Investors largely expected the FOMC to cut rates by a quarter point.The Fedread more
India could benefit from the fallout in the U.S.-China trade war, experts told CNBC — but much-needed reforms on land and labor could prove to be a challenge for companies...Asia Economyread more
The FAA administrator's comments come on the eve of his visit to Boeing facilities outside Seattle. While there, he's scheduled to meet with Boeing executives and be briefed...Airlinesread more
The photo depicts Canadian leader Justin Trudeau wearing a turban and robe, with dark makeup on his hands, face and neck. Liberal Party spokesman confirms the photo is of...Electionsread more
As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
CBS, CNN and other major media companies are starting to pull e-cigarette advertising off their airways, as the death toll from a mysterious vaping-related illness continues...Health and Scienceread more
The U.S. Federal Reserve on Wednesday cut its overnight rate by 25 basis points to a range of 1.75% to 2%, a move that was widely expected. The central bank, however, appeared...Asia Marketsread more
Investors bought bank stocks because there's a chance the Federal Reserve's interest rate cut may "put an end to this artificially inverted yield curve," Jim Cramer says.Mad Money with Jim Cramerread more
AT&T is considering selling DirecTV, according to a report in the Wall Street Journal.Technologyread more
The Facebook CEO will talk to policymakers "about future internet regulation," according to a spokesperson.Technologyread more
Disney CEO Bob Iger writes in his autobiography that he believes he would have discussed combining Disney with Apple had Steve Jobs lived.Technologyread more
The Mexican peso dropped against the U.S. dollar on Tuesday after Mexico's finance minister, Carlos Urzua, stepped down from his post.
As of 4:05 p.m. ET, the peso traded down 1.1% at 19.13 per U.S. dollar. The peso also reached its lowest level in a month against the U.S. currency.
Mexican stocks also took a hit. The iShares MSCI Mexico ETF (EWW) dropped to close 3.1% lower on the day.
Urzua tweeted out an image of his resignation letter, which was addressed to Mexican President Andres Manuel Lopez Obrador (AMLO).
"Disagreements over economic matter were plentiful," said Urzua in the letter, according to a CNBC translation. Some of them were because "this administration has made public policy decision without sufficient foundation."
"I am convinced that all economic policy should be realized base on evidence," Urzua added. "However, during my tenure these convictions were not echoed."
He also criticized the appointment of officials who "did not have knowledge" of public finance policy.
Mexico's economic growth stalled in the first quarter, rising just 0.1% compared to the year-earlier period, according to FactSet data. Some of AMLO's economic policy moves, such as scrapping a $13 billion project to build a new airport in Mexico City, have drawn criticism from the country's business community.
"Uncertainty reigns across the country," said Coparmex, a business group in Mexico, last week. "One year after winning the elections and seven months after beginning his mandate, the strategies of President Andres Manuel Lopez Obrador on economic, security, immigration and infrastructure projects generate uncertainty and worry."
Urzua assumed the role of finance minister in December, when Lopez Obrador assumed the Mexican presidency. Prior to that, Urzua was an economics professor at the University of Wisconsin and ran Mexico City's finances in the early 2000s, when AMLO was its mayor.
Urzua, a preacher of fiscal discipline, helped lower Mexico City's debt growth rate to 3.3% at the turn of the century. Under the previous administration, the city's debt grew by 19%.
"The resignation hints at broader divisions building within government," said Edward Glossop, Latin America economist at Capital Economics, in a note. "Urzua's resignation suggests that there may still be some within government who favour looser fiscal policy. In short, while Amlo has so far kept investors onside, cracks might now start to be appearing."