They try to shore up the rupee. Samsung and qualcomm try to set the clock of the smartwatch market, sony races to secure its spot in the phone space. The ceo of the japanese tech giant tells cnbc he wont give up on the tv business. We have a Good Relationship with all of our major shareholders. And we continue to have a good dialogue, certainly with mr. Lobe and third point as well as all our other major shareholders as well. Hello, warm welcome to Worldwide Exchange. U. S. Senate Foreign Relations committee agreed to authorize a limited attack on syria, clearing the way for a full senate vote next week. The measure is expected to pass in the senate, but its fate in the house is less certain. Vote came as president obama urged lawmakers to prove his plan for syria. Speaking at a News Conference in stockholm yesterday, he said international communitys credibility is on the line. Secretary of state john kerry also testified before the House Foreign Affairs committee yesterday defending the case for action. As we debate the world is watching, and the world is wondering not whether assads regime actually did this. I think that fact is now beyond question. The world is wondering whether the United States of america is going to consent through silence. This, of course, coming as president obama meets with World Leaders and g20 summit in st. Petersburg where syria will dominate the discussion. Earlier this morning, the vice minister warned a military strike would hurt the Global Economy, setting up calls for a political solution. Lets get over to the g20, steve is there. And join us now. Steve . Ross, heres the thing. Do you want to talk about tax if youre a journalist here or syria. And quite frankly Everyone Wants to talk about the latter, even though subject surrounding the former are more on the formal agenda here. Ive spoken to the president ial representative of the Russian Federation at this meeting and she told me once again that syria is not on the formal agenda. She also said, of course putin and obama will be speaking. I said, will they be speaking to each other . She said, there is lots of people here not necessarily can she confirm well see a bilateral. I think we can confirm there wont be a bilateral. So is syria on the agenda here or not or is it dominating events regardless of what people want to be on the agenda. We spoke to the director general of the lio, guy rider. I think it is very, very important the issues of jobs and growth which, youre right, the russian presidency put at the top of the agenda, do not get swept away by the admittedly devastating issues of syria, tapering and the rest. I think we need to keep our eyes very firmly on the jobs and growth issues and like you, i feel confident thats whats going to happen here. Reporter so i spent a lot of time this year already in events in st. Petersburg and moscow working out what the russians presidency aims are working or as we have seen laterally events over syria will dominate. Lets speak to a man we spoke to much earlier, russia. The ceo of the russian direct investment fund. You have your agenda. The rdif has its agenda. The president has its agenda. Is that being overwhelmed by the poor relationship between mr. Putin and mr. Obama over syria . Well, we believe that definitely syria is a big topic of discussion. But we dont believe that syria should really completely overshadow other key issues because the growth and Economic Growth is really the key issue for the world. So we want people not to be trigger happy. We want people to be investment happy and strategy happy and talk about resuming growth of the economy, thats important, that will create jobs and create opportunities for people. I wonder if there is a naivete, because putin and obama are disagreeing on syria, that he we cant agree on a whole host of other issues. I think they are agreeing open a whole lot of other issues, arent they . Yes. We have 5 trillion of investors, Many American investors and we all have three steps we believe can be taken so that the world Economic Growth is increased by 3 . This is a joint position by many countries. In your opinion, this is cat clo gwi egorically stated, none of that will be overwhelmed over the poor relationship over syria . We believe there will be major progress on those issues and media will concentrate on syria quite a bit. The substance and actual decisions will be made in many other areas as well. I cant think why the media is obsessed with syria when they have action plans on tax to contend with. Lets look at your agenda here. Youve got a lot of money to spend. 10 billion to spend. The Russian Private equity fund. Sovereign wealth fund. Earlier in the year you said the engine of growth, the locomotive of growth is the emerging markets as well. Are you revisiting that call, is the developed world rather than the emerging world where well see more growth . It is a combination. We generally see a major decline in cross board investment. Cross Board Investments decline from 12 trillion to 5 trillion since the last five years. And we see that of the emerging markets slowing down a little bit and developed markets are picking up, but really to get growth going at 4 , 5 level for the world, it requires both markets to work together. For example, we have been setting up jet funds with china, with some European Countries because we believe joint investments between developed and developing countries is a way to stimulate growth. A threepoint plan. Run us through the details. Free flow of investments is as important to free trade and basil 3 restricts insurance companies. We believe it is wrong. Bringing more private capital into infrastructure. Right there is no standardized way to bring private capital into infrastructure. Third point, increase infrastructure efficiency. 1 trillion are wasted each year in the world because Infrastructure Projects arent run efficiently. If you increase efficiency, you get to 3 extra growth for the road. Receilet me ask you if g20 e right place for that. I look at the developed nations, can the g20 ever really deliver coordinated action . We believe so. For example, we are working quite a bit with australians who will take over and want to make sure the plans we outline get implemented. We look at some very specific ideas. One is creation of 200 million fund that will fund the Infrastructure Projects. Sounds like a small point. Big issue about many projects are not well documented. That is a joint position of 20 countries that we should do that and do very specific steps. Let me give you a curveball. Do you think the central bank and European Central bank is doing enough to stimulate world growth in. No. Carol dmeimitrev. Je he knows and we know that the remitt the bank has is very different from that the Federal Reserve enjoys or the bank of england these days. They cannot go into the market and willynilly buy up assets to ease up Balance Sheets. It isnt in the remitt. The best we have got is a threat of omt but it remains a threat. But lets not do the ecb down too much here. They put over a trillion euros on the table for the banks through the ltro program. There is ample liquidity being fed into the credit machine. A lot of the bankers as you know, steve, just continue to argue that there isnt the demand because growth is still quite slow, quite sluggish in a lot of the eurozone economies. Sure. But the rtlo money seemed to come with some former stigma attached. Why else did all the northern banks put it back on deposit and the southern banks borrowed as much as they could. How was this the remedy when the banks could use the money and could use it without any consequences left it on deposit. Well, thats a question that some of the bankers will have to answer themselves as they look into the mirrors and they feel the color of their own consciences. The debate remains is it a problem of demand or is it a problem of supply . What is interesting is the return of rtro money slowed. You got to ask yourself the reasons why thats the case. Is it that demand is picking up and they think they may have a channel to funnel that into the real economy as we see some better pmi numbers and the green shoots of recovery or is it because we still have high levels of sovereign indebtedness and that money is finding it way into the purchasing of domestic sovereign debt. All of these questions are fascinating. Communication is going to be the key here today, steve, when it comes to the ecb. And mr. Draghi has a difficult road to walk as always here because we have recovery, but we also have this language in the Forward Guidance about maintaining low rates for an extended period of time. So how does mr. Draghi meet this dilemma. Voca veeland is with me. I call him one of miracerc merk men. Thank you for coming here. Do you think the communication strategy that the ecb has pursued has worked given that we have seen rising forward money market rates . Well, first of all, i think it is a very good idea to reveal a bit more information about the expectations of the policymakers. Thats what the ecb does. It does it for the first time. We have seen other banks like norway, sweden, they give you the full projection of future Interest Rates. So i think thats a good thing. Of course, you can debate about what affect that should have. It gives information to Market Participants. Does it have to be the same forecast as policymakers, do they have to talk down rates for a long time . I dont think thats not the issue. Because Market Participants may have a different view on how the economy will grow and how it will respond to policy rates. So the best thing the bank can do is tell them more about what the bank thinks. What about the issue of moral hazard . Have we not forgotten that if you apparently give market par tis pa tis pants a blank check, the risk is we end up with the same problem of excess leverage and reckless lending behavior. We dont want a transparent and clear guidance on Interest Rates that allows people to go willynilly into the markets borrowing to their hearts degree, do we . I think there is a risk. I think you shouldnt promise in the sense of hey, this is a guarantee. The ecb hasnt done that. They said were going to apply the same strategy we do. Were going to tell you more about how we think that strategy given our outlook for inflation, for growth, for Monetary Development will translate into Interest Rates. You dont have to share that view. But it gives you more information on the thinking of the ecb. Thats a good thing. Personally i think Interest Rates will rise faster than some Market Participants believe. We have done what mr. Draghi suggested, looked at the reaction function, which could reflect ecbs behavior in the past. We fed in forecasts. We find Interest Rates like the mro rate would be anticipated to rise according to our calculations by may 2014, june, second quarter, basically, which is earlier than others anticipate. But i think it is a good thing that were going to be in trouble then, arent we . Because we have high unemployment. We have falling inflation. We have got sluggish growth die nammics here. These are not the Economic Conditions we need to see higher Interest Rates. Interest rates are low. In europe, we have massive liquidity. You look at liquidity, Balance Sheets relative to gdp, the ecb has done a great job in expanding that, if you wish that. So i think we have very ample conditions, but the ecb can do, they have done. And, you know, we do see that the economy is picking up. So far, if you look at the ecb staff forecast from june, they are very pessimistic on both inflation being low and growth being low. Others are more optimistic and well see how that pans out. The whisper here is, i cant confirm this or not, but there is disagreement between the bundesbank still and the ecb on this strategy going forward. And these rates are not the right ones for germany, which is leading the eurozone out of its funk at this point. Surely the ecb and the bundesbank need to come to some accord here and ecb needs to amend its policy appropriately for the largest economy in europe. I dont think thats quite the right way of looking at it. I dont know the internal discussions. I cant comment on that. But, you know, the ecbs job is to look at your area inflation and not any specific country. So it will never be perfectly appropriate for a specific country, which has a different inflation rate or inflation outlook than the euro average. We know that. Thats part of having a common currency. And there are other mechanisms for basically, you know, you control that. Governments have fiscal policy, so, you know, if there is faster growth in germany, we can certainly then consolidate more quickly and move towards those targets. You started talking about higher taxes, we cant go on. Volcker, nice to have you with us. Thank you for giving us your time. Volcker veeland joining us, professor at university and one of Angela Merkels wise men. Back to you for now. Good stuff, geoff, thank you for that. Plenty more from geoff and steve. The coverage of the ecb and Interest Rate decisions on cnbc in our extended coverage. Bank of england will be delivering its Rate Decision at 12 00 london time. 1 00 cet. And the decision is at 13 45 cet and the press conference at 14 30. In japan, central bankers are using their most bullish economic language since the financial crisis saying the economy is moderately recovering with inflation expected to keep ridesi rising gradually. The yen has weakened. It is now at 102 to the dollar. Key level which, of course, the yen has the dollar has been unable to sustain. In india, rajan start eed h term. On the first day on the job, he unloaded a dump truck of measures to shore up the rupee. Until the end of november, overseas borrowing rates have been raised. Other moves are geared to liberalizing markets and boosting lending. Investors are so far on board with the rupee up sharply today. Right, thats where we stand. More reaction on that, starting off our Global Markets report, sixuan in singapore. Hi, sixuan. Thank you, ross. You already talked about the Key Highlights in asia today, a largely positive session. Volumes are relatively thin as investors await key u. S. Data and more clarity on syria. Japans nikkei 225 ended just a tad higher after the bank of japan kept rates steady and raised its economic outlook. But investors are cheering the arrival of the rbis new governor while the Central Banks new policy moves help to strengthen the rupee and boost stocks. India sensex now still in action, leading the gains in the region, now currently higher, but about 2 . Hong kongs hang seng index hit a threeweek lie in south koreas kospi closed around some threemonth highs. Mainland china and Australian Market were under a bit of pressure today. Let me show you top gainers. At the regions shipping sector shopped up strong gains as freight costs surged to its highest level in nearly two years. Take a look at these Chinese Shipping Companies listed in hong kong, jump something 6 to 7 in todays trade. There are also recently boosted by the free trade Zone Pilot Program in shanghai with hopes more similar programs will be approved in other cities as part of beijings plan to restructure the economy. Meanwhile, asian automakers with u. S. Exposure also gained ground as u. S. Auto sales rose at the fastest pace in nearly 6 years in august. South koreas Hyundai Motors gained. 6 and japans honda jumped 2. 3 today. Back to you, ross. Sixuan, thanks very much. Thats the latest in asia. Here in europe, as you can see, we are weighted to the upside. Around about 7 to 2. Not at the session high but not far away from it either. This morning we wait for the bank of england, not a lot expected from the decision. Up nearly 1 this morning. About half a percent for the xetra dax and cac quarante similar moves and ftse mib as well. Look at where we are with bond markets. Gilts edging higher on yields. 2. 92 , getting nearer the 3 mark. Spanish yields 4. 5 with italy as well. On currency market, dollar yen over that 100 level. 100. 02. Sterling dollar, Still Holding on to the gains we made yesterday where we climbed 1. 36, euro dollar down below the 1. 32 mark. Well take a short break. Still to come on the program, helia brings usz the latest installment of the uk banking sector. Today, focus on barclays. Lego building up its market share. Well join the ceo of the Danish Company and find out if making money from toys is merely childs play. And the chairman will be talking greek markets in a first on cnbc interview at 11 20 cet. Plus, military action in syria nears as the u. S. Senate Foreign RelationsCommittee Approves a strike. How should investors expect investors or markets to react. Well get into the detail before 12 00 cet. If that isnt enough, hot on the back of sonys latest salvo, a first on cnbc interview with the ceo straight after this break. Blackberry is pushing to speed up the process of auctioning itself off. They want to sell itself possibly as soon as november. Firm