debt ceiling, that's according to steven mnuchin the u.s. due to hit the limit in early september mnuchin said both democrats and republicans would like to raise the debt ceiling in conjunction with a two-year budget deal. nancy pelosi ruled out a short-term hike putting pressure on lawmakers to come up with a budget deal before congress goes into recess. >>> and in earnings, citi group shares lost ground during the u.s. session yesterday to close flat despite a 12% jump in second quarter adjusted earnings per share. the u.s. bank got a boost from lower operating costs and a strong performance in its consumer lending division shrugging off concerns over a weaker economic outlook. revenue at citi's fixed income and equities trading unit fell as michael corbitt flagged develop the. >> citi's revenue and eps were flatted by one-off gain. a lower tax rate and cost controls also contributed in terms of the actual performance, net interest margin fell to 2.67%, lower than the 2.71% expected that said 3% loan growth and 5% deposit growth met net in

steven mnuchin joins the growing chorus of concerns about facebook's libra. but first, to china.hit the weakest pace since data began in 1992. to rose just 6.2% april june, underscore and how much pressure -- underscoring how much pressure chinese lawmakers are under. 6.2%. do you believe it? >> we do not believe this. i think the key is china's gdp data is never accurate. there are a lot of reasons. it is not always political manipulation. a lot of it is lag. sometimes it takes a long time to collect the data. when the chinese see a problem in the economy, they do not want to show the growth indicators have fallen off a cliff so they spread the weakness until later. a lot being reported his weakness we saw a earlier in the year. we are seeing much better metrics in our own data. taylor: how much better do things appear? what gauges do you look at? signs ofing, positive retail sales and factory output. what other indicators can you look to to give you a better indicator of what is going on? >> it collects from over 3300 firms. within that, we track manufacturing, services, and re

that is the unknown that steven mnuchin is talking about that could be used not for good but for bad.im, he said a lot of players use cryptocurrency is to fund their malicious activity and thatis fund their malicious activity and that is a national security threat. what is your opinion on that? unknowns can be leveraged by both sides, definitely. but unknowns are also the fertile ground for us to think about how to move forward and the whole world has gone through so many different crises which have given birth to opportunity. for cyber security and looking at the last few years, privacy issues have really bring everybody into this debate. why should facebook be in this business? i am hoping the lessons they learn from the privacy concerns that people had on this event would give them really the wisdom to design it with the right security. with so much pressure from the white house and from leaders in the white house and from leaders in the federal reserve and capitol hill, could facebook crumble under pressure and just totally give up libra? i think the innovators actually welcome pr

treasury secretary steven mnuchin calling out facebook's proposed libra currency asking the social network for more details. >>> and town but not out walmart's ceo admitting his company fell behind amazon but now the pressure is on to play that catch up game. >>> and finally peter thiel doubling down on his attacks against google why he says the search giant's dealings with china should be a huge red flag for the feds it's tuesday, july 16th. "worldwide exchange" begins right now. ♪ >>> good morning welcome to "worldwide exchange" from wherever you are in the world you may be watching. i'm dominic chu in for brian sullivan live pictures here, a screen shot of capitol hill where today congress will be holding hearings on big technology we'll take you there live in a moment first here's how you and your money are setting up right now the global markets are setting up their day stock futures indicating the dow will open just about flat, off by 4 points. not much movement. there the s&p up by 1 point. the nasdaq up by 6 to 7 points this after the major averages capped off another day of, yes,

secretary steven mnuchin trying to soothe fears as a u.s. as we get close to hitting the debt ceiling. he joined us in the last hour here on "squawk box" >> i don't think the market should be concerned. i think everybody is in agreement that we won't do anything that puts the u.s. government at risk in terms of our issue of defaulting. i think that nobody wants a shutdown in any scenario so i don't think the markets should be concerned and we're working hard we'll get there one way or another. >> secretary mnuchin is currently meeting with other global financial leaders at the g7 in france >>> morgan standly meeting the top and bottom line in the quarter. it was solid across all of the businesses, that stock is down right now by about 3 cents also dow component united healthbeating forecast for the latest quarterly earnings report and raising its guidance for the full year. united health's results were helped by growth and membership. the company did raise its guidance for the full forecast beat by 15 cents for the current quarter. it raised

your thoughts about what she's saying about your reporting since this was attributed more so to steven mnuchin'ss the really interesting twist in our reporting and we have this in the story. she unequivocally denies making this verbal promise to mnuchin. so it's an interesting thing where steven mnuchin we know because, you know, again, i reported it out and the treasury does not deny my reporting. we know he's been telling colleagues that she made that verbal promise. she says she hasn't. obviously there are different politics here at play. she doesn't -- look, i wasn't in the room or on the phone with the two of them and maybe there's -- >> i'm surprised, jonathan. >> that would be an interesting room to be in. to say the least. >> i expect -- to be on the conference call with steven mnuchin -- >> pelosi and mnuchin and jonathan swan. >> but i will say she's under very difficult circumstances because you know particularly the progressive base doesn't want to hear she's doing sort of deals with the trump administration. >> axios is looking at a big hire for mayor pete ahead of the debates. what

now, treasury secretary steven mnuchin is taking aim at facebook over its proposed cryptocurrency. nuchin: the treasury department has expressed very serious concerns that libra could be misused by money launderers and terrorist financiers. ben bain covers financial regulation out of washington. crypto used to be this french issue in washington. all of a sudden, facebook wants to do it and it becomes a key issue. what can we take away from steven mnuchin's comments when it comes to the timing and what he just said? ben: he is just the latest, as you mentioned, in washington of high-ranking officials to come out and raise serious concerns about what facebook is planning to do. i think substantively what he said today was not that different from what president trump said last week. basically that there is a lot of concerns this administration has about how cryptocurrencies can be used by criminals. however, the fact he came out four days later, right before facebook's top executives working on this libra project is going to go before the senate banking committee tomorrow and the house

treasury secretary steven mnuchin and fbi director christopher wray. secretary mnuchin and director wray will each give an address and we will conclude as both have other engagements but we are incredibly thankful to both for taking time out of their busy schedules to be with us here today. i will now introduce the secretary. secretary mnuchin was sworn in as the 77th secretary of the traitor february 13, 2017. as secretary he is responsible for the u.s. treasury whose mission is to maintain a strong economy, foster economic growth, and create job opportunities by promoting the conditions that enable prosperity at home and abroad. he's also responsible for strengthening national security by combating economic threat and protecting our financial system as well as managing the u.s. government finances. last year help lead the delegation that opened u.s. embassy in jerusalem. his department sanctions program has been an essential element of our country's fight against terrorism. thank you so much for joining us, secretary mnuchin. [applause] >> thank you f

trump says china wants a deal as steven mnuchin considers heading to beijing. trading revenue will be the talking point. asking for the european parliament's backing to be the first woman to lead the commission. nejra: welcome to "surveillance," with another record on the s&p 500 yesterday. we could have another flat day. what will earnings bring? thanksunderperformed -- underperformed -- banks underperformed. the fed decision is a big focus point at the end of the month. yearrday, we saw the 10 bund yield dropped the most in four weeks. edging up a basis point. coming up, great interviews for you today. the acting managing director of the imf, david lipton at 10 a.m. london time. we begin with citigroup vowing to keep cutting cost despite managing to save more than expected. trading revenue dropped 5%, investment banking slumped 10%. the chief executive says this year it aims to return 12% on tangible equity. nancy pelosi says the house will vote on a resolution condemning president trump for his attacks on four female lawmakers. says the comments won't distra

treasury secretary steven mnuchin has expressed serious concerns about facebook's proposed consumer currencys president trump's criticism. mnuchin says it's a national security issue, adding that the potential for illicit activity is high. >> has expressed very serious concerns that libra could be misused and money launderers and terrorist financiers. >> global news, 24 hours a day, on air and at @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> debra mao in hong kong, thank you. coming up, we speak to the acting managing director of the imf. don't miss that exclusive interview at 10:00 a.m. london time. this is bloomberg. ♪ ♪ 7:20 am in london, 39 minutes away from the cash equity market opening in europe. i'm nejra cehic in london. >> i'm manus cranny in a very warm and hot dubai. let's check in on the markets, from abu dhabi to brent. marginally correlated, the there's a big overweight position on uae stocks for the first time since 2016. that iselative play -- certainly one of the calls, abu dhabi down by eight points

mark: treasury secretary steven mnuchin was less enthusiastic.ys the trump administration still has big issues with france's approach. areyoto, japan, 33 people believed to have died in a suspected arson fire at an animation studio. three dozen others were injured. survivors say a man burst into the studio yelling "you die." and then sudden on fire. a suspect has been arrested. mexico's president says he will use legal channels to get the fortune of convicted drug trafficker joaquin "el chapo" guzman returned to mexico. president andres manuel lopez orbit or said the money will be used for anti-poverty programs. u.s. officials have estimated guzman's fortune at $14 billion. a judge ordered him to pay 12 point $6 billion as part of his sentence was announced yesterday. global news, 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. back to you in washington. david: thanks so much. tensions remain high between the u.s. and iran with confirmat

however, treasury secretary steven mnuchin said that congress is on the clock. he says the government will run out of money in certain scenarios that he has in early september and that is before congress gets back from their break, from their summer recess here. now, today he spoke on the phone, as you said, with house speaker nancy pelosi, also senator chuck schumer, trying to get them to work out a deal on raising the debt ceiling so the government can pay its bills. >> we would like to have something on the floor next thursday. that we can send it in a timely fashion to the senate so that they can go through their shall we say particularly senatorial process to get it done in time before they leave. reporter: but the holdup here is the house. the house goes on recess july 26th, or after july 26th. the senate's recess starts august 2nd. now, on this, pelosi says that a short-term deal is not in the cards for her. she would like to see a long-term deal related to this. the short-term deal floated by the administration to get to that long-term deal, again, lawma

steven mnuchin says his administration has "very serious about facebook's cryptocurrency.riticism. he says it is a national security issue. the two top been working on the failed budweiser asia ipo are said to have missed out on millions of dollars in seed. they said morgan stanley would have split the cash if it had not been banned at the lot -- canned at the last moment. china says it will impose sanctions against american companies involved in potential u.s. arms sales to taiwan. the deal could be worth $2 billion and include abrams tanks and air defense weapons. china says it is deeply concerned about the possible deal and has urged the u.s. to call it off. have found ae missile seized from a neo-nazi party. they found a huge stash of automatic weapons and nazi memorabilia. an investigation of italians who took part in a russian backed insurgency in the ukraine. global news 24 hours a day on air and on @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ paul: let's check in on how the markets are doing

treasury secretary steven mnuchin set to hold a news conference any moment otthe white house about crypt okurancies we'll bring it to you live as soon as it begins. ylan maya joins us not too many details out so far. >> this is a little bit of a surprise, but fed chairman jay powell said this is an issue that fsoc intends to take un, so we'll see if the secretary provides us any additional information there. we know that david marcus, the head of calebra for facebook will be testifying on capitol hill tomorrow. his testimony came out today in which he struck a very humble but sort of defensive tone in saying that libra is not intended to be an investment vehicle. it's intended to be a payment vehicle that the crypt okurancy will not be used for monetary policy, and sort of defending this as a way for facebook to provide economic opportunity to its users. but of course, he is going to be facing a very hostile environment when he testifies tomorrow, and certainly we'll see if that same tone is echoed by the treasury secretary when he speaks in just a few minutes. >> this is most notable be

it is a clear understanding of steven mnuchin, they want to solve the debt ceiling crisis now. bloomberg "surveillance," live from new cehic in keene, nejra london. boris is talking up a general election. do we have any idea when that would be after october 31? nejra: i am sure france is listening in. the pound hit more than a two-year low last year with comments we got from boris johnson and jeremy hunt in terms of removing the backstop. we have had inconsistent messages in the market is trying to find its footing, cable taking a hit on the increase of no deal risk. now.1.2404 on sterling the house voted to condemn comments from donald trump that have been criticized as racist. several republicans joining democrats in voting for the measure. some democrats complained party leaders are not punching back hard enough. nancy pelosi sees forward motion after more talks with secretary steven mnuchin on raising the debt limit. pelosi is trying to negotiate higher spending limits and a budget deal that she wants to attach which could depend on funds for veterans health. in russia, eco

treasury secretary steven mnuchin. good morning to you. take right now just we want to start off with what is going to happen in this next week and exactly what you think the time line looks like. >> well, good morning. it's great to be here with you the time line on the budget or the time line on china >> i want to go to china first given that markets this morning, both in china and the u.s. seem to be moving on this expectation that there's going to be a team including lighthizer and potentially yourself headed there. >> right so ambassador lighthizer and i will depart on monday. we will spend tuesday and wednesday in shanghai. the reason why we're going to shanghai is that the host country, china, has invited us there. there's a significance to them of the shanghai communique and the symbolism. obviously of that important agreement. so hopefully i'll take that as good news that we'll be making progress next week but i would say there's a lot of issues so my expectation this will be a foal -- follow it one a meeting back in d.c. after th

finally, let me say thank you to secretary steven mnuchin, secretary betsy devos, fbi director christopher wray, and others joining us here for the summit. today's program includes a great set of panelists and speakers. for one thing, you will be hear throughout the day from federal officials across the administration. about our efforts to combat anti-semitism. for me and for the part of -- the department of justice, this is a critical priority. i am deeply concerned about the rise in hate crimes and political violence that we have seen over the past decade. this trend has included a marked increase in reported instances of anti-semitic hate crimes. the most ancient and stubborn form of racism throughout western history has been anti-semitism. the causes have been varied. at times it has been driven by religious intolerance, cultural differences, economic envy, and ideological dogma. sometimes those disappointed with their own lot in life sees eize on conspiracy theories, to blame the jewish people for their own discontent. and sometimes local factions competing for power, find in the jewi

it was just go -- it was just supposed to be larry kudlow and steven mnuchin, and the president dropped talked to the executives, heard the case they have made to wilbur ross before. he agreed to speed up the process. we heard today from wilbur ross that it is not a piece of cake to go through a bunch of exclusion requests or license requests and hand them out. he was kind of walking back a little bit the optimism we heard coming out of the meeting from larry kudlow and yesterday, the white house spokesman. it is not that easy. the readout is that it was a positive meeting. it was not just about huawei, but the huawei issue clearly was discussed and executives came away on a positive note thinking they could maybe thread the needle and figure out a way to keep selling their products to huawei that do not impact u.s. national security. emily: meantime, we did speak to commerce secretary wilbur ross earlier today. take a listen. ross: in some cases, the applications have just been filed. a few of them have said they haven't gotten their applications in yet. we will deal with them properly

steven mnuchin, the us treasury secretary, said on monday that he agrees with his boss, that crypto currenciesdonald trump tweeted if facebook and other companies want to become a bank they must seek a new charter and be subject to all banking regulations. other high—profile figures share their concern stop either head of the us central bankjerome powell speaking last week, saying libra raises serious concerns about privacy and financial stability. his statements, head of two hearings this week on capitol hill where facebook blockchain lead david marcus is expected to testify before the senate and the house lawmakers. he will tell congress facebook won't move forward with there one crypto currency without full approval and regulation. but will that be enough to satisfy the doubters? michelle fleu ry to satisfy the doubters? michelle fleury in new york. 48 hours and more thani fleury in new york. 48 hours and more than i million deals and the annual amazon prime day has kicked off and it set to be the company's biggest ever. what started in 2015 as a day—long sale now spreads over two days and

that is according to us treasury secretary steven mnuchin.ic car industry, or at least forjaguar, after prime minister theresa may signed off a loan guarantee worth £500 million. money to help britain's biggest carmaker invest in its future. the daily mail headline, "toxic threat to babies in womb", highlights a report by british mps that babies are at risk of being pre—polluted by toxins in everyday household items before they're even born. and finally, 50 years after the launch of the apollo 11 moon mission, the new york times reveals how three reels of original footage of the landing bought forjust $200 are expected to sell at auction for more that $1 million. so let's begin. with me is james hughes, chief market analyst at the brokerage firm axi trader. starting with the washington post. sadiq khan, london's first muslim mayor. justin trudeau, the prime minster of canada. it is a long list. unfortunately, it is not

the hill this morning all about facebook and its planned libra digital currency we heard from steven mnuchinesterday, he shared his concern over the digital coin. >> the treasury department has expressed very serious concerns that libra could be misused by money launderers and terrorist financiers we will not allow digital asset service providers to operate in the shadows and will not tolerate the use of the cryptocurrencies in support of illicit activities >> later in the show, we have the majority leader on, and he wrote an interesting piece he said if you can view your mail -- we can't imagine someone opening and tampering with mail, knowing everything that is going on with your mail. would you allow that if it was stamps were free all of us would say, uh, no. charge me whatever it is >> 39 cents? i don't know it doesn't say anymore that would be a big no so how is this different it's a bit different, but we all sort of got in this position maybe not willingly and completely knowingly about how much of our privacy -- >> certainly not thinking it through. and what concerns me as a parent i

donald trump has raised the stakes, as his trade and finance chiefs robert lighthizer and steven mnuchinre for talks with chinese cou nterpa rts prepare for talks with chinese counterparts on tuesday. it will be the first proper meeting since donald trump reached a truce with chinese president xijinping donald trump reached a truce with chinese president xi jinping at the 620 chinese president xi jinping at the g20 meeting injune, injapan. 0nly one month before that, negotiations had collapsed in acrimony. but donald trump is flexing his muscles again. on friday, he fired a twitter threat at china's developing nation status at the world trade 0rganisation. he is unhappy the world's which is developing nations can geta world's which is developing nations can get a better trading deal than american firms at the wto, and he warned he would ignore apple's pulley to be exempt from tariffs and components the tech giants imports from china. —— plea. the trade row has pushed consumer prices up and damaged business confidence. farmers hit by tit—for—tat tariffs from china were last week offered a

pelosi and chuck schumer spoke with steven mnuchin today. speaker pushed back on suggestions that congress could rely on a short-term debt ceiling fix if the broader negotiations fall through. iran says it has no choice but to manufacture missiles for defense purposes. today's comments by the country's foreign minister reflect more backtracking after his comments earlier this week suggesting missiles could be up for negotiation. iran has long rejected negotiations over the missile program which remains under the control of the armeni iranian paramilitary guard. set toame restoration begin nearly three months after the fire destroyed the monument. the chief architect said the safety and quality of the repairs is what counts, despite emmanuel macron's goal of completing the work within five years. slow-moving remnants of what was hurricane barry are still causing trouble. the system dump 16 inches of rain in arkansas. expectedft of barry is to combine with a stronger system, producing more severe storms, rainfall and potential flooding. seven

secretary steven mnuchin joins a line of critics of facebook's libra as the social network prepares toestify at multiple hearings this week. amazon enlists celebrities to push its products on prime day with credit -- competitors like walmart and target. the chips are of the table. symantec and broadcom have halted deal talks. where does that leave them now? first, to our top story. the big story on capitol hill. tuesday and wednesday, they will facebook on libra. steven mnuchin taking aim at the social network. >> the treasury department has experienced -- expressed serious concerns that libra could be misused by money launderers and terrorist financiers. lyft also tuesday, representatives will defend their companies in front of the house judiciary in a hearing on antitrust. their goal is to convince lawmakers they do not stifle competition. we have charlotte from a nonprofit focused on shaping public policy. before that, she worked at the federal trade commission. and we have ben brody. so many areas to keep track of. libra, antitrust hearings, and a google-specific hearing. give us a

treasury secretary steven mnuchin says the administration has "very serious concerns" about facebook'surrency. libra has already drawn criticism from president trump. mnuchin says it is a national security issue and that the administration will not allow digital asset providers to operate outside regulation. the top banks working on the field budweiser ipo in hong kong are said to have missed out on up to $170 million in fees. we are told that j.p. morgan and morgan stanley would have split that cash had the sale not been moment.t the last bloomberg data ranks morgan stanley as number one for equity offerings in asia since 2017. have displayed a missile seized in a crackdown on in your fascist political party. police also found a huge. cache of automatic weapons and nazi memorabilia. it is linked to an investigation of italians who took out in a russia-backed insurgency of ukraine. five men have been arrested, including one who ran unsuccessfully as a senate candidate for the far right in 2001. global news, 24 hours a day, on air and at tic-toc on twitter, powered by more than 2700 jou

the latest comments follow criticism by president trump, treasury secretary steven mnuchin and the head front of the senate banking committee, facebook executive david marcus defended the project. we will take the time to get this right. we expect the review of libra to be among the most extensive ever. we are fully committed to working with regulators here and around the world. and let me be clear and unambiguous, facebook will not offer the libra digital currency until we have received appropriate approval from the regulator is concerned. —— regulators concerned. our north america technology reporter dave lee says facebook‘s plan to lauch its crypto—currency next year appear to be very ambitious. well, it wasn‘t a particularly comfortable hearing for facebook‘s david marcus, i can tell you that. there‘s two issues here at play here, one of them is unease about digital currency in general, whether it is going to be used for illegal purposes, money laundering, buying of drugs and so forth, but also the secondary issue which affects facebook specifically is trust in facebook itself. sena

you've been talking to steven mnuchin. what is the pathway on that of spending caps and what are the stumbling blocks to get this done? >> let's start with next week and engineer back. we would like to have something on the floor next thursday. that is -- so that we can send it in a timely fashion to the senate so that they can go through their shall we say particularly senatorial process to get it done in time before they leave. so if we're talking about next thursday being on the floor, we have to back up until this friday to have an agreement reached so that we can duly note it because under the new rules, we don't count weekends in the 72-hour notice. so we'll have to have snag we -- something we can post sometime this weekend so the time ticks away in order for us to go to rules to committee, rules and to the floor. so when we have an agreement, we'll write it up, and we have to do all of that by friday evening. >> what are the policy issues that are stalling this? >> it's all about money. right? and so -- >> reporter

colleagues will be speaking to the treasury secretary, steven mnuchin >>> i want to take you to the heat map in europe you can see we have a lot of red on the screen. about 80% of these stocks are trading in negative territory. stoxx 600 is trading 0.6% weaker getting right into the heart of european earnings season here. a lot of underwhelming results today. not least from german software company s.a.p. >>> another stock we'll talk about next, netflix shares slump after its stream of new global subscribers dwindles we'll talk more about netflix after the prak ♪ more, more, more ♪ how do you like it, ♪ how do you like it ♪ ♪ more, more, more ♪ how do you like it, how do you like it ♪ all you can eat is back. how do you like that? applebee's. now that's eatin' good in the neighborhood. flings odors onto your soft surfaces? then they get released back into the air so you smell them later. ew. right? that's why febreze created new small spaces. [clicking sound] press firmly and watch it get to work... [popping sounds] unlike the leading cone, small spaces continuously eliminates odors in th

before the testimony steven , mnuchin taking aim at the social network. >> the treasury department hasxpressed serious concerns that libra could be misused by money launderers and terrorist financiers. emily: also tuesday, representatives of facebook, google, apple and amazon will defend their companies in front of the house judiciary in a hearing on antitrust. their goal is to convince lawmakers they do not stifle competition. to discuss, our guest in washington from a nonprofit focused on shaping public policy for an open internet. before that she was at the anti-competitive practices division of the federal trade commission. and we have ben brody. who covers technology influence in the capital. so many areas to keep track of. libra, antitrust hearings, and a google-specific hearing. give us a preview of what we can expect. >> we are working hard to bring it all to you. one of the things i have been looking at, maybe starting with the google-specific hearing. this rising chorus there is anti-conservative bias by the major social media companies. you saw that in the white house summit

last week, treasury secretary steven mnuchin holding a brief and.sked him about the negotiations for the deal. he said if they want to get ahead of that august recess in just a few short days to return to their districts and their states to talk to constituents, they will have essentially the whole month off for august, so this is very much pressing up against a hard deadline. while makers have to get this done. it will be interesting to see whether the pharmaceutical drug pricing plan will be incorporated into this. that could pose some risk for pharmaceutical companies, and that is something we will be carefully keeping our eyes on. vonnie: according to the details we are getting already, it would give republicans about half of the amount of savings they were seeking. will that be enough, kevin? kevin: no, not for all republicans. whether it is enough to get most democrats and most republicans on board, we will know once those votes are tallied. but just in the last several days, senior staffers on the house freedom caucus, the ultra conservative

steven mnuchin made harsh comments about amazon yesterday.t we're going to hear from amazon today. >> i think you'll hear good news from amazon. this is people trying to stop technology and progress from happening. amazon didn't create these issues. they got ahead of everyone else. everyone else has to play catchup. cheryl: amazon will be one of the biggest stories to watch as well as starbucks. after the bell, you'll want to watch, we have complete cover and analysis of amazon's earnings, right here on fox business. lauren: with me. president trump's plan for asylum seekers is facing dualing rulings. cheryl: todd piro joins us with more on where the case goes next. todd. >> reporter: cheryl and lauren. it's looking more and more likely that the supreme court is going to have to decide on asylum, after more split rulings from the federal courts on the crisis at the border. first was a ruling in washington by district court judge timothy kelly, a trump appointee who declined to stop the administration policy requiring asylum seekers to first a

treasury secretary steven mnuchin set to hold a news conference any moment otthe white house about cryptkurancies we'll bring it to you live as soon as it begins. ylan maya joins us not too many details out so far. >> this is a little bit of a surprise, but fed chairman jay powell said this is an issue that fsoc intends to take un, so we'll see if the secretary provides us any additional information there. we know that david marcus, the head of calebra for facebook will be testifying on capitol hill tomorrow. his testimony came out today in which he struck

steven mnuchin told reporters that he has very serious concerns that libra could be used for much laundering and human trafficking and financing terrorism. the secretary's comments came a few days after president trump said libra will have quote little standing or dependability. >>> investigators in sanoma are looking in to how a pedestrian was killed on the tracks of the smart train. it happened yesterday, after 4:00, north of the gulf club drive rail crossing. it caused disruptions this smart train service while investigators were there at the scene. the pedestrian is the 5th person to die on smart train tracks in the last three weeks. two deaths were ruled suicides. safety gateses are being installed at train crossings in an to have the increase the awareness of pedestrians and bike riders who were approaching those train tracks. we are getting a special look at a two-alarm fire in marin county. it started to spread to dry brush, firefighters shared this helmet cam video of the fire crews trying to keep the fire on crest road from getting to the ridge below. no evacuations were ordered bu

steven mnuchin is on the getting it done side but mick mulvaney, a former budget hawk in congress who is the acting chief of staff has advocated for more spending cuts. he has been unsuccessful so far while working for trump in getting a lot of budget cutting. it is been more of an administration that is not as concerned about the deficit so that's an area where the president campaign is a deficit hawk but also campaigned as somebody wanted to spend more money on the military and veterans and want to give tax cuts come all these things make it difficult to also be a deficit hawk. so far the president's inclination is been to get it done and get past this. talkingti-deficit is a point you don't usually get penalized at the polls for it. host: there is that headline. we did hear over the weekend that the present said there will be cuts in his second term, maybe not now. how is that likely to sit with his republican colleagues? which ones.pends so far, they have not been willing to cross this president. to the point why the senate is not going after the president which is republican-cont

nancy pelosi and steven mnuchin have engaged in numerous phone calls. urgency because the debt ceiling could be hit in early september. that's why they want to do it before august. they have been making very good progress. the offset piece is difficult. they have been trading proposals back and forth. another difficulty, not everybody in the white house wants this deal. there's an element of the white house, including mick mulvaney that aren't keen on giving the democrats the spending increases they want. mitch mcconnell asked for that to happen, democrats are more comfortable with him but steve mnuchin and nancy pelosi could agree to the deal the president might not sign off on. i asked nancy pelosi does she trust steve mnuchin speaks for the administration right now? she said rather bluntly, yes. >> and mcconnell saying he's a lesser player. >>> the trump campaign planning to roll out a new mobile app aimed at targeting the president's most ardent supporters. it's part of an effort of the 2020 campaign manager, brad parscale, will allow voters to regi

right now negotiators on the hill, steven mnuchin, the treasury secretary, on the brink, the presidentwill be the key. >> phil mattingly, appreciate the latest reporting. >>> up next for us here, a big test for speaker nancy pelosi this week in her let's not impeach strategy. robert mueller is in the witness chair. a lot will happen in your life. wrinkles just won't. neutrogena® rapid wrinkle repair's derm-proven retinol works so fast, it takes only one week to reveal younger looking skin. neutrogena® >>> mueller week is here this week. with it today new presidential expectations setting. the president says robert mueller, quote, should not be given another bite at the apple. special counsel's testimony, the president predicts, will be bad for him and the phony democrats in congress. for democrats, the hope is that mueller, the movie, makes a bigger impact with the american public than mueller, the book. but the bigger the impact may be bigger the potential problem for the house speesaker, nancy pelo. she wants to avoid impeachment because she worries it plays into the president's hand

liz: yes, to that breaking news, just minutes ago, treasury secretary steven mnuchin dinged facebook's libra cryptocurrency plan. it is at the moment just a plan that they have announced, but in essence, the treasury department says it is seriously concerned that libra and the entire system of it could be misused for money laundering, even calling the dangers of crypto a national security issue. despite mnuchin's misgivings, bitcoin actually hit a session high, still down about $900, but let me just explain to you, this was a two-week low earlier in the session before secretary mnuchin began speaking. i marked it at $10,410. look at it now, at $10,873 per bitcoin. mnuchin also said the agency warned that facebook must enact proper safeguards against any kind of illegal use of its crypto plan but we should also mention that facebook came out swinging, too, because one day before the head of facebook's new crypto unit, david marcus, heads to the hill, today he came out before secretary mnuchin and said a whole bunch of things. he number one said facebook is willing to work with regulator

steven mnuchin is on the getting it done side but mick mulvaney, a former budget hawk in congress who is the acting chief of staff has advocated for more spending cuts. he has been unsuccessful so far while working for trump in getting a lot of budget cutting. it is been more of an administration that is not as concerned about the deficit so that's an area where the president campaign is a deficit hawk but also campaigned as somebody wanted to spend more money on the military and veterans and want to give tax cuts come all these things make it difficult to also be a deficit hawk. so far the president's inclination is been to get it done and get past this. talkingti-deficit is a point you don't usually get penalized at the polls for it. host: there is that headline. we did hear over the weekend that the present said there will be cuts in his second term, maybe not now. how is that likely to sit with his republican colleagues? which ones.pends so far, they have not been willing to cross this president. to the point why the senate is not going after the president which is republican-cont

so come ask, shop, discover at your xfinity store today. >>> treasury secretary steven mnuchin holding a press conference earlier today talking about libra and crypto currency regulation he was asked extensively about his thoughts on libra. take a listen. >> jay powell and i meet we've talked about this extensively. there are these discussions going on, they will continue going on again, to the extent that facebook can do this correctly and can have a payment system, you know, correctly with proper aml, that's fine they got a lot of work to do to convince us to get to that place. >> aml referring to antimoney laundering of course his comments coming amid a wild month for bitcoin, which saw a huge rally which began when facebook unveiled libra. bitcoin jumping after mnuchin's comments is now back to 11,000 who does this all mean who better to turn to than our crypto bawle crypto baller, brian kelly. >> that's me hi a couple of take aways. number one this is good. we want bad actors out of this new asset class so we can flourish the way it should my take away for crypto investors, he als

trump says china wants a deal as steven mnuchin considers heading to beijing. talking point. asking for the european parliament's backing to be the first woman to lead the commission.

that is according to steven mnuchin.says the administration and congressional democrats have agreed on spending levels. this paves the way for a deal before, was these town for the summer. president trump has distanced himself from a "send her back" chant focused on congresswoman ilhan omar. the president says he was not happy when he heard the chant and felt badly about it. inflation fell again in june hitting a two year low. it has pressure to increase policy stimulus. consumer prices including fresh food rose by 0.6% from a year earlier. inflation has not topped 1% since 2015. global news, 24 hours a day on air and at tic-toc on twitter, powered by 2700 journalists and analysts in more than 120 countries. bloomberg. nejra: debra mao in hong kong. with earnings season for the second quarter kicking off, we will get results from european companies next week. let's focus on europe's biggest economy and how global headwinds and the domestic downturn has impacted german companies. annmarie hordern has the details. annmarie

this week the treasury secretary steven mnuchin says he does see a path to complete a deal, however, the president said he has a plan b and is the same as plan a, mark harris. watch. >> we had a deal. and it was a deal that really was close to being done. >> steve mnuchin said you were 90 percent there. are you 90 percent there now? or will you 90 percent before they reneged? >> look, they know what we have to have. if we do not have intellectual property theft protections, if we do not have the opening of china, china is not open. we are open but china is not open. if we do not have the opening of china, if we do not have the things we negotiated and maybe even more than that. look, right now we are getting 25 percent on $250 billion worth of goods. nobody ever heard of such a thing. massive amounts of money. and don't play, do not let anyone tell you that we are paying. we are not paying, china is paying for it. china has devalued their currency in order to pay for it. they devalue their currency and their pouring money into the economy and in these companies which generally are ch

-china trade negotiations taking step forward with lighthizer and steven mnuchin speaking by phone withese counterparts yesterday, we don't know what came out of the meeting, james, but i guess the idea that the talks are continuing is somewhat positive? >> yeah, i think there's a lot of pressure on china to cut a deal here, they're gathering -- chinese leadership gathering summer camp, all leaders in communist party. plot strategy and i would think this is topic and recent reports on the chinese economy, you know, slowest growth since 1992. i think there's every reason here to cut a deal, but we have communist in charge there and who knows if xi jinping will want to come along. >> wow, the chinese are hoping to wait out this administration, they are hoping in 2020 somebody else will win and somebody easier to deal with. >> they have to be with deal with trump another 5 and a half years, i think you say maybe they will. maria: at this point it's very difficult for the president to accept any deal that does not include a promise to stop stealing intellectual property given the fact that

. >> reporter: the negotiations were led by house speaker nancy pelosi and treasury secretary steven mnuchin. in recent weeks, mnuchin had warned that the federal government was in danger of running out of cash by the end of the summer. the house is expected to vote on the measure this week. the senate would have one week to approve the bill before congress leaves for its summer recess. time is of the essence. anne-marie? >> laura podesta in new york. thank you so much. >>> the justice department is warning former special counsel robert mueller to stick to the boundaries of his report ahead of his testimony before congress tomorrow. the doj sent mueller a letter that also says he cannot, quote, discuss the conduct of uncharged third parties. yesterday president trump was asked if he plans to watch mueller's testimony. >> i'm not going to be watching probably. maybe i'll see a little of it. i'm not going to be watching mueller because you can't take all those bites out of the apple. >> i think that the report is very clear in what it has to say, but that not enough people know what it has to

it was interesting to see steven mnuchin and larry cut low out with that same line stressing we will reach a ieal, this crucial. robert: they want the market to stay up. >> absolutely. the messaging is there the question is h what'spening behind the scenes towards agreement. robert: what does speaker pelosi want? more spending on non-defense programs? >> more spending on veterans programs. republicans are insisting on offsets. that's one of the things getting negotiated on the hill. you feel like the leaders could negotiate a deal. it's just getting it through this pcess, including the white house, that makes it so difficult. robert: next week, bob, robert mueller comes to capitol hill. we have about a minute left. one thing you're looking to hear from m mueller? bob: something new, something concrete. hard evidence. he made it clear in his report on the major issues, trump gets off for the moment. now, that can change in a minute. the otherss is potential war. i did a chronology, 20-page chronology about iran. robert: are we heading to w? bob: you read the chronology and you say the

just a few weeksur ago trey secretary steven mnuchin went tl capitol hill ad out the white house's bottom line. raise the debt limit for one year and keep the government funded at current levels during that time. buthat strategy isacing resistance from republicans. georgia senator david purdue is lead cg thelition of 15 gop senators including jim i oofe, chairmthe armed services committee and marsha blackburn who's close to president trump. they're calling for a two-year budget deal instead of a uing resolution in order to increase funding for the military. >> crs have a direct and immediate impact across the entire department of defense from trainin to readiness to maintenance to personnel and, yes, to contracting.or >> rr: in a recent letter, they warned the administration not to hdcuff their militaries with funding gimmicks. the good news is the white house and congress agree on the need for action. the bad news is they're running out of time t do anything. for "nightly business report," i'm ylan mui in washington. >>> google and dish might be considering making a fourth wireless carri