Obviously have an engineering culture. It is what we are living off. And its merger monday in the pharma sector with a deal worth more than 10 billion. And failure awaits the United States if it takes action on syria. Thats the threat from president assad as u. S. Experts are allowed now to visit the site of an alleged chemical attack. Youre watching worldwide exchange, bringing you Business News from around the globe. Hi, everybody. Welcome. You are watching worldwide exchange. Were with you for the next two hours in good company, i hope. Weve got a lot of guests lined up. And on todays show, despite the ongoing success of south koreas export economy, is it time for change . We have a special report in about 15 minutes time on that front. Maverick australian billionaire clyde palmer is running to be the countrys Prime Minister. Can he succeed . Well be hearing from down under at 10 30 cet. This week were also bringing you a whole series of reports on the risks and rewards of investing in Frontier Markets. This is interesting. At 10 30, well kick off with a report on why frontier economies are avoiding the emerging market slump. And do you remember when greece was key to europes Economic Future . At 11 00 cet, tune in to hear why Credit Suisse believes that the country wont need major debt restructuring and that nobody needs to worry about it anymore. Fat fingers, typos, freezing borses. A number of glitches are dominated headlines in recent days. At 11 30 cet, well be crossing to kron toe for a view on the nasdaqs threehour trading halt which happened last week. As usual, you can get in touch with us directly at worldwide cn worldwide cnbc. Com. You can also find us directly on twitter. Put it into google. Its very easy. With any questions or comments. Of course, it is a bank holiday here in the uk. So no trade in the uk, but trade everywhere else. So were still with you. Now, the german chancellor, Angela Merkel, has told voters that greece wont need a further debt writedown, but she stopped short of ruling out further aid to the nation. Speaking with germanys focus magazine, the chancellor said she was expressly warning against the haircuts and that it would create a domino effect of uncertainty in the eurozone. Now, this comes as the greek finance minister has said that although the nation may need a third bailout, it could not accept fresh austerity measures, separate things. He added that a further loan for greece could amount to around 10 billion euros. The National Association for business economics released a survey today showing that while many economists think that the feds current policy has been a success, quote, unquote, most dont believe that the fed will start tapering until after the september meeting coming up. Only 10 of economists expect the winddown to start before the end of september, while 39 expect the first tapering to happen during the fourth quarter. So thats been pushed out just a tad, right . The rest, they arent expecting a scaleback until at least 2014. Separately, most nab members say that future deficits are a bigger concern than current shortfalls, but theyre divided over how to best address them. Now, our Global Markets report indicates that our european markets this morning are opening in slight negative territory. Were just seeing a little bit of negativity at the moment. We initially started off just flat to a little bit stronger, tracking some gains happening on wall street and asia and nasdaq ending up after that technical outage on friday, microsoft being one of the reasons why. We saw a big jump after we heard of the retirement of steve ballmer. Asia markets also positive, but europe this morning just coming off a bit. As i said, Public Holiday in the uk, so you have to factor that in. Volumes are very light in todays trade. The fixed markets the fixed income markets, were seeing a little buying taking place in the yields around 1. 9 . And a bit of selling in the italian, the tenyear treasury market and the tenyear gilt market. Pushed higher across the board there. Currency markets, weve been flat in trade this morning. That continues to be the dominant what do you call it the dominant thing taking place at the moment. The dollaryen down by 0. 2 . Youre seeing flattish trade in the eurodollar, the aussiedollar and sterling against the dollar as well. But i was just mentioning what took place in asia in the overnight session. Li is in singapore. Take it away. Whats been taking place for our viewers in europe who might just be waking up and joining us. Hows asia . Thank you. A good start to the week for asia. China markets gained almost 2 today by overall positive corporate earnings and the free trade Zone Pilot Program in shanghai. But a choppy session for japanese stocks hurt by concerns over the consumption tax hike. The nikkei 225 lost almost 0. 2 . The kospi got a lift by auto and steelmakers finishing higher by nearly 1 . Earnings news in focus in china. The countrys number two lender added ed 0. 7 after q2 earning slightly beat forecasts. And asias largest refiner rose almost 2 after posting a 22 jump on its bottom line. But byd shares tanked almost 11 today. Warren buffettbacked automaker saw its first half net profit rise 20 fold but warning the Third Quarter could be tough. In japan, index giant tepco among the biggest losers after reports of radioactive water leaks. The stock tumbled almost 7 . But real estate stocks lent some support on hopes that construction demand could pick up as tokyo bids for hosting the 2020 summer olympics. Meanwhile, Australian Gold miners powered ahead tracking the strong prices in recent sessions. Kingsgate rallied some 4 to 6 today. Back to you. Thank you very much. Well talk to you a little bit later on. Joining us live out of singapore. Now, it is, of course, the runup to the germany elections. And were very closely going to be covering this a lot more, obviously, up to the actual elections take place in september. Our reporter joins us in munich. Good to see you. Its monday. A fresh week. Reporter yes. A fresh week and me being in munich to actually speak with people here on the ground, what they think about the government, what they want from the future government, but as well as caught up with entrepreneurs and spoke with them about their Business Climate right now in which they are operating. Munich very economically successful area, probably the most successful area among german regions with unemployment at below 4 . Last year it was 3. 8 which one could really say its almost full employment. And i, of course, as well asked about the german specifically well, the german character trades and as well what makes the German Economy so successful when i caught up with the ceo of infineon. Just take a listen. We have a situation in germany which is a culture. We obviously have an engineering culture. Maybe its not at the forefront of everybody thought, but that is what we are living off. Look at our automotive. Look at Big Industrial companies who are supplying. The medium and Small Enterprises which are offering outstanding specialized solutions, and all of this is based on innovation capability on grieater years brought to success. Reporter we also traveled to nuremburg. You might know it because of its christmas market, but it is as well home to one of the biggest car parts suppliers here in germany, leoni. And i asked the ceo of leoni what he thinks needs to be done as well to preserve that position. Theres a lot of things to be done, of course, to, lets say, to prepare ourselves. Also for competitiveness in the future. In the last couple of years especially in our industry, in the automotive supply industry and metal and electric industry, we have seen very good cooperation of the units. Very good agreements of the units in terms of labor cost increase. And so this has helped us to be more competitive today than other european countries. Reporter im also joined here by the president of the bavarian finance center. We were just hearing from the leoni ceo that it is as well because of wage moderation that German Companies can be in such a successful competitive position. Do you think that its here to stay, or what is going to happen with wage increases . I think that one often not mentioned explanation is that germany has a very good functioning bureaucracy. Thats a fine infrastructure, many other countries have the same kind. Especially if i look to greece. Im surprised that germany is as competitive, but german entrepreneurs are innovative. They work hard. And therefore, in the long run, im quite positive for the futu future. Reporter so especially taking a look at that region, youre, of course, the president of the bavarian finance center. What makes that region different from others in germany, and how is that going to stay . Will they continue to be so successful . They will stay bavaria has a godgiven advantage, very nice skiing regions, many lakes and many like to come here and therefore companies behind us as the headquarters of siemens or bmw, audi, have no difficulties to find good managers and good employees. Reporter as we were discussing as well, the bavarian elections coming up. If that is going to be an indicator for the general election. So what do you think . Can we read something out of those elections . Yes, we can read something out of it, but normally, the elections in bavaria are very special elections. That means we have an indicator, and many germans not knowing yet what they will do in the election. I fear that many germans are so disappointed with policy that we will not go to the election. Reporter Angela Merkel is coming here to bavaria and to munich to campaign. What is the feedback from those election presentations . I dont see the big difference between the two leaders. And thats a problem. If there is no difference, one has to be very loudly to find new germans to elect, and therefore, a Great Coalition would be very possible. Reporter is that as well what youre hearing from corporations or companies here on the ground, that they want to have a grand coalition Going Forward . They dont say it in public, but i think they hope that that will come. That gives certainty, but they fear that the tax rates will be higher then. And without spd, they would be more happy if the tax system wouldnt be changed. Reporter so the companies youre speaking to as well as voters, which kind of outcome would they prefer for the elections . They think in the mainstream very conservative, and therefore they would be happy if policy would go on as it is at the moment, but they can live with a change in the policy. They are very international and not depending on germany. Reporter and talking about being conservative, we were just as well talking about the fact that bavaria is a very conservative region of germany. Is that as well something to keep in mind when speaking about doing business here in that region . No, i dont think so. Theres a quite interesting mixture. One is thinking conservative, but one isnt acting conservative. One is very innovative, and this is for many years a specialty of bavaria, and thats the advantage of bavaria. On one hand, you have the stability of conservativism. On the other hand, you have innovative, especially small and mediumsized companies, many of them in germany, finding equity, and its a very good situation. Reporter so now we were praising germany across any kind of topic. What is there as well in terms of Downside Risk to the Germany Economy . Can we as well take a look on the Banking Sector . I know youre an expert to banks. I think the Banking Sector was very, very expensive for the german taxpayer. But nevertheless, the problem of germany is a problem of europe. And we have to learn in germany and in bavaria, too, that we are in the middle, and that will cost much money, but there is no other way. And in the elections, the danger is there are so many disappointed germans that maybe that will change the future situation. Reporter thank you very much for your time. Thank you. Well, that was the chairman and president of the bavarian finance center, speaking with the bavarian economy, but as well the outlook for that region. Im sending it back to you. Isnt there a certain type of cake youre supposed to try if youre in the bavarian region . I seem to remember theres some type of a reporter cake . Yeah. Or am i getting it wrong . Bavarian cake . Scone . Reporter no, i think its more like sausage. Well, that, too. Yeah. Reporter youre not supposed to eat after lunch. I know, exactly. Never after lunch. Im going to have my bavarian sausage within the next two hours before lunch. Reporter express. Well see you again here on the program live from bavaria with the bavarian sausages. Is it time for south korea to change its economy . Or is it a case of if it aint broke, dont fix it . Well have a special report after the break. Youre watching worldwide exchange. Its monday morning. More to come. Could be simple . Well, now it is with truecar. Just go to truecar. Com, configure your car, and get connected. To a truecar certified dealer. For guaranteed savings. Save time, save money, and never overpay. Visit truecar. Com [ agent smith ] ive Found Software that intrigues me. It appears its an agent of good. [ agent smith ] ge software connects patients to nurses to the right machines while dramatically reducing waiting time. [ telephone ringing ] now a waiting room is just a room. [ static warbles ] hi, everybody. You are indeed welcome back. A deal to sell kpns german mobile unit has won backing from American Mobile. Kpn said after negotiations involving all three firms, it will now sell its german e plus unit. Following the announcement, they launched an offer to buy shares that it doesnt yet own at 2. 40 euros each. Now, its merger monday. Amgen striking a deal for about 10. 4 billion in cash or 125 per share. Onx rejected an earlier bid in june. Its a 44 premium. Onyx makes several drugs including treatments for liver, kidney and Colorectal Cancer as well as mult peiple myeloma as well. Know, another trading error has come to light. This time in israel. Shares in the Israel Corporation the countrys largest listed company fell by 99. 88 at around midday in the trading session on sunday. Yesterday. Thats a huge drop. The globes newspaper is reporting that a trader put through the order to sell, thinking it was another company. The error saw tel avivs index fall by 2. 5 , triggering an automatic shutdown in trading for a short time. But both the stock and the index largely recovered the losses by the end of the session. And Goldman Sachs has reportedly put four senior tech specialists on administrative leave. In the wake of last weeks trading glitch that flooded the market with unhads of bad options trades. The Financial Times says around 80 of the mistaken contracts sent to the New York Stock Exchange were canceled, but the glitch provoked a strong reaction within goldman which prides itself on risk management. Dow jones is reporting that goldmans losses will be limited to tens of millions of dollars. And here we go. Goldmans shares on the session, a little bit higher, again, in germany trade in the last 30 days off by almost 5 . But whats the biggest or in this case the costliest mistake that youve ever made in your job . Or if you want to join us on the bavarian cuisine discussion, sausages before noon, im not sure about that one, let us know. Join into the conversation here on worldwide exchange. You can get in touch directly with us by email, worldwide cnbc. Com. You can also find us on twitter cnbcwex. Loads of options to get in touch with us on had monday. The costliest mistake you ever made or the biggest mistake you ever made. I can think of one or mistakes that ive made in my past, but luckily some very kind people helped me out. We all have that, dont we . When were just starting out in a new job, for example. Let us know your experiences. Wed love to hear from you. While fed fears continue to weigh heavily on investors minds, the atlanta fed president Dennis Lockhart told reuters on saturday that he would be comfortable with a cautious staling back of its bondbuying program which is expected to be announced at its next meeting. Speaking to cnbc on friday, lockhart said he could favor a september taper, provided that there were no really worrisome signs in the economy. The way im thinking of it at that moment is im actually looking at the data and asking if they deny or in some way undermine the basic outlook that i have in place. And on that basis, then i could get comfortable with a move in september of some kind. Now, lockhart also agreed that the august jobs report will be the key number to watch between now and next months meeting. It will be, right . Bigger numbers to look out for. Now, south koreas corporate successes are well documented, being among the Global Leaders in ship building, in autos and technology, even pop culture. On the economic front, though, the countrys emergence from poverty have also been noteworthy. Today were kicking off a week of special reports on the trilliondollar economy. Chloe chao reports on why the exportoriented growth model that has driven so much of south koreas successes now needs to change. Reporter this 35yearold is a wife and mother in a typical workingclass family. She quit her job 1 1 2 years ago to care for her three sons, all of whom are under the age of 5. With her husbands income of 6,000 u. S. Dollars a month, theyre just making ends meet. Translator both of us came into this marriage with debts of our own. And because of this, its not easy. If we started out without any debt, i think wed be able to save about 50 of what we earn. Reporter and its families like lee es that show the economy. So much so that President Park made it one of her first major initiatives. In march she