Huawei CEO Ren Zhengfei tells CNBC the company's business is still strong in China.Technologyread more
The Fed is not likely to make a move on interest rates when it meets this week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
U.S. President Donald Trump officially kicked off his reelection campaign Tuesday at a Florida rally where he exhorted thousands of rollicking supporters to keep advancing his...Politicsread more
BlackRock's global fixed income chief says the European Central Bank just turned up the pressure on the Federal Reserve to more toward easier policy.Market Insiderread more
As Beijing has raised duties in response to the Trump administration's spate of tariff announcements, it also lowered trade barriers for exporters around the world.Marketsread more
Facebook's new cryptocurrency project, titled Libra and backed by the likes of Visa and Booking Holdings, is being widely embraced by market watchers.Trading Nationread more
Global watchdogs and top U.S. Congress members are calling for oversight of a digital asset being launched by Facebook and roughly two dozen other stakeholders.Marketsread more
Mortgage applications were down 3.4% from the previous week, but still up 31.6% from a year earlier, according to the Mortgage Bankers Association.Real Estateread more
Trump's remarks came a day before the Fed was set to announce its next decision on interest rates.Politicsread more
Sen. Josh Hawley, a well-known tech critic, introduced legislation on Wednesday that would remove the immunity big technology companies receive for user-posted content under...Technologyread more
Panera Bread has been testing a menu specifically for dinner and plans to expand the pilot to a new market next month.Restaurantsread more
Republican Eric Cantor, a former House majority leader, has a message for Democrats: President Donald Trump will not reopen the government until a border security deal is worked out to fund a barrier along parts of the U.S.-Mexico divide.
"With my experience down there [on Capitol Hill], it doesn't look like to me that there's a deal in the works," said Cantor, who was a congressman from Virginia from 2001 to 2014, with much of his time there in leadership positions. He left Congress after losing the 2014 Republican primary to David Brat, a tea party-affiliated economics professor. In turn, Brat, an ally of Trump, lost his bid for a third, two-year term in the 2018 November midterms, which flipped the House majority from the GOP to the Democrats.
"I don't see this president backing down," said Cantor, now vice chairman and managing director at investment bank Moelis & Co. "At the end of day, the president is not going to reopen without the wall."
Gottheimer, a Financial Services Committee member and co-chair of the bipartisan Problem Solvers Caucus, disagreed, saying there's a deal to be had. "You can have tough borders and reopen the government," he said.
Shortly after Cantor and Gottheimer appeared on CNBC, Trump doubled down on his way to Texas, saying if there's no wall deal he would be very surprised if he did not declare a national emergency. Such a move would certainly face legal hurdles but could give Trump the ability to use the military to build the wall instead of getting Congress to approve the funding for it.
The standoff over the wall has resulted in a partial government shutdown, now in its 20th day. If the shutdown extends to Friday, it will be tie with the one in 1995-96 as the longest ever. Also Friday, more than 800,000 federal workers will start missing paychecks.
"It's not just, by the way, the paychecks — which are going to hurt a lot of people and I think you're going to hear about that — but it's affecting everyone's lives," Gottheimer said. "Whether it's a line at the airport; it's getting those IRS refund checks back; it's the businesses that we keep hearing from that can't get their small business loans; it's really having an impact on the economy."
In the latest high-level attempt to end the funding stalemate, Trump on Wednesday stormed out of a meeting with House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer, calling it "a total waste of time."
Gottheimer said, "The idea of walking away is unacceptable. We've got to get the government back open. People are suffering. It's costing businesses in my district. It's costing businesses across the country. And on top of that, we've got to have tough borders. We need to make sure we keep out terrorists and criminals and gang members and drug dealers. But there's not a reason you can't do both."
Trump was scheduled to travel to the border city of McAllen, Texas, on Thursday to call more attention to what he describes as an illegal immigration crisis.