and dry but further north with the weather fronts bringing outbreaks of rain. It will not rain all the time for Northern Ireland and scotland, the far north as england, bit drizzle be in places. Further south it remains dry, few bright spells across south wales through south Western Areas of england. 0n the whole, a fair amount of cloud and temperature is about 1924d of cloud and temperature is about 19 24d and feeling warm as well further north. Temperatures in the high teens. Going into wednesday, the area of High Pressure slowly sta rts the area of High Pressure slowly starts moving away and we get more influence from the west. So, further outbreaks of rain as we go through wednesday. They could be a few thunderstorms across northern areas. Generally, though, temperatures in the high teens, low 20s, quite u nsettled the high teens, low 20s, quite unsettled for many of us going through wednesday and thursday but friday into the weekend, there is going to be plenty of dry weather and with that there will be sunshine, and where you have the sunshine, and where you have the sunshine it will feel pretty woman. Bye bye. Youre watching bbc news at 9 00 with me Carrie Gracie the headlines. British airways is facing a record fine of £183 million over a data breach involving hundreds of thousands of customers. Donald trump hits back at the uks ambassador to washington, after leaked emails described his presidency as inept and dysfunctional. Families whove lost loved ones to dangerous drivers say theyve been let down by broken promises to introduce tougher sentences. The United Nations is urged to take stronger action to protect
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