Manuel wins a confidence vote. And the fed wondering if the market will be rocked today again. Its releasing minutes from last months meeting. Youre watching worldwide exchange, bringing you Business News from around the globe. Well talk about toyota in just a second. Before that, we have news coming out from angela merkel, the german chancellor that is not clear that russias help to deescalate the ukraine situation will help ukraine to decide about its own future. And well keep our eyes on whats going on with the latest in ukraine. Meanwhile, another major car recall, this time from toyota. The japanese automaker is recalling 6. 4 million cars worldwide. It makes it one of the biggest recalls to date in the car industry. Toyota needs to fix faults in the steering column and seats. Though its unknown if this is a design or manufacturing issue. The recall came out just before the market closed in tokyo. And sent shares lower by more than 3 in that time. We are joined on the phone from tokyo. How does this compare to the recall we had big recall we had last time from toyota . Well, it is large. And this is the second largest recall on a single day that toyota has made. The largest since october 2012. So the scale of the recall is extremely large. But you also have to remember that since then, most manufacturers have been extremely diligent, conservative almost in the pace of their recalls. The scale of the recalls have tended to be larger arather than smaller. Having said that, this is a wideranging recall that seems to cover many, many issues, including as you mention, steering, the seats, 27 models are included as part of the recall. And not only are they toyota brand recalls but the cars that they have built for General Motors and Fuji Heavy Industries is also part of the recall. So the scope of the recall is extremely large. Having said that, the company has not issued a statement saying estimating the cost of the recall. Theyre also not specifying whether or not the recalls stem from a supplier problem or something in the manufacturing process. But regardless of that, i think this of course reminds everyone of the massive recall that the company faced several years ago that culminated in the head of the company testifying before congress. Theyve settled a record 1. 2 billion on this case just about a month ago. They certainly have. Which is at the end of the day, which is what shareholders will be concerned about. Greece is planning to issue a longterm bond as early as today, after the Greek Finance Ministry confirmed it is going up to test the markets. It says a gradual return of new medium return loans is being prepared methodically and carefully. They are expected to issue a three or fiveyear bond with an aim at raising 5 billion euros. They think the market has priced in greeces return to the bond market. Yannick noah is a bond manager. The first time, a newborn, we did participate. It was a better value than the existing bond and it could be the case again. I think it will probably be around fiveyear and 1 billion. What are the risks . The risks so far, in greece, is it under control . Is it not under control . Theres surplus. The economy is getting slightly better. You have to keep in mind we have seen inflow into the eurozone since the beginning of the year. Maybe thats the risk. Maybe the risk is a lot of money is coming to peripheral debt. Theres a complicit the markets are lenient, visavis most of the peripheral country. Were seen it in spain, ireland, Government Bond shrinking fast. The same happened to greece. The how much on the pricing of this will depend what happens with ecb . I think, you know, obviously, the fact that the longtime is smaller today is a consequence of ecb policy, you know, the fact that they are willing to do everything to the euro. Obviously the future easing policy. In terms of future, we have to i mean, i still think the ecb will be the most accommodative central bank in the world. We didnt see qe yet. So far we have not seen it, nevertheless, i think during 2014 we should see some easing of conditions, smaller Interest Rate or negative deposit rate. Yannick, stick around. Joining us from sturgeon capital. Other things were watching today. Well pick up on that. Would you buy greek bonds . Cast your vote on cnbc. Com. Meanwhile, lets bring you up to speed with where we stand with the markets in the Global Markets report. And take a look at the dow jones 600. We are weighted to the upside, ftse yesterday, down some 32 points. Right now we are up at the session high. We snapped threeday losing streak. We were flirting with four days losses but managed to eke out some gains towards the end. This is where we stand at the moment, ftse 100 up 0. 5 , dax is up 0. 25. Cac current is up 0. 4 and russia, up 0. 2 . Speaking of whats going on in the ukraine at the moment, lets remind exactly whats happening. The u. S. Has accused russia of using special agents to stir trouble in the east of the country. This is ukraine, to cause a repeat of a situation in crimea. Armed promoscow reporters still occupy two cities. John kerry, the u. S. Secretary of state, sent a stark warning. Russias clear and unmistakable involvement in destabilizing and engaging in separatist activities in the east of ukraine is more than deeply disturbing. No one should be fooled, and believe me, no one is fooled, by what could potentially be a contrived pretext for military intervention just as we saw in crimea. A night law brawl broke out in the European Parliament. Male and female mps traded punches after a speech by the communist leader provoked nationalists accused of destabilizing ukraine. That makes the house of Parliament Look very tame, yannick. Risks from ukraine at the moment . Well, all in all, back two weeks ago, the situation was much more stable. And since then, the ruble is stronger. What we have done in our fund, we did purchase some russian assets three weeks ago and we have been selling it as of yesterday. I see the risk reward could have been in the favor of russian asset before the when they started some sanctions. But today was the certainty that we have the renewed certainty in ukraine. I think the situation is a bit different. Yes. The risk reward profile has changed a little bit. Yes. Stay there, yannick. Plenty more to come. Breaking up is hard to do. After the break, who came up with the awardwinning idea of how britain could leave the eu and how he thinks it should happen. These days, everything your business does is done on the internet. And tomorrow youll do even more. Thats what comcast business was built for. Slow dsl from the phone company was built for stuff like this. Switch to comcast business internet. Then add voice and tv for just 34. 90 more per month. And youll be ready for tomorrow today. Comcast business. Built for business. Youre watching worldwide exchange. The british Prime MinisterDavid Cameron has promised a referendum on eu membership by 2017 if his party is reelected. But what exactly would a british exit from the eu look like. The institute of Economic Affairs which is a free market think tank invited people to submit proposals for these scenarios with a 100,000 euro price up for grabs. Ian mansfield was announced the winner. Hes the director of trade advancement in the philippines. He said britain would have to join the association. Many asked whether he supports the uk leaving the bloc. This is inevitably a process that would have a lot of uncertain t uncertainty. In my entry i had a best case and worst Case Scenario which varied quite considerably. If anyone tells you an exact number, they cant do that. Now, lord lawson, a former british chancellor judged the awards, igniting controversy in his party by arguing that britain should leave the eu. We caught up with him and asked him if britain could enjoy open trade without being a full part of the Single Market . The Single Market, in fact, is something which its better to be out of. The Single Market doesnt mean the european market. The Single Market means the european regulatory system. And the european regulatory system is maybe a good idea but in practice, it is damaging. No. As for access, there is plenty of access to the european market, after all, american companies, canadian companies, chinese companies, all export heavily to the european market. There is no lock of access. Helio is with us in the studio. Why were they offering 100,000 euro as opposed to 100,000 pounds . It doesnt make philosophical sense. It should have been a pound price for an independent britain. We still are part of europe as we know. I think its interesting. We have a referendum coming up. We havent really got into how would a separated uk actually behave. Are we trying to renegotiate terms of the deal with europe or are we actually trying to exit . Weve had a lot of kind of commentary from Business Leaders in the uk saying the exit would be very damaging. Its one of the key problems at the moment facing companies when theyre talking about the recovery in the uk which, as the imf said yesterday, was growing at a faster pace than any other country around the world. The key problem businesses are having is the uncertainty, Political Uncertainty at the moment is the number one risk, thats whether its scotland or the eu. I agree. We were a small assess management company, french, italian, our client is within europe. We rely on the eu regulation, passport regulation. Would that matter if we were part of the european trade area . As opposed to the full eu . I think the main fact is the fact that the uk will remain the gateway into europe. Its far from certain if uk is not part of the European Economic carrier and just part of the free trade association. Switzerland, for example, is not part of eea but its part of which uk is not. Its pardon of the free trade organization. It will make the position of uk visavis switzerland for the eu business. We could see, for example, a lot of company and industry going to switzerland. In fact its easier to do business within the eu in switzerland than the uk. The problem is the unknown basically. We dont know how much it would cost. How well wed be able to form these more global trade agreements and how damaging it would be to companies who have to change systems in order to meet different regulatory demands. At the end of the day, if you want to sell into the eu market, you still have to meet eu demands on goods and services. That would change, would it . It wouldnt. The point would be ditching various regulations from brussels that you dont need, whether its Agricultural Policy or whatever have you. That is an advantage. Thats the upside. That is an advantage. At the end, there were 1. 55. The worst Case Scenario, 2. 6 gdp. 40 billion pounds i think it says. The worst case, 0. 1 . Even if the best, the winner expects such a minimum impact, i think the case for europe well continue the successionist theme and talk about scotland. More than 300 years, this september People Living there will vote on whether the country should become independent from the rest of the united kingdom. Several businesses with interest in scotland and the uk have publicly stated what they feel about scottish independence. Those businesses who support the concept of an independent scotland appear to be in a minority. Promises made by the Scottish Government reduced taxes on airfares, have won the backing of billy walsh and ryanairs michael oleary. Retailer next said independence not a business issue. Aviva said it is not an issue for our company and jupiter said Financial Services sector to remain vie bran the in either scenario. The worlds biggest fund manager claimed independence would bring major uncertainties. Bae believes the existing union offers greater stability and Standard Life says a yes vote would relocate its headquarters away. A little more cautious in turn suggesting the bank would adapt to independence but amidst uncertainty was not good for business. Its interesting. People want independence but we are supposed to be staying part of the eu at the same time. Successionist fever is everywhere. Uncertainty, its less than six months. Critically, at the moment, the yes vote and the no vote are tied which is the first time. The risk that scotland actually does become independent has suddenly presented itself as a very real threat, despite the fact weve had, you know, talk about the currency, talk about the banking industry. Theres a lot of Political Support in scotland for leaving the union. I wonder what they would vote in scotland for staying in or out of the eu. Is anyone doing a separate referendum where scotland wanted to stay in or out of the eu. There was talk about scotland taking on the euro rather than the pound. That seems to have diminished. Theres interestingly a tiny remark in the imfs report yesterday about pegging currencies and the potential risk that that could have for an economy, not the Banking Sector but for jobs and the wider economy. Whether that was a veiled warning to scotland. If you were worried about an independent scotland running up huge debt and blowing the economy up, they would be pegged. Theyd have fiscal discipline imposed on them. Now, well continue this theme of succession. Catalonias bid has been rejected for a referendum. The successionist movement, the leader has said hell seek other legal means to try and achieve a referendum. At the same time, italys new Prime Minister says his cabinet approved a threeyear budget plan which will lead to slower Economic Growth in the short term but will enhance the countrys potential down the road. Renzi says his economic blueprint complies with the budget rules and includes italys biggest tax cuts in two decades. The french Prime Minister, the new one, survived his first parliamentary confidence vote, passing a policy package. Stephan is joined by a guest. The first bit of his job is done. The first part of the job is done and he managed to get more votes at the National Assembly than the former Prime Minister, 306 votes in favor of the new government. Thats to compare with 302 for the previous government. This is something well discuss with our next guest, head of political studies. Is it surprising that manuel in the end got more votes than the previous Prime Minister who was appointed just before the president ial election. Its a good result for the new Prime Minister. Hes seen much more on the right of the socialist party. There was some concern from him about the fact that some people left of the socialist party and in the parliament wouldnt vote for him. There was also the concern about another party and the vote. So, yes, its a bit surprising to see that so many people supported him yesterday. Hes a reformist. Is it that french people are ready to take important reforms . Its always difficult to say in this country. Its not the first time a Prime Minister says hes going to reform the country. But its clear that manuel wells is clearly on this side. The real question is how much the president will be able to foil this Prime Minister. The only, maybe, weakness of manuel valls is the fact that the president may stop reform sometimes because he will be concerned about demonstrations or about the opposition against them. It feels like its a significant uturn compared to the former Prime Minister, manuel valls announced tax reduction to boost the economic recovery. Do you think its a uturn or just a bit of communication . I think its both. Its clear that the policy that will be followed will be the same, because the president said there will be a following of the action of the government. But its clearly so different tone, a different way to explain it, to talk about it. Thats a real important turn. I think also theyre going to accelerate their reforms and thats also a big change comparing to the former government. Manuel valls, the new Prime Minister, also made comments against the European Central bank. Hes blaming the ecb for being partly responsible for the weak recovery. Why such a comment . Is it to blame the crowd in france, blame the ecb or does he think we need to discuss the role of the ecb . I think its a way to make pressure on the european commissi commission, if they want the commission to accept the new deal for the reduction of the french deficit. I think also we have to remember that in less than two months we have a European Parliament action in the country as in every european country. I think that the socialists are divided on this issue and its a way for manuel valls to give a boost to the socialist party in this election. Thank you for being with us, live in front of the french National Assembly. Ross, i send it back to you on these comments from the Prime Minister yesterday who wants to discuss the role of the European Central bank. That was surprising coming from manuel valls. Maybe not. Stephan, for now, thank you. Yannick . They want to discuss the role of the ecb. Well, i mean, its very easy to blame ecb or the Eu Commission for any french problem, which are mainly domestic problem. In fact, the lack of structural reform, fiscal conditions. Theres nothing new there. Coming from manuel valls, yes, it is new. People in power usually tend to blame europe for domestic problem. So french dema