Indian billionaire investor Rakesh Jhunjhunwala says he's very upbeat about his country's growth potential after the country underwent a massive banking crisis and the rollout...Asia Economyread more
There's more pain ahead for the U.S. and China amid their bilateral trade dispute, according to one expert.China Politicsread more
The U.S. government on Monday temporarily eased some trade restrictions imposed recently on China's Huawei, a move that sought to minimize disruption for the telecom company's...Technologyread more
You know there's an underlying problem when investment firms start to cut exposure to a particular asset class.Commentaryread more
Stocks in Asia mostly recovered in Tuesday afternoon trade as investors cheered a reprieve in U.S.-China trade tensions surrounding Chinese telecommunications giant Huawei.Asia Marketsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
A record 257.4 million travelers are expected to opt for U.S. airlines for travel this summer, the 10th consecutive annual increase, a trade group forecast on Tuesday.Airlinesread more
Huya, a Chinese live streaming platform focused on gaming, is looking to expand into the U.S. in the next couple of years, CEO Rongjie Dong told CNBC. The U.S. is expected to...Technologyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
Treasury Secretary Steven Mnuchin, who was subpoenaed by a House committee to hand over years of President Donald Trump's tax returns, signaled Wednesday that the ongoing dispute could be headed to the courts.
Mnuchin testified before a Senate Appropriations subcommittee that he and his department had not yet made a formal decision on whether to comply with the subpoenas for six years of Trump's tax returns. But he added that lawmakers can probably "guess which way we're leaning."
The subpoenas, which were lodged by the Democrat-led House Ways and Means Committee last week, gave Mnuchin and IRS Commissioner Charles Rettig a Friday deadline to provide Trump's returns. Mnuchin has said that prior requests for the tax documents lacked a "legitimate legislative purpose. "
There is a "difference in interpretation between Congress and us," Mnuchin testified Wednesday morning at the hearing. "That not only impacts this president and this Congress, but has a very big impact on every single taxpayer in weaponizing the IRS."
He added: "This is why there are three branches of government, so if there is a difference of opinion this will go to the third branch of government to be resolved."
Mnuchin also testified that he has had no conversations with Trump or anyone else in the White House about the issue of whether to release Trump's tax returns. But he said he has spoken with IRS and Treasury legal teams, as well as with Rettig, who "independently concurred with my decisions."
Ways and Means Chairman Rep. Richard Neal, D-Mass., and other Democrats argue they are entitled to look at any taxpayer's returns under a section of the IRS Code that says the executive branch "shall" provide Congress with a taxpayer's information upon request.
Trump broke with the longstanding precedent of presidential candidates by refusing to disclose his tax information during the 2016 presidential election. Trump claimed during the campaign and after the election that he could not release his returns until the completion of an audit. But there is no law precluding him from releasing them during an audit.
"I know there's a lot of interest on both sides" of the issue, Mnuchin said. But where there's a dispute between the executive and legislative branches of government, "I think it's better that we have the court's interpretation," he said, rather than "establish a precedent that is weaponizing the IRS."