Mark barton. And i am manus cranny. Pledged ant Obama Campaign to destroy Islamic State militants in iraq and syria. He said the u. S. Would lead april election lead a Broad Coalition. Our middle east at older editor has more. Physicist reggie everyone was waiting for . Everyones the strategy was waiting for . Yes, i think it did. The actualter speech, Administration Officials saying the strategy would include for example evading and equipping the vetting and equipping of rebel groups. The strategy could easily include extracts in syria could even include airstrikes in syria. Terroristshunt down that threaten our country wherever they are. That means i will not fail to take action in syria as well as iraq. If you threaten america, you will find ahaven. No safe have. Secretary kerry is already in in saudiing he is flesh outsumably to details. The jordanians will also play a role. This on the eve of the september 11 attacks. Is keen to stress this is not a repeat of the last war in iraq. Very much so. It is different for many reasons which are obvious. For a start, they want the americans to be there. The Iraqi Government is going to help them deal with the sunni extremists. Who have murdered and terrorized, including. The beheading of two journalists. They have the support of neighboring countries like jordan and saudi arabia. He is adamant there will be no u. S. Boots on the ground. The American People to understand how the effort will be different from the wars in iraq and afghanistan. It will not involve american combat troops fighting on foreign soil. There are many Unanswered Questions despite the speech ended details fleshed out by Administration Officials despite the details. By Administration Officials. What is it all going to cost . Is big unanswered question what about the syrian president . The groups are operating in syria to fight against him. What then will the americans do go home or support the rebel groups in their fight against assad . Thank you, elliott. Our middle east editor in tel aviv. Nationalist leader may be losing ground according to a poll. Leads by six percentage points. Side. 7 support the yes that is when you exclude the undecided voters. That follows another recent survey that put the yes camp ahead for the first time this year. Lets digest the latest poll. One week until the vote. Comingfor the yes camp as the no Campaign Launch of their asaunches the no Campaign Launches their love bomb. The posters that have done this latest poll, they put the no camp ahead at five or six points. That is no change since the last poll. Actually, looking back over the recent polls, has been a kind of gap in the no and yes. This goes slightly against what the poll was telling us. This is a Different Company with different methodology. What interests me is the date. They did polling between the fifth and ninth. Theother poll came out on seventh to read some of it would have been around the time people became aware this could go in the yes to reaction. You wonder whether that is circular. I think this is the whole point of polling. Look at the discussions we have had about markets, polls. The momentum behind the newsprint company. Obviously this plays into another poster saying it is star too close to call. There have been five main polls and this shows the confusion of polls. Vote is between 3948 . And the undecided theur friend said undecideds dont matter. Sometimes it depends on the question. Friends wereour saying. Because the question about how you will vote. That is why he suggested they got more undecideds. That is the polling. The businesses have come out with their views. These are the voices of people captains ofabins industry. Interesting, he shifted and did not talk about the nazi. The north sea. He is joining in on the debate. A ceo says, are responsibilities to protect the interests of our customers and shareholders. Going back to the session yesterday the discussion the logistical issues he raised were week. Is aced this really oneway ticket to uncertainty. You sent me the story, anna. Whiskey distillers, 4. 3 billion pounds of whiskey. The Distillers Association says 20 of their business eu membership is not assured. Lloyds are making contingency plans. A. To sayed in today. The analyst says, it doesnt matter if it is a yes vote. He reckons both banks will leave. He says the cost will be one Million Pounds. The cost to scotland with regard to reserves is very important. The governor spoke. When you have a financial toustry so big relative industry, the Financial Sector is 10 times the gdp. Needid traditionally you reserves between 25 100 of gdp. If you are a country like scotland or hong kong, you need more. That means scotland is very short of reserves. Know how the reserves are going to be split. It probably means higher taxes for scotland or less spending. Or if the banks move south, that will change things. Bank of montreal is 300 miles away. Royal bank of canada has moved headquarters. Both of those moves happen in the 1970s despite the fact that there is no independence for quebec. Thoughts about moving headquarters away from a part of the u. K. That might split, they were set in motion. My lighthearted quote of the day. From the treasury financial secretary. He said, it looks like an independent scotland will have more panderers then insurance companies. Moreng to a debate about pandas in scotland then tory mps. He said, with lloyds and rbs leaving, there will be more pandas. Aboutres a debate whether the panda in edinburgh is pregnant. Copperheads of coverage of the story. Comprehensive coverage of the story. Joining the scotland conversation. Please do send us your tweet and tell us what you think of the show. We want. Think of the show. Next, who will pay the piper if the bank of england refuses to be the lender of last resort . We speak to Northern Trust corp. s chief economist after the break. Welcome back, i am anna edwards. According to a person familiar matter, theter fine could be similar to a settlement with the u. S. Expected to be about 650 million. A ceo tightened his grip on fiat for arig the top job at ahead of the wall street listing. We spoke exclusively to the former for ari chairman for erarri chairman. Years,. E been here 23 we have increased the perimeter and value of the company. Present a story of internal revenue. I am pleased to leave the company, most of all a company with a fantastic in my opinion, the best company in the world. Anna will succeed her father. This makes for the most powerful woman in european banking. She replaces her father who died of a heart attack on tuesday. Week until scotlands independence referendum. Maintains, england it will not be edinburghs lender of last resort. The lender of last resort is centered around a central bank. Having a central bank is not by definition a credible lender of last resort. Backeds to be act up up by fiscal resources. Before that, he was head of the Federal Reserve risk division. So much to discuss when it comes to scotland. What is that the forefront of your thinking when you view the votes seven days from today . It strikes me that this has cut the markets offsides. They had not thought much of it before. Of the Economic Analysis around separation is finally being done. Are paralyzinges the markets. The central bank in question at the forefront. Mr. Carney making it clear the pound would not be shared. Having seen the results of monetary but not other integrations across the channel. What Banking Institutions would remain with their headquarters there giving somebody tax uncertainties . What kind of impact is this happening having on investors and the flows you are monitoring . We had some numbers today. In the past two months, they have drawn 2 million 2 billion from u. K. Equity funds. Something people are broadly worrying about . Uncertainty is unfriendly to the investment climate. As you think about allocation, this is a variable you havent reckoned with. If you think about the future economic performance, it is difficult to see longterm and i economy and investment markets termfficult to see long given the economy and investment markets. So far you in modeling has been scarce. The concurrency risk for here in the u. K. , is that something that may have an impact in terms of how carney looks at the rate cycle next year . Even though he said, the rate hike is on the way, can he be so sure . Box he is been he is being driven by the fundamentals. A desire to begin unwinding the excessive amounts of monetary accommodation in place since the crisis. He will have to monitor the trade relationships that written will have with others that could be changed dramatically, among the other elements whether an independent scotland would be granted automatic admission to an eu so as to not encourage more separatism. If there is an Economic Impact from a yes vote of whatever nature, the bank will act accordingly. If there is a yes vote, what impact on that cited you expect . The uncertainty is going to cause a bit of a flurry. Remember scotland accounts for only 9 of u. K. Gdp. What about spillover . In england rein in spending because of uncertainty n will people in england rei in spending because of uncertainty arena,investment these are the things that the bank of england will remain focused on. Thank you very much. We will back with you in a discuss further issues with the chief economist at Northern Trust. Welcome back to countdown. Manusany scrawny. Cranny. Lets move the conversation on to the fed. The discussion about the language, low rates for a considerable time, that is the core of his angst. The politics of the fed, what is your feeling . We have three arrived at a moment we hoped we would reach. The opportunity begins exists to begin unwinding monetary accommodation. There are an increasing number of voices that think the process ought to start sooner than later. They are concerned about financial stability, concerned that leaving rates too low too long will contribute to the kind of access that contribute it to the crisis in 2008. One of the things about leadership is forming consensus among people with different views. Janet, in my view, is a skilled debater and a mediator. She has to come out of each session with enough votes so the fed is united. If not, it will create a market outcome she would not like. Bubbles beingout created by low rates. Yet i read stories about how can languagehange the without leading to a rise in bond yields. Should that be the worry, given what you said before . It comes from a good place. If it is about recovery there is a fear of addiction to easy money, both in the u. K. And u. S. Beginning to wean oneself from that addiction has to be done carefully. The statement is one instrument that can be used to build the consensus and keep everybody in line. The markets are watching it closely, thinking not just of the dates but long on the road what that might mean for the valuations of stocks and bonds. . Productive out you talked about Janet Yellens skills. View Mario Draghis skills getting the germans on board for qe . Do you expect full qe . Can to get the germans on board . Mr. Draghi has done a hiserful job bringing colleagues to this point. My question is whether it will be enough. He has seen the influence of things like deflation can really put an economy into a bad place for a long time. The playbook calls for early action, large action, sustained action. You sell it to the market at every turn. He has not been able to do it. He is getting impatient. I liked his passion at the last press conference with the limitations of structural and fiscal problems. He is directing attention at those who should be his partners. Thank you for coming in. Northern trust. Time in london, 6 26. Agricultural Companies Take the heat after the latest round of sanctions. Welcome back to countdown. I am manus cranny. Marketsforeignexchange check. You begin to understand what the potential is when you get a bowl. It came out yesterday evening, putting the no caps on ahead by six points. Give the market a bit of a boost. Eye on the dollar sterling level. Moving along to eurodollar. He is going to speak later this evening. Treating low at 129. Eurodollar is at the highest level we have seen since january. Mathematicss to fx, or simple. The bottom of your screen, the aussie dollar. You are seeing it move higher. Employers, record jobs growth adding 121,000 jobs. Eye, a critical level for stop losses. Top headlines. President obama has pledged a Relentless Campaign to destroy islamic extremistss. Includes relying on middle east allies and using air support. Terroristshunt down who threaten our country wherever they are. That means i will not hesitate to take action against them in syria as well direct the rate is a corporate goal of my presence he as well as iraq. Is a core principle of my presidency. Business leaders in britain are stepping into help save the nation and stop scottish independence. Oscar pistorius may learn his judicial fate today. The judge is expected to hand down the verdict on whether he has been found that merck guilty of murdering his girlfriend. China received a boost in stimulus outlook. Lowerflation comes in than the market had expected. Prices collapsing. What is the take carhere . One interpretation could be positive. Low inflation does the government more room to stimulate. A more obvious angle is the abouts reinforce concerns weakness in the economy. Factory gate races have been falling for 13 months. Entrenched deflation hits company profits. For factorieses to invest more in the future. In the latest data, some signs that the Inflationary Pressure is creeping into Consumer Prices. The Consumer Price index came down on a year on year basis. Y, five of the eight subcomponents of the and summer price index were flat or falling on a month on month basis. What does it mean for growth in the policy Going Forward . We are hearing from the leadership that you cannot depend on stimulus for growth. This is a message that we could change they have given. China is paying the price for overdoing past stimulus from 2009 onwards for a number of years. We saw extremely rapid growth in bank lending. That kept the economy ticking and corporate powers borrowers overextended. That overhang of debt and a for and a forans jollity means even though governments low, the does not have the space to stimulate. Thank you for the roundup. Reporting from beijing. Ukraineng to the russia conflict, the Agricultural Sector continues to feel the impact. Grain prices under pressure. Are Agricultural Companies bracing for the uncertainty . Good morning, sir. Thank you for joining us. How are you affected by the ongoing crisis between russia and ukraine . The exposure of our company, especially in the food business poland. Export from the apple harvest is critical. We expect a flood of apples and other fruits in western europe. This will create are sure the pricing for fruits, pressure for the pricing on fruits, especially apples. We are talking about 750,000 tons. Traderssh farmers and are exporting to traders. What should they do . There is no alternative. We have to struggle with that. The European Market the task will be to open more so asian markets and africa can be new markets for european growers and trading companies. You think some of the pain of the sanctions and retaliatory sanctions should be shared around europe a little bit . Some businesses more exposed. I dont know how that should work. There are discussions about subsidies and support payments to the farmers and some companies in some countries. I dont think we can justify groupsing agriculture with regard to 850 Million People starving all over the world. The question is, if the commission is willing to pay something, whether we dont do use this money to open the markets, especially in asia. And create Marketing Activities in this interesting market for the agribusiness and dairy. The dairy industry and the meat industry. They are all affected by sanctions. I would love to know how germans perceive merkels handling of the sanctions. Europe has been accused of being slow. They have been slow to act. How do people perceive merkel . Small in her position with putin . There was some weakness in the polls. I think the citizens in germany are very pleased with the performance of the government. Especially mrs. Merkel. She is the most popular politician in our country. I think she is doing a great gob. What is the alternative . This new discussion, whether they have speed up with new sanctions, they look to be faster than the other heads of government in europe at the end of the day, it will be a compromise as always. She is a World Champion in creating compromises. We would love to hear your view on the scottish referendum. Your own view and the view from germany. How are germans perceive any referendum . You are bavarian so you know what is like to have local pride. Of course. How are you perceiving the events . How are businesses perceiving what is happening . We do not really understand what the purpose of the Separation Movement is. I am a bavarian with bavarian roots. We feel special in our country but we are part of the system. What is going to happen with scotland and the scottish citizens, if they are really iaving u. K. And the union, have doubts that the situation will be improved. I think it is more of a psychological and emotional thing. From a business point of view, it is not in favor of scotland to leave the united kingdom. I dont see any advantage for the people. Businesses cannot vote for that kind of uncertainty. Exactly. It is bad for investors. Is the central bank try