Business

China won’t use its currency ‘aggressively’ even as tensions with U.S. ramp up, Morgan Stanley says

China's President Xi Jinping and U.S. President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on Nov. 9, 2017. Nicolas Asfouri | AFP | Getty ImagesChina is unlikely to use its currency aggressively as a tool against the U.S., even if tensions continue to ramp up between the two economic giants, Morgan Stanley's chief economist told CNBC. "I think there's another trend that's emerging ... China doesn't want its currency to be that volatile, or be seen to be a currency which is not seen to be stable enough to be a long time venue for being a reserve currency," Morgan Stanley's Chetan Ahya told CNBC on Thursday. The U.S. dollar is currently the world's reserve currency, but Beijing has been pushing for greater use of the Chinese yuan internationally. ...

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Trump shakes up campaign staff, demotes top manager Brad Parscale as polls show him behind Biden

Brad Parscale Getty ImagesPresident Donald Trump announced a new campaign manager for his 2020 re-election, four months before voters head to the polls and he lags behind his Democratic rival, former Vice President Joe Biden. Trump said in a social media post that he is removing his top campaign manager, Brad Parscale, and tapping Bill Stepien, his deputy campaign manager and a veteran Republican operative, to take over. Stepien was campaign manager to both of former New Jersey Gov. Chris Christie's gubernatorial runs and served as his deputy chief of staff, but was fired in 2014 following the Bridgegate scandal that plagued the Republican lawmaker. "Both were heavily involved in our historic 2016 win, and I look forward to having a big and very important second win together," Trump...

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Dr. Anthony Fauci says he hasn’t thought about resigning despite White House criticism

National Institute of Allergy and Infectious Diseases Director Anthony Fauci attends the daily coronavirus briefing in the Brady Press Briefing Room at the White House on April 09, 2020 in Washington, DC. U.S. unemployment claims have approached 17 million over the past three weeks amid the COVID-19 pandemic. Alex Wong | Getty ImagesWhite House coronavirus advisor Dr. Anthony Fauci said he hasn't thought about resigning despite criticism in recent days from President Donald Trump and other administration officials about his response to the coronavirus pandemic.  Fauci, director of the National Institute of Allergy and Infectious Disease, said he told the White House he found it "bizarre" and thought the administration made a "big mistake," but his job is too critical to quit now, acco...

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Fauci says White House’s ‘bizarre’ efforts to discredit him hurt Trump, adds Peter Navarro is ‘in a world by himself’

Director of Trade and Manufacturing Policy Peter Navarro speaks to members of the press outside the West Wing of the White House June 18, 2020 in Washington, DC. Alex Wong | Getty ImagesDr. Anthony Fauci said that he has not considered resigning from his lead role in the fight against the coronavirus pandemic, and said the "bizarre" recent efforts from White House officials to discredit him ultimately harm President Donald Trump. "I cannot figure out in my wildest dreams why they would want to do that," Fauci said in an interview with The Atlantic published Wednesday. Fauci was responding to a list shared over the weekend by a White House official that resembled an opposition research-type document used in political campaigns, highlighting Fauci's past comments about the virus. "I th...

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Pro-Biden super PAC American Bridge hires Mike Bloomberg’s digital firm Hawkfish

Hawkfish, a tech firm founded by billionaire former presidential candidate Mike Bloomberg, has signed on with a pro-Joe Biden super PAC after missing out on working directly with the presumptive Democratic nominee's campaign. The super PAC, American Bridge, recently signed a contract with the Bloomberg firm, officials told CNBC.  The PAC has spent millions of dollars on ads on TV and online in support of the former vice president's bid for the White House. The organization is also well known for its often-unmatched opposition research arm.  American Bridge's president and co-founder, Bradley Beychok, confirmed in a statement to CNBC that the committee is moving ahead with hiring the firm. He said Hawkfish will target people who voted for  President Donald Trump in the key battlegrou...

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U.S. reports record 67,400 single-day spike of new coronavirus cases

Emergency Medical Technicians (EMT) lift a patient that was identified to have coronavirus disease (COVID-19) into an ambulance while wearing protective gear, as the outbreak of coronavirus disease (COVID-19) continues, in New York City, New York, U.S., March 26, 2020. Stefan Jeremiah | ReutersThe United States reported 67,417 new cases of the coronavirus on Tuesday, setting yet another fresh record for new cases reported in a single day, according to data collected by Johns Hopkins University.  Cases in the U.S. keep climbing, averaging about 62,210 new cases per day over the past seven days — more than triple the number just a month ago and up more than 21% compared with the seven-day average a week ago, according to a CNBC analysis of the data from Hopkins.  Texas, California and ...

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Republican Tuberville dashes Sessions’ hopes of reclaiming his Senate seat

Former head coach and Alabama Senate candidate Tommy Tuberville. John Minchillo | APTommy Tuberville defeated Jeff Sessions in Tuesday's Republican Senate runoff election in Alabama, denying the ex-senator a chance to reclaim his seat, the Associated Press and other news outlets projected. NBC News has not projected the race result. The former college football coach will try to unseat Sen. Doug Jones, the most vulnerable Senate Democrat, this fall. Tuberville coasted to victory in the runoff with the support of President Donald Trump, who openly lobbied against Sessions, his former attorney general and an early supporter of his 2016 presidential bid. Tuberville, a 65-year-old who coached in the state at Auburn University, not only cast himself as an ally of the president but aimed t...

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Trump says U.S. would have half the number of coronavirus cases if it did half the testing

US President Donald Trump delivers a press conference in the Rose Garden of the White House in Washington, DC, on July 14, 2020. Jim Watson | AFP | Getty ImagesPresident Donald Trump insisted again Tuesday that the U.S. would have fewer coronavirus cases if it conducted less testing — even as outbreaks continue to surge across the nation and deaths begin to pick up pace.  "Think of this, if we didn't do testing, instead of testing over 40 million people, if we did half the testing we would have half the cases," Trump said at a press conference at the White House. "If we did another, you cut that in half, we would have, yet again, half of that. But the headlines are always testing."  Trump said that while coronavirus testing "is a good thing," it has also served as "fodder for the fa...

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