For business after his coalition sweeps the country with a solid majority. Shares fall after italys Third Largest bank is forced to double its capital hike. It hopes to have a Restructuring Plan in place within a month. Announcer youre watching Worldwide Exchange bringing you Business News from around the globe. Good morning, everyone. Welcome to a brandnew edition of Worldwide Exchange. Ross is out today. Lets get back to one of our top stories. President obama will tape interviews with several u. S. Tv Networks Today as he continues the push to take action against syria. The president will address the nation in primetime tuesday night. He dropped in on a dinner hosted by Vice President biden for Senate Republicans on sunday and will meet democrats on tuesday as Congress Returns from their summer break. White house advisors will hold classified briefings for lawmakers this week and took to the sunday talk shows to stress that any u. S. Military strikes would be limited. This is a targeted, limited, consequential action to reinforce this prohibition against chemical weapons that unless we reinforce this will proliferate. Whats the point . If youre outlining what its not, what is it actually accomplishing that forces assad to never use these weapons again . Heres what it does. It degrades his capacity to use them again. It also makes him think twice before he goes into these dastardly weapons again. The u. S. Senate can vote this week. The white house may vote next week. President obama faces an uphill battle as polls show. About half of congress is still undecided. Meanwhile, syrian president Bashar Al Assad is denying claims he used chemical weapons on his own people. In an interview to be aired today on cbs assad insists there is no conclusive proof such an attack even took place. He challenges washington to produce evidence proving his involvement. The u. S. Secretary of state john kerry has dismissed assads claims saying the evidence speaks for itself. That comes as kerry continues an International Tour aimed at gaining support for military action against the assad regime. Speaking after meeting the arab league and nine arab Foreign Ministers in paris, he says a number of countries have endorsed a u. S. Statement released at the g20 meeting in st. Petersberg calling for a, quote, Strong International response. Kerry is now in london for talks with the u. K. Government falling an e. U. Foreign ministers statement insisting there was, quote, strong evidence the assad regime was behind the alleged use of chemical weapons. John kerry is due to hold a press conference with u. K. Foreign secretary william haig any minute now. We, of course, will bring you that live on this show. We have our middle east correspondent outside the ministry of defense where kerry will be speaking. She joins us on the phone. Hadley, what is kerry trying to achieve here . We know that the house of commons voted against a u. K. Involvement. Reporter good morning, carol. Were at the foreign office. Well hear from foreign minister William Hague. Despite the support from pal lamt, mr. Hague said it would be an alarming moment if action is not taken. Weve seen secretary kerry gaining support over the last 48 hours. He says now that countries who support action in syria are in the double digits. First in france we saw the support, and then members of the arab league. This is the possibility of a u. N. Security Council Resolution. Thats where the support of mr. Hague, the support of the British Government will be most helpful. While the secretary and mr. Hague are meeting here in lyndon. The Russian Foreign minister and the syrian foreign minister are going to be meeting. Well have to watch that. Hadley, thank you so much for that. Syria was also a key topic when ross sat down with director christine la guard. He asked about thats not the agenda of the g20. The largest economies of the world discussed that it was geopolitical, that it had to do with syria. They did not reach unified conclusion for sure. But they were never going to. They were never going to, thats exactly the point. At least they were able to express their views to make progress, to express a joint concern about the sheer use of those weapons and i think that there will be further progress, but i thought it was a positive dialogue. What gives you confidence to say you think there will be further progress. Because as churchill will say, its better to chat chat than war war and there was a lot of chat chatting in that room that i could see. The rest is their issues. I wouldnt comment further on that. As a witness, very privately because it was very much an exclusive discussion among the 20 leaders and the heads of international organization, there was a lot of chat chat. Joining me now in the studio is anthony dworkin, senior policy fellow at the european policy and anthony from the our asia group. We may be switching off to go to the press conference any secretary now. Kerry is trying to sway people at home. At the same time is he trying to get a u. N. Security Council Resolution here . Hed like to have a u. N. Security Council Resolution but, frankly, i dont think hes holding his breath. Hes trying to build up the number of countries that will back the u. S. He cant expect to get a resolution through. What do you think . Well, i dont think its about the u. N. Anymore. Its a u. S. Decision. Its about National Interests and upholding national laws. Its difficult to see how the russians and the americans could reach a compromise over this issue waiting for the u. N. Report, for the investigation and a compromise. I dont think its likely. Obviously obama faces an uphill battle this week. Last week was pretty much about establishing the facts, about establishing the fact that they used chemical weapons. This week its all about the personalized approach. Do you think obama will be successful . The most recent polls or most recent indications would say otherwise . I think the president has to do some serious work in building a case for intervention in syria. Hes done a great job in convincing congressmen that assad has used chemical weapons. Now he needs to move forward and convince these congressmen why intervention in syria will not lead to a broader regional conflict and why it will not help u. N. Security interests. Its a tough battle but well see a very aggressive push in the next two days. Anthony, do you think its wrong for president obama to go back to congress. He may win the senate vote, but what about the house . That looks a lot more difficult. Has he boxed himself into a corner there. I think it was a big gamble. I think it shows how isolated he felt after the british vote in the house of commons. He felt simply that he couldnt it was too much of a risk. Obama has always been very reluctant to get involved in syria. Hes doing this because he drew the red line but i think he felt weary of it himself and he wanted more support. Its a big gamble. There must be a serious chance he wont get that vote. Just very quickly want to bring in the latest from the Russian Foreign minister. Russia and syria urge the u. S. To focus on convening peace talks. Is there still a way for a diplomatic solution to this . Well, i think there is. Its tough negotiation. You have to bring the two sides together and convince them to end and its only a political formula that would stabilize syria. The details whether assad is part of that solution, who in the regime is part of the process. These are the real controversial issues. But with the russians and the syrians, theyre trying to convince the u. S. That the regime would be willing to move forward with negotiations if they actually if the u. S. Changes its mind about an attack. Lets come back to the Congress Side of the story. What happens if the Senate Approves this and the house doesnt . What will obama do . I think its very difficult to see the president move forward against the wishes of congress, the wishes of the American People here. Overwhelming support for this resolution is needed. Obama went to congress for political cover. If congress doesnt provide the cover, then i think hell reconsider. Anthony, in your notes its quite interesting, you bring out the costs of a strike. If its a limited strike the costs would be limited as well, but if it turns out to be a longer one, the republicans are definitely not going to vote for it because theyre the spending weary part of the congress. Sthaerthats right. The issue at the moment isnt the economics its the fear of being sucked into a war and its the fear of empowering al qaeda. Theres the sense that some of the people fighting against assad are plenty unpleasant people. But obviously one of the reasons the u. S. Doesnt want to get sucked into a quagmire in the middle east is because its very draining financially. The republicans, i think its very interesting. We see now a real shift in the Republican Party against the sort of you know, against government. Part of that is against expensive foreign operations that can get drawn in. I think the very key thing here is going to be about the press is he dent for iran. The American People dont care about getting involved in syria but there may be some that care about showing israel that theyre not going to tolerate a Nuclear Weapon in iran. That is the administrations last hope. Would you agree with that . Is it all about iran . Not really. Syria and iran were two different cases. It was very clear a Nuclear Weapon is a Nuclear Weapon. The destruction that could bring is very different. There is no linkage between the two issues. What the president and the white house is trying to do is to convince the American People that this will affect that. Its a gamble. He will lobby against the intervention or darvish interventionists in congress. It is a risky strategy. Were still waiting for that press conference. U. S. Secretary of state john kerry is expected to hold that press conference with u. K. Secretary William Hague. Were waiting for it to begin. Well bring it to you live as soon as it starts. The latest Economic Data out of china continues to suggest a more stable growth track. Consumer inflation held steady in the month of august while factory prices eased less than expected signaling some over capacity may be clearing. Trade data showed solid import data as well as china ben knitted from the u. S. Recovery. Lets check in on how markets have been responding to the sort of Economic Data and other factors playing in the markets. Thank you for that, carolyn. The latest data boosted Market Sentiment today as we see that august inflation comes insteady while trade data came in strong. The shanghai composite jumped 3. 4 today with financials and the free trade zone programs was lending support. Meanwhile, japan among the top gainers after the olympics and the gdp. It gained at 2. 5 today, the nikkei. Other markets broadly higher. Australia also got a boost from the china data and decisive election win from the conservative coalition. A surprisingly strong showing in todays trade for mainly banks. Solid Economic Data may be one of the reasons. According to local media, this was boosted by hopes of the preferred shares program. At bank and pudong bank may issue shares to refinance. Shares surged the limit up by 10 . Moving on to some top gainers in tokyo. Contractors soared with ty say corp. Japan last hosted the olympics in 1964 and some of the other real estate stocks, cement and steel makers, and even sports wear Companies Like mizuno chalked up big gaks. Thank you so much for that. Lets check in on how european markets are fairing on this early morning. We are pretty even steven here. We are currently higher by just a smidge sitting at 306. 246789 lets take a look at the individual markets. The cac 40 is up by around 1 10 of 1 . Remember, european markets are pretty strong gains in last weeks session. Overall they were up by almost 3 . Not too bad. Nynex crude is trending a little bit lower this morning. Off by. 4 . Brent crude falling below the 160 level. Down by around. 25 . The chinese data did give a little bit of a boost. We have this delayed response to syria which is putting downward pressure. Spot gold up by 1. 3 . Below that 1400 level at 1,386. In the bond raids, well, big week for the bond markets last week as a number of psychologically important levels have been taken out, especially for the ten year treasury, ten year gil. The ten year bunds is 1. 96. The ten year gilt is at 2. 93 . In the foreign markets, the yen. Tokyo won the 2020 olympic bid. The yen is below the 100 level. The aussie dollar getting a nice boost from the chinese Economic Data. The impact from the elections wasnt too big so youre a dollar at 1. 3180. Russia and syria are urging the u. S. To convene peace talks rather than focusing on military action. The Foreign Ministers are speaking in moscow right now. We will keep you updated, of course, on their comments. And u. S. Secretary of state john kerry is due to hold a press conference with u. K. Foreign secretary William Hague. Were waiting for it to begin and well bring it to you live as soon as it starts. Well be back in just a second. Announcer youre watching Worldwide Exchange. Welcome back to the show. Let me update you on the latest coming out of syria regarding syria. Russia and syria are urging the u. S. To convene peace talks rather than focusing on military action. The two Foreign Ministers are speaking in moscow right now. We will, of course, keep you updated on their comments. Meanwhile, of course were still waiting for the u. S. Secretary of state john kerry to hold a press conference with u. K. Foreign secretary, William Hague. We are waiting for that to begin. It should be beginning imminently. We will bring that to you live as soon as it starts. Lets change tabs. Shares have fallen sharply in early trading. This after the bank was ordered by the Economy Ministry to double its capital hike and cut costs to secure a bail out. The fds says it hopes to reveal a restructural plan. They hit back at comments made calling the bank italys black hole. Translator i got angry with mr. Rabini who has invoked the return of political power inside the bank. As a matter of fact, political influences caused our problems. Thats unacceptable even from an intellectual point of view. I didnt meet him here and i couldnt ask him what he meant. Im telling him clearly there is no black hole. I recommend him being more cautious when talking about a listed company. Lets get out to claudia who was at the forum over the weekend. Claudia, what happens to bmps if this capital hike fails . Would it have to go to the government . Can they even afford it . Well, thats the big question of course. 2. 5 billion is really more than double what we were expecting them to have to go to the market for, and over the weekend after the political accord was found, the details still have to be worked out. 2. 5 billion euros means that if its not underwritten, the bank can be nationalized. If it is underwritten, it can be structurally changing hands. The historic major shareholder which was a foundation has 33 and is expected to be diluted, could actually fall below the 10 level which is what they were aiming at. It will be interesting to see whether it changes hands or not and also how the bank will change in the future. It is expected that they sell a lot of assets. Theyll be disposing of about 100 branches and the 29 billion in Government Debt that they hold needs to be reduced. These are the numbers that we will be sort of digesting in the next days. Well be waiting to see what they have to say about how this Restructuring Plan needs and will be changed in order to make due with what is being requested of them in order to hold on to those 4 billion euros in bonds that they have received. Nationalization, mna, the market is clearly right now mostly concerned with the capital hike issues of them being so large so being penalized is them being down 3. 7 . Mna could move in. Italys oldest bank is in the news and has been and will continue to be in the next days as we do try to get these numbers out and see how they plan to face this issue. Will it or will it not be nationalized. Thats the big news here today. Claudia, thank you so much for that. Were still waiting for the press Conference Held by mr. Kerry and mr. Hague to kick off which is taking place in london and should be kicking off imminently. As soon as we get it, of course well bring that to you live. Were still waiting for that press conference to start imminently. Announcer youre watching Worldwide Exchange bringing you Business News from around the globe. U. S. Secretary of state john kerry continues his European Tour to drum up support for a military strike in syria. Hes due to hold a press conference with u. K. Foreign secretary William Hague any minute now. Russia warns that a military strike against the assad regime could cause an outburst of terrorism. Speaking in moscow r