welcome to "street signs" live from london i'm joumanna bercetche >> i'm willem marx these are your headlines >> i'm geoff cutmore, a relationship built on trust. those are the words from russian president vladimir putin as he heralds the bilateral meetings here in russia's far east with the chinese president, xi jinping. 1$100 billion worth of deal

are put on the table between the two countries with russia's sovereign wealth fund leading the way with an alibaba joint venture. and arcelormittal drops to the bottom of the stoxx 600. over 1 million people are ordered to evacuate the carolina coast as hurricane florence prepares to make landfall as a category 4 storm good morning russian president vladimir putin has met with his chinese counterpart, xi jinping, on the sidelines of the eastern economic forum putin told xi that the two countries have relations based on trust it comes as the two countries place 1$100 billion worth of del on the table geoff cutmore is there at the

forum. do the ceos you're talking to seem worried about the relations between russia and the united states given the emphases we just heard about russia and china being such strong relations based on trust >> no, absolutely. i think as a back drop to this whole event, it is clear that the russian business community has for some years been concerned about sanctions imposed in 2014 and then the increased ratcheting up of sanctions that have taken place since then the latest in the pipeline potentially is what's being described as the bill from hell by the americans which would provide restrictions on the ownership of new russian sovereign debt it's clear that against that backdrop the russian business community broadly welcomes a deepens of ties with china and the potential for markets in the

east that have strong demand china potentially represents that and is part of this broader pivot east that president putin has pursued to offset some of the pain from the increased sanctions regime so what do we see here we see a diplomatic offensive. that is part of the set piece puppet theater that you get at these kinds of events where you see both leaders take the stage and talk about their relative ambitions and of course president putin talking about the importance of trust in this relationship but you then subsequently get the businessmen doing their work that is where we have these dealsing widea deals being signed 1$100 billion worth of tech products on the table and the latest news that alibaba may be

involved in helping establish an increased pace of digitalization here for the citizenry of russia i had the opportunity earlier on to speak with the pboc former governor, a man called joe xaurtwan who had an extensive role in the chinese machinery of power from 2002 until recent years. i asked him that specific question, would these two countries be falling more deeply into each other's arms if it weren't for president trump and washington pursuing sanctions against one and increased trade tariffs against the other. let's hear what he had to say. >> on the economy views, and the financial sector views, surely we would like to have the normal

relationship with the united states however, if the u.s. has some kind of sanctions reaching the tariffs, surely if china tries to look at the other market and diversify our trade and business relationship, so with this surely the china relationship with russia, not only russia but also the other countries including eu countries is going to have a substantial improvement and we may consider to do things further together. >> the former pboc governor there. let's not get carried away

clearly in terms of size and scale the chinese-american relationship is significantly more important but i guess it's a measure of the shifts that are taking place here that the amount of trade done with russia in the first half of this year has actually doubled as the chinese look for alternatives to products that would get tariffs placed on them by the americans oil primarily, energy assets, of course, but more laterally some talk of soybeans, and whether russia could become a significant replacement supplier of soybeans into the chinese market so for the time being i think both of these countries and their leaders are very keen to show a common face in front of president trump and washington

back to you. >> geoff, you can understand the economic incentives for having the summit and talking about those deals, but drawing on the geopolitical context, because it is not just president xi who is there. we know president moon was there, president kim was also invited. this ahead of that all-important korea summit coming up next week how much of a role do you think russia will be looking to play in terms of normalization of relationships between south korea and north korea, and do you think this is a way for them to get involved in the conversation after that trump/kim summit a few months ago? >> that's a terrific question. president putin is nothing if not an opportunist this is something you'll know more about than me, joumanna,

given the part of the world you're interested in specifically, the russians have managed to redefine their role in the middle east over recent years, and they have done that effectively by barging their way into the party and reestablishing some relationships that have perhaps fallen on fallow ground. now even though they have not been a significant player in the north korean peace process, and they had little to do with the peninsula, perhaps president putin seeing an opportunity to expand their influence by getting involved in these conversations. it's probably worth pointing out that as prime minister abe came here, i don't think a conversation specifically about north korea was on his agenda. there is the small matter of the four disputed islands, an issue left over from the second world

war that they wanted to talk about. there is no formal peace treaty between japan an russia since the end of the second world war, no doubt when the south korean prime minister comes here on wednesday, he'll have some issues of trade to discuss on the drive in from the airport, lg is one brand you see prominently. so there is business being done. there are a multitude of touch points as far as this event here at the eastern economic forum are concerned. but it is clear, it's the xi/putin meeting that will make the headlines and the hundred billion dollars worth of deals in the pipeline. rdif is one organization involved in that, and i will be talking to kirill dmitriev later on in the day. >> as geoff mentioned, there's a

lot going on there on wednesday, president xi, president putin an president abe should be on a stage together there talking about possibilities in that part of the world. we'll bring you that live from 5:30 cet tomorrow morning. as we have been hearing, moscow and beijing are looking to cooperate when it comes to business deals, but their militaries are also working together in siberia. russia fired up the largest set of war games since the cold war. over 300,000 russian troop also take part in the exercises, more than 3,000 chinese troops and 900 chinese tanks as well. coming up, u.s. trade representative lighthizer back in d.c. and playing hardball with canada. we have the latest on trade coming up next you might take something for your heart... or joints. but do you take something for your brain.

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japanese equities are leading the charge overnight this is in line with some activity we had yesterday on the back of the stronger gdp print and the backwards revision to some prior gdp prints. chinese equities still under pressure, front and center is the narrative on further trade escalation between china and the u.s. and the mood is somewhat muted as we head into the european session, about one hour and we're trading slightly weaker. on the back foot to the tune of 0.10 most of the majors in europe are trading on the back foot ftse 100 down about a third. here is the correlation with the currency we did see sterling bounce through 1.30 yesterday on the back of the discussions with michel barnier we have employment data in about

15 minutes time. xetra dax also on the backfoot and then ftse mib, italian index, as we head into that all-important budget discussion, again trading weaker, down 50 points or a quarter of a percentage point that being said, the yield market continues and the bond market continues to do well in italy on perhaps expectation of the softening of the tone somewhat out of the italian politics in about a week's time when the budget comes due. u.s. trade officials say they have made progress in trade negotiations with the european union counterparts the office of robert lighthizer said a fresh round of talks in brussels had been constructive cecilia malstrom said she and lighthizer discussed how they could achieve concrete results in the short to medium term. lighthizer is also set to retalk

nafta talks with chrystia freeland later today they were unable to reach a deal to replace nafta during negotiates last week president trump has throughout the process threatened to tear up the original nafta and proceed without canada after u.s. negotiators successfully struck a preliminary bilateral deal with mexico jerry fowler is a multi asset strategist at aberdeen standard investments. he joins us from edinboro. president trump says he could impose tariffs on pretty much every single chinese import to the united states. what impact does that have on global gdp, do you think >> well, if all the tariffs were implemented beyond the 200 billion that he's likely to implement in the next few days and months, but if there were

tariffs on all the imports there would be material impacts. eastern with the current 2$200 billions that are likely to be implemented, that 2019 and 2020 global gdp growth will be 0.4% lower than thought months ago. the u.s. is equally impacted across other developed markets so a sizable impact that the market might have well adjusted to substantially already in terms of market pricing but perhaps there's momentum for this to get worse before it gets better >> i don't want you to put yourself inside the head of the u.s. president, that may not be a straitforwaghtforward place te but if you were asked about the impact on global gdp, where would you put that >> there's been a lot of impact on emerging markets and the

outlook for global growth. i would say there's a better than 50% chance that this will have a further impact. there's been a lot of games. all of this needs to be put in the context of a strategic longer game against china, which is primarily the main strategic threat to u.s. dominance around the world, economically and militarily inside of that you also have complications around midterm elections. for example, it may not be in trump's interests to accelerate a trade war into those elections, even these 2$200 billion worth of tariffs that trump could implement immediately, he may decide there's actually a reason to defer the implementation of those until after the election but the implementation of these tariffs may cause more pressure to feedback into the u.s. economy. that might be the circuit breaker for this we need to see an actual

negative impact of what trump's policies could do to global growth, impact the u.s. directly before there's a reprieve either from trump's policy advance on trade or the fed's advance on rate hikes >> i want to pick up on that feedback loop. as you say, tariffs work with a lag. we're not seeing much of an impact yet on u.s. growth. are you expecting the tariffs to start biting come next year? also what do you think that means for the fed? we know we're likely to get another hike soon. december is pretty much on the table as well. do you think the fed will be able to continue with their hiking trajectory so long as the u.s. is engaging in this trade war with the rest of the world >> yes certainly our best case from the economists now is the 2$200 billion will get implemented, whether it's sooner or later and that that will reduce global growth next year thachlyear that has two reasons there could be a direct demand

impact and that is likely to have supply chain impacts. apple talked about the consequences on a variety of that products. it should have a negative growth impact but a positive inflation impact that's part of the reason why we downgraded gdp growth for the next two years and also downgraded rate hike expectations we still expect five hikes over the next few years towards the peak fed rate. but it was seven a few months ago. so our expectations are lower. if the trade war advances further because that's only our best case scenario things could get worse, you could see the fed step back. but the fed won't choose to do that, particularly while inflation pressures are building and while trade policies are contributing to trade fear pressures until there is a direct and obvious impact coming through the u.s. whether through financial stress, markets falling or through gdp and other leading indicators suggesting that demand will weaken. but nonetheless, that's what

we're looking out for, needing to adapt to. we're keeping balanced positions, we've been increasing some diversification positions like being short korea one, also shorting the nasdaq against the broader u.s. market. because these are typically cyclical plays that will benefit. we still have plenty of risk-on positions in emerging markets where a lot is in the price, there's a huge buy furcation where u.s. assets are priced and emerging markets assets are priced and there is room to take risk in these much cheaper emerging market assets, whether bonds or equities. >> we have more questions coming up for you, but briefly sterling has jumped after michel barnier said his team could strike a brexit deal with britain in the next two months. the pound rose to the highest mark against the dollar since july and strengthened against a number of other currencies barnier signaled he was willing

to move ahead with brexit talks but that both sides needed to work quickly >> i think if we are realistic we are about to reach an agreement on the first stage of the negotiation, which is the brexit that could be within six to eight weeks. uk decided to leave in march of next year, 30th of march this is the tate thdate they ch sening the letter to launch the process of negotiations, the letter is clear, we have two years to reach an agreement before they leave, two years after march of '19 so that means taking in account time the necessary for ratification process, the house of commons on one side, the uk parliament on other side, we must reach an agreement before

the beginning of november. i think it's possible. >> jer refory fowler is still w us i have to ask you about brexit what's your baseline for the next five months politically and economically in britain? >> baseline is very hard to come by our view is that sterling is probably still a little cheap versus our risk weighted scenarios. it could be much cheaper if there's a hard brexit. odds of that did increase in the last few months, particularly as the rhetoric around concerns within the conservative party around the checkers deal started to surface nonetheless we do think ultimately some type of agreement with the eu will be reached. there's a variety of reasons why that should be the case. if that were to come through in the next few months sterling would probably rally our best case is primarily there's still a lot of volatility eventually related to brexit and the stability of the government so we

sterling volatility positions. and the economy is starting to stagnate behind that we are receiving yields in the uk, we have that against a paying position in bunds short the german ten-year bund that position has been floating around the idea that the german economy and the european rate environment looks a little brighter than the uk economic outlook. >> we have the bank of england and ecb coming up this week. hopefully that will work in line with your position there i want to pick up on your comment on sterling volatility for me the currency has been pretty much the only release valve in the uk market every time we get a headline, if it's a positive brexit headline, sterling goes up negative, we go down that made it quite tricky to trade, because it's -- people

say things that is often unpredictable to begin with. in terms of your volatility position, what horizon are you playing for? are you looking at one month, three months, six months, one year and where are you finding the value there. given the intraday volatility in the currency, surely that can't be cheap >> the volatility doesn't look necessarily cheap versus the long-run history, but it's low it's average to low. and that in this environment to us looks cheap because of the number of events over the next 6 to 12 months that could cause a multi percentage point move in the sterling currency, either against the euro or the dollar so we don't need particularly extraordinary volatility for this to pay off. higher than average volatility is what we expect, particularly a few key events that cause multi percentage point moves which seems likely to us through

the series of events where related to brexit. in reality we tend to trade much longer term positions. volatility going up -- sorry, expected volatility going up would be good for this position in its own right, and we will benefit if there is a meaningful trend insterling one way or th other. >> thank you for that. i was telling willem i love when people talk about options. jerry fowler, thank you. coming up on the show, this week marks the tenth anniversary of the lehman brothers collapse. warren buffett tells cnbc what lesson he has learned from the events that followed >> the way the dominos topple. what we learned in that particular panic was the fact

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welcome back to "street signs. i'm willem marx. >> i'm joumanna bercetche. these are your headlines a relationship built on trust. president vladimir putin heralds the bilateral meetings here in russia's far east with the chinese president, xi jinping. $100 billion worth of deals are put on the table between the two countries with russia's sovereign wealth fund leading the way with an alibaba joint venture. and arcelormittal drops to the bottom of the stoxx 600. this after it raises its offer for india's sr steel to beat out potential competitors. over 1 million people are ordered to evacuate the carolina coast as hurricane florence prepares to make landfall as a category 4 storm.

all right. we're getting some uk employment data out of course we had that nfp number on friday where the wage number surprised to the upside. what we're getting in the uk is the average weekly earnings coming in at 2.6% in the three months versus a poll of 2.4% again, a beat on expectation there's similar to what we had in the u.s. last friday. wage numbers beginning to move in the right direction we have that meeting on thursday for the bank of england. both ex bonuses and the headline number are coming in stronger. we had the average claimant count at 8.7k month on month slightly below the reuters poll of 10,000. generally speaking the data is constructive

a bounce in sterling transpire so the pound is bouncing is a bit and gilts coming off line. talking about other fx markets the dollar is trading on the back foot, with the exception of renminbi euro/dollar is inching dollar, about a third of a percentage point firmer that correlates well for a change with some of the price action we're seeing in italy and italian bond yields as they continue to rally. euro has been given some support. dollar/yen is an interesting one. dollar trading stronger versus yen. yen is about a third of a percentage point weaker. it helped the nikkei trade a bit firmer overnight yen weakness is helping there. again, that is on the back of anticipated hedging activity that could be coming out of yen on the back of the news that one

of the japanese chipmakers there is buying a u.s. integrated device company that is the picture for foreign exchange i talked about the nikkei having a firmer session overnight chinese equities weaker. most of the majors in europe are trading on the back foot ftse mib down a quarter of a percentage point ftse00 doftse 100 also down knee say did have a strong session, up almost 300 points overnight. 1.3% overnight we had a weaker yen. shanghai composite trading below 2700 as concerns about the tit-for-tat in the tariff war

continue to bite there hang seng also trading weaker, 0.7% lower on the day. finally let's check in on u.s. futures. nasdaq eked out a gain yesterday after suffering for all of last week with the tech sector coming under the worst week since march. the picture today looks like it will be slightly more positive dow opening up 6 points hi16 por most of the data is coming towards the end of the week with cpi and sales numbers to watch out for. september 15, 2018 marks the tenth anniversary of the collapse of lehman brothers, which set in motion the global financial crisis cnbc is looking back at the events and examining the lessons that have been learned or not. andrew ross sorkin sat down with then new york fed president

timothy geithner and asked what would have been the consequences of a complete economic meltdown. >> hank paulson said at the time that week in september we were three days away from atms not working. that would have been bread line across the country for a generatio generation >> did you feel that at the time >> yeah, the balance of terror what did that feel like in the moment >> was a crushing burden of responsibility i think the hardest thing was just trying to figure out what we could do. what was possible within the constraints we had >> was there a moment at which you thought it wasn't going to work >> i think there are two scary moments.

the first was those weeks around lehman weekend, before we had the tools we needed to break the panic and fix what was broken and prevent a great depression that period up until when t.a.r.p. was passed on columbus day weekend, we were managing with duct tape and string. we had limited tools that was terrifying. we felt we were at the enl of collaps edge of collapse greenspan wrote the size of the shock at that stage of our crisis to wealth, the fear of business failure defaults across the country was about five times greater than at the beginning of the great depression it felt scary. >> andrew ross sorkin also caught up with jamie dimon who told cnbc that a financial crisis would have occurred even

if lehman brothers was bailed out. >> whether lehman was bailed out or not, the crisis was going to unfold the leverage was there the repo was there a lot of losses in mortgages money was sloshing around the world. governments made it hard for banks. it was going to unfold anyway, whether they went bankrupt or bailed out and whether they went bankrupt or bald ouiled out, as people realized the severity of the problem, there's something deeply amiss in the system, you still would have had a good month afterwards >> you don't think it exacerbated the crisis >> it might have, but it would happen anyway. >> the next day, aig was being saved. was that the right decision? >> i think the way i kind of look at this is a little different which is they did the right thing to do a lot of different things to try to

ameliorate the problem you can say was that right, was that right, what was right, they kept doing it. you might have said i would do it differently or do this, i don't think that was going to stop the crisis. >> it's all coming back. you can watch more of those interviews in our special documentary crisis on wall street, the week that shook the world on september 13th at 5:00 a.m. cet. our next guest says though there is not a crisis brewing the banking system has not changed that much since 2008 we are joined by george mangus thank you very much for being with us. what is different about the approach of regulators and investors when it comes to these large banks, would you say >> i think it will be churlish not to acknowledge that one thing that has changed is that we have a much more intrusive

regulatory system. there are banks with more capital, liquidity is bigger in general. better managed central banks and regulatory authorities know more about the circumstances of individual institutions and so in that sense they have made parts of the banking system or the financial system relatively safe compared to what it was we don't have the leverage that we had in the run up to the financial crisis in 2007 having said that, whilst personally i think the regulatory authorities around the world may be in a much stronger position to spot and save individual institutions that may get into trouble or err in terms of final behavior, the clue to solving a systemic banking crisis is in the name systemic, have we resolved the problems in the financial system and in the economic system that actually gave rise to this and previous crises? i don't think we've done that. >> aren't crises just part and

parcel of an economic cycle? the interesting thing about this economic cycle is that it's been going on for so long without a dip. there has not been a recession the u.s. is in its ninth or tenth year of expansion now. average cycle usually lasts seven years. why is this cycle so much longer >> i think this cycle, if it keeps going until next june, it will be the longest one the united states had since records began in 1854. so the reason this is keeping going is partly because the american economy has had a bit of a fiscal boost, which was obviously not in the script 18 months ago and partly because, you know, the banking system is not really stressed we don't have inflation or those kinds of obvious imbalances that normally cause central banks to call it a day. though, as you said in your package before,federal reserve clearly is on a bit of a

mission. >> is all this just masking the fact that so many imbalances are building up beneath the surface, so when it bursts this time it will burst big and the bust may be bigger than before? >> well, i'm not sure about that i don't want to be complacent and say we don't face the prospect of a recession or, you know, economic problems and bankruptcies, unemployment these things will never go away. what i think we should not exaggerate is the risk of another kind of systemic meltdown, because i don't think we have the leverage in the system at the moment i think investors -- you asked about investors before i think investors are cautious banks are cautious the leverage in the final system is not that great. you know, these crisesare endemic to capitalism. we're always going to have them. until we change the way that we think about banks in the financial system, we have to kind of beware of the risks that they will happen in the future >> we had some uk unemployment data out

we saw a tiny uptick in ragwage growth we have the left unemployment rate in the uk for more than 40 years. i wonder, when you look at the improved in your words regulatory environment, is that enough to grapple with some of the biggest fundamental challenges like wage stagnation and economic inequality when you talk about systemic risk >> i don't think it is it is a thing where you have to have the banking system working properly, et cetera. but the systemic issues that i referred to before that we have not come to terms with, we have not come to terms with stagnant wages. it's noisy when we see these month on month we have not come to terms with wage stagnation, income inequality, which is a big constraint on the capacity of companies -- at the minimum of the capacity of companies to

basically make headway, but also of the economy to deliver favorable outcomes so i think, yeah, we have a long way to go. of course if we don't solve these problems in the economy that are still leftovers from the financial crisis, then i think if we do run into a shock, if it's a china banking shock or a u.s. recession, or a liquidity shortage, this will become xak bait exacerbated. when the economy is bad, people have to get bad loans, no credit these things will come back to visit us >> can we talk about the actors likely to play a role in the next crisis. as you say, the financial system has changed. less banks would be deemed too big to fail. if they are, they are much more heavily regulated than in the past, but then the chinese economy has grown a lot the last ten years. its presence and its impact on

the world that grown that is part of the reason why the u.s. is engaging in this tit-for-tat. do you think this crisis could be linked to activities undertaken by china or if china slows down significantly that could have knock-down effects throughout the world >> the global impact of china is bigger than it was i don't think that china faces a financial crisis in the way that we had ten years ago simply because it's a state-owned banking system and no major financial institutions will be allowed to fail. that doesn't mean that china doesn't have the manifestations of a financial problem, which it has to come to terms with, and there will be repercussions that will affect us all, i think. >> george, thank you for your time

george magnus author of "red flags. arcelormittal shares are trading lower after the steel giant raised itsbid to buy india's essar steel. bloomberg is reporting the bid has been raised to 420 billion rupees, 5$5.8 billion u.s arcelormittal has yet to respond to cnbc's request for comment on that story more than 1 million people have been ordered to ooe evacuava evacuate the u.s. carolina coast before hurricane florence makes landfall. >> the calm conditions macis maa concern here >> florence is getting stronger. >> reporter: already a major hurricane florence is gathering momentum as it barrels towards

the coast. it is a well-defined system, threatening hundreds of thousands along the coast. stocking up supplies, boarding up windows and doors, filling sandbags, doing what they can to get ready. >> just getting gas and supplies, just generator going everything else. just hunker down wait it out. >> reporter: while others are packing up, moving to higher ground >> please listen to the warnings and leave if it's going to be that serious don't take chances there's no material thing in the world worth your life. >> reporter: as florence closes in >> she's a strong girl and coming to see us i don't care what you do, you better get ready

she's coming to see us. >> reporter: an unwelcomed visitor expected to arrive here by the end of the week jay gray, nbc news, carolina beach, carolina. reprieve for musk as tesla shares surge after two bullish analyst reports. more when we return. i was on the fence about changing from a manual to an electric toothbrush. but my hygienist said going electric could lead to way cleaner teeth. she said, get the one inspired by dentists, with a round brush head. go pro with oral-b. oral-b's gentle rounded brush head removes more plaque along the gum line. for cleaner teeth and healthier gums. and unlike sonicare, oral-b is the first electric toothbrush brand accepted by the ada for its effectiveness and safety. what an amazing clean! i'll only use an oral-b! oral-b. brush like a pro. man: are unpredictable crohn's symptoms following you everywhere? it's time to take back control with stelara®.

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welcome back to "street signs. the white house said it is coordinating a second meeting between president trump and north korea's kim jong-un. sarah sanders said the president had received a very warm, very positive letter from the north korean leader. sanders said the message from kim and the non-aggressive military parade in pyongyang over the weekend was further evidence that the north koreans were serious about the denuclearization of the korean peninsula. but an nbc news report has

revealed that pyongyang has ramped up activity andrea mitchell reports. >> reporter: kim jong-un showing off military might but what you don't see here are nuclear weapons he is secretly building. despite president trump's constant praise for kim and tonight, three current and former senior u.s. officials tell nbc news u.s. intelligence says north korea is producing five to eight new nuclear weapons this year. and building new structures to hide them despite kim's promise to denuclearize. and now th white house accepting kim's invitation for a second summit sent in a letter to the president today. >> the president achieved tremendous success with his policies so far and this letter was further evidence of progress in that relationship >> reporter: critics say there is not progress in getting rid of kim's weapons. >> when the intelligence community is saying they are building more and we don't know where they are and how many there are, there is no specific agreement as to how that's going

to be defined. >> if the president is saying one thing, but the intelligence is showing something else, it's hard to believe the diplomacy is working or even to believe that the diplomacy has a chance of working. >> no word on when or where kim and the president would meet but sarah sanders says they are already coordinating. >> that was andrea mitchell. tesla shares rose as much as 8% after two bullish reports the two researchers say they believe sentiment towards the electric carmaker looks stronger and wrote that the near-term risk/reward for the company is skewed to the upside tesla shares have been under pressure after several senior officials left in the last couple of days and questionable behavior from elon musk. one analyst said tesla needs to make serious changes to its governance or risk collapse. they say elon musk's unpredictable behavior has brought the company to a cro

crossroads >> of the nine board members, probably seven of them, six or seven, need to go. grasso, elon musk and maybe we need a whole sale change for the board to move elon into a visionary role and build some better directions and controls around him and allow the company to flourish. the controversy around serena williams outburst at the u.s. open final continues to spiral some grand slam officials say change is needed adam has more on your take of

the events over the last couple of days and how some of these institutions and people in senior positions have dealt with this >> absolutely. carlos ramos is at the center of this he was the man that serena branded a thief and a liar, obviously leading to her getting those three penalties and losing a game, which is almost unheard of, especially at that level of grand slam tennis. the international tennis federation have come out in support of carlos ramos saying he was within his rights to stick to the rules the way that he did and hand down the punishment that he did and that was backed up by the fact that usta fined serena williams as well. but looking further ahead, now the question is what will happen next the australian open is the next grand slam but won't take place until january. to be honest, they've been asking for clarification as well one thing that serena williams was caught supposedly doing,

even though she said that she was predominant of it was being coached from the stands. and i just want to bring in the fact that some events on the wta tour, they're allowed to have coaching, but some they're not the australian open officials, they want to know what's the deal >> the sport has to really get itself sorted out on what it does with coaching and just to be clear, are we going to have coaching, we're not going to have coaching, and what will it look like? you're talking to a coach here, i have a specific view on it the view would generally be there has to be a certain element that needs to be allowed in the sport i think that needs to be looked at the sport needs to get together and sort that out. then i think once that is sorted out you don't have that issue. >> lots of opinions on this one. lots of details to work out. the wideness of this debate is going to run long as well. one quick bit of breaking news

rei kimi raikonnen is switching from ferrari to formula one coming up later today, geoff cutmore will have more from the meetings in russia it looks like president putin and president xi jinping will hold a joint press conference after a signing ceremony they are looking at hundreds of billions of dollars worth of projects and investments that's it for today's show

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it is 5:00 a.m. in wilmington, north carolina more than 1 million people up and down the carolina coast are ordered to evacuate as hurricane florence takes aim it's a category 4 storm. nafta negotiations picking back up today between america and canada can a real deal finally be hammered out the white house says it is coordinating a second meeting between president trump and korean dictator kim jong-un. sonos posting a big loss. and a new study sheds the dirty truth on those han