this is the business briefing. i'm sally bundock. electric shock — tesla boss elon musk is charged with fraud by us financial regulators, sending shares in the car maker tumbling. plus, $1 trillion of trade in the balance — time is running out for a new deal on nafta as talks between the us and canada hit the buffers. and on the markets: the nikkei injapan hits a 27 year high on friday after strong gains on wall street, thanks to the federal reserve‘s up beat assessment of the us economy. we start in the us, where billionaire tech entrepreneur elon musk has been charged with fraud by financial regulators. they allege the boss of tesla deliberately misled investors earlier this year, when he tweeted that he planned to take the electric car company private

by buying back its shares. mr musk has called the action "unjustified," saying he has always acted in "the best interests of truth, transparency and investors." the charges, that could see him barred from running a public company in future, sent tesla's shares slumping in after hours trade, wiping billions of dollars off its value. it all began as it so often does these days, with a tweet. this one had to make problematic words. the problem? according to us regulators, elon musk didn't actually have the money. in fact, elon musk didn't actually have the money. infact, he elon musk didn't actually have the money. in fact, he hadn't even got around to asking any investors to put up the cash, and saying you have funding when you don't, well, according to be sec, that is the definition of fraud. —— the sec. as

nobody gets away with that, even charismatic space explorers. neither celebrity status nor a reputation as a technological innovator is an exemption from the law. for his part, elon musk is called the lawsuit unjustified and said it left him deeply saddened and disappointed. but elon musk‘s credibility with investors is increasingly wearing them, especially after he smoked marijuana ona especially after he smoked marijuana on a radio show and provoked a libel suit after sending emails to a journalist accusing a british cave diver of any child rapist. not to mention the fact that has let itself has been struggling to hit its production targets. when you add in a lawsuit from america's financial regulator, well, it is enough to make even mr musk‘s biggest fans wonder if that hasluck co—founder‘s while the ride is about to come to a screeching halt. —— the tesla

co—founder‘s. let's stay in the us, where time is running out to save the north american free trade agreement. president trump famously called it the "worst deal in history," blaming it for the loss of millions of us jobs and vowing to shake it up. he has already got mexico to agree to new terms. but there's been seemingly little progress with the third partner canada, amid reports he refused to meet prime ministerjustin trudeau for talks this week. the big sticking point is dairy. canada imposes import taxes or tariffs of between 200% and 300% on foreign milk products and president trump says this is just too high. he has threatened to hit what he calls the "motherlode" of canadian exports to the us, the car industry, a trade worth $200 billion a year. the us wants a new deal signed off before the new mexican president takes office on december i. us law states any trade text has to be published 60 days before a vote, so a deal must be done by this monday, october i. there is a huge amount at stake. around $1.2 trillion worth of goods are traded between the three countries every year, and a failure to agree a deal would impact millions ofjobs. here's what both leaders had

to say earlier this week. i don't like nafta. i never liked it. it has been very bad for the united states. it has been great to canada, greater mexico, but very bad for us. i'm not going to use the name nafta, i refuse to use it. i've seen thousands of plants and factories closed. we continue to engage in the continuous negotiations. the conversations are consta nt negotiations. the conversations are constant and ongoing. we are very much looking in a positive, constructive way to getting to a renewed nafta that will be a trilateral agreement between canada, mexico and the united states. david collins is professor of international economic law at city university. thank you for coming in. how real do you think is this october one

deadline? it is not realistic. it is very unlikely there will be a deal concluded by monday at this point, almost impossible. as to whether or not that is the actual deadline, i think that is not very likely either. remember, there is a bilateral deal in place between the us and mexico, but that still needs to be approved by congress. there are indications in the us that congress is not very happy with the deal being bilateral. so i think, really, you might see the time dragging on possibly until march of next year. at that point it would really need to come down to canada deciding whether or not it wants a bilateral deal, if congress is ok with that, or if it wants out. i think realistically we are looking at next spring as being the absolute deadline. that, a game, is conditional on whether or not the american congress will even agree to a bilateral deal at all. if we are talking about next spring, if you are correct about that, we have a

new government over in mexico, does that undo all the work that has already been done? mexico really bent over to make sure this might happen, this deal. i don't think so. like ink developments in mexico are inconsequential at this point, because mexico has agreed in principle to this text, which a p pa re ntly principle to this text, which apparently we are seeing on friday, we are going to see what the text of the us— mexico agreement is. so i do not think there is much chance of mexico pulling out. the question is whether or not that will go from being bilateral to trilateral, and the other question, of course, is again, is the us congress prepared to a cce pt again, is the us congress prepared to accept that as a bilateral deal rather than the full trilateral nafta that everybody wants? rather than the full trilateral nafta that everybody wants7m boeing to our view is why they might not. they might not because americans want canada in on the deal, because the trade with canada, especially in the northern ‘s rates, is massive. —— northern states. faces like michigan and wisconsin, they trade with mexico is inconsequential. the trade with canada is what they want. everybody

wa nts a canada is what they want. everybody wants a rebirth of nafta, a better nafta. everybody wants that. a lot of what you are getting from president trump is a little bit disingenuous. i have begun to maybe not pay so much attention to that bellicose language about "i'm not prepared to deal", because i think a lot of work is going on in the background, and i am hopeful that they will in fact bea nafta. you are hopeful a deal will be done?|j they will in fact bea nafta. you are hopeful a dealwill be done? i think so, yes. what kind of deal will that look like? how far removed as it from the original nafta deal? president trump is absolutely right that dairy is the problem, and canada has to let go of the dairy supply management. that is a problem domestically in canada and has been for years. there is the reason canada should be keeping that other than political reasons in ontario and quebec. i am hopeful canada will rele nt and quebec. i am hopeful canada will relent on that somewhat, that could possibly be done in conjunction with the us relenting on some of its smaller subsidies to the dairy sector. and then the other issue, of course, if the chapter 19 dispute

settlement. i have been a proponent of that all along, and i would refer to see that kept in nafta, but again, ithink to see that kept in nafta, but again, i think canada maybe should be prepared to pull back on that. because there are fairly robust judicial mechanisms, domestically in the us, that could operate to protect canadian interests. so maybe it is time that canada pulls back on chapter 19. so just explain what chapter 19. so just explain what chapter 19. so just explain what chapter 19 is? of those who are not familiar. this is the dispute settle m e nt familiar. this is the dispute settlement mechanism which controls dumping and anti—dumping. it is a binational panel which is removed from the domestic court systems. in that sense it is perceived to be fairer. canada has done well under that over the years, but it has not been used that much. and i don't really think it is worth throwing the deal away, if canada will not accept that. so in many respects, president trump is right about that. the ball is, in a sense, in canada's court, to let go of some of its negotiating mandates. we will leave

its there. fascinating. i am sure we will have you back soon, whether it is october or march. now let's brief you on some other business stories. more than 40,000 air travellers across europe are facing disruption this friday after strike action forced rya nair to cancel some 250 flights. the low cost carrier has faced a string of strikes over pay and conditions since it recognized trade unions for the first time in december. italy's populist coalition government has agreed a spending push, despite concerns about the country's finances in brussels and on financial markets. the anti—establishment five star movement and the right wing league have promised costly policies including a minimum income for the poor, tax cuts and earlier retirement. online retailing giant amazon is opening a store in new york that will only sell products that receive four stars or more on its website. it will offer discounts to members of amazon's prime service. physical shops are becoming a key expansion area for amazon as it seeks to take on more

traditional retailers. let's have a look at the markets this hour and see where we are. the us markets had a pretty positive session, quite a lot of good news coming out of the us when it comes to vary, me. it listed the federal reserve, the federal reserve listed the interest rates this week as well. the yen was falling to a fresh loafer 2018 despite a positive response from analysts to meeting between leaders of japan and the response from analysts to meeting between leaders ofjapan and the us. plenty more coming up in use breathing. what's more stories on just a moment. breathing. what's more stories on justa moment. —— breathing. what's more stories on just a moment. —— lots more. citizens advice is accusing phone

companies, banks and insurers of ripping off loyal customers to the tune of more than £4 billion a year, by keeping charges high or paying low returns. the charity is demanding an investigation by the competition and markets authority which has the power to force businesses to change their practices. here's our personal finance correspondent, simon gompertz. it is an effort, shopping around every year for everything, just to get a saving. older customers like this over 50s group in south end on a sex are particularly loyal. —— south end in essex. employers know it and reap more money. it means we have to poutine the effort and those who are not savvy with the internet have a lot of trouble changing from one thing to another. have a lot of trouble changing from one thing to anotherlj have a lot of trouble changing from one thing to another. i think they should give us something off, if you

have been there for years. you ring the company up and they say, we will see what we can do for you, and immediately take that money off, so i'm back to what i was paying. immediately take that money off, so i'm back to what i was payinglj i'm back to what i was paying.” think that's wrong. citizens advice says the extra cost of sticking with your mortgage provider for a says the extra cost of sticking with your mortgage providerfor a year after their opening deal expires, along with a mobile contract, broadband, home insurance and shrinking interest on savings could add up to a loyalty penalty of £877 if you carried on with all of them. here there is support for the charity's super complaint, which forces the competition authorities to ta ke forces the competition authorities to take a look. that is exactly the problem, really. it is answering. most people are not aware they are paying this loyalty penalty and if they were they would take action to switch. this is basically a systematic scam were companies are taking advantage of the fact that we are not paying attention, and ripping us off on the basis of that. there are new rules coming in for mobile phone chargers, plus a price cap on energy bills —— bills. but

citizens advice wants more controls and less reliance on simply telling people to shop around. this is the briefing from bbc news. the latest headlines: donald trump's nominee for the us supreme court and the woman who accuses him of sexual assault have given powerful testimonies before the senate judiciary committee. less than 2a hours after that hearing, senate republicans are determined to press ahead with a first vote on mr kavanaugh‘s nomination. and thousands of ryanair passengers face travel disruption as the company cancels more than 200 flights due to industrial action. now it is time to look at the stories that are making the headlines in the media across the world. we begin with the daily telegraph here in the uk. former foreign secretary

borisjohnson dominates the front page with a six—point plan he is publishing to challenge the government's current strategy. on to the business insider now, and it has plenty of coverage of tesla boss elon musk being sued for tweeting he was taking the company private and then not going ahead. it says the charges claim tweets like this were false and misleading statements, and that putting the price at $420 was a in—joke reference to cannabis. let's look at the china daily now, and it carries rebuttals from the government that they are meddling in the us election, after donald trump made the claims in a speech at the un general assembly. canada's globe and mail covers a first for the country's parliament. mps have unanimously voted to scrap aung san suu kyi's honourary canadian citizenship over the plight of rohingya muslims in myanmar. and finally, kicker is a big german football magazine. it explains why the delegation leading the winning bid to host euro 2024 were muted in their celebrations.

so let's begin. with me is david buik, who is a market commentator at core spreads. what do you make of all of this? my plan for a better brexit, from boris johnson. number one, chuck chequers, scrap the irish backstop, negotiate a canadian style deal, prepare for no deal and start trade negotiations from around the world in april. quite a checklist for mrjohnson.. 4000 word essay,