As the Fed was meeting to consider cutting interest rates, it lost control of the very benchmark rate that it manages.Market Insiderread more
Activists with Black Lives Matter, who met privately with Buttigieg in the weeks after police shot and killed Eric Logan, say the 37-year-old mayor brushed off their concerns...2020 Electionsread more
DoubleLine CEO Jeffrey Gundlach said the Federal Reserve might need to embark on quantitative easing to increase the money supply.Marketsread more
Wall Street economists think the Fed will cut rates by 25 basis points at its September meeting but have differing views about what will happen in the future.Marketsread more
The report, published by Rep. Carolyn Maloney, used data from the Giffords Law Center to Prevent Gun Violence and the Centers for Disease Control to estimate the cost of gun...Politicsread more
Russia slammed Trump's decision to tighten sanctions on Iran following strikes at a crude-processing plant and oil field in Saudi Arabia.Politicsread more
According to a report in the Wall Street Journal, WeWork co-founder Adam Neumann has floated the idea of becoming Israel's prime minister or leader of the world.Technologyread more
Federal prosecutors and commodity regulators have broadened their investigation into spoofing activity after receiving information from traders questioned for spoofing-related...Marketsread more
General Motors announced on Wednesday that it plans to temporarily lay off 1,300 workers at its final assembly plant in Oshawa, Canada due to a slowdown at U.S. plants during...Autosread more
Trump said he "is revoking" a federal waiver that allowed the state to craft its own rules on greenhouse gas emissions from vehicles.Politicsread more
FedEx CEO Fred Smith mentioned Amazon as one of his competitors during Tuesday's earnings call, a shift in stance for a company that's long downplayed Amazon's move into the...Technologyread more
The United States and Persian Gulf countries have agreed to collaborate to stem the flow of terrorist financing as part of a new working group, the Treasury Department said on Sunday, with the U.S. and Saudi Arabia jointly chairing the initiative.
In a memorandum of understanding that announcing the newly created Terrorist Financing Targeting Center (TFTC), the Treasury described the group as a "collaborative approach to confronting new and evolving threats arising from terrorist financing." The news comes as President Donald Trump delivers a major address to Muslims in Saudi Arabia as part of his first trip abroad.
In addition to the U.S. and Saudi Arabia, the TFTC's members will consist of Kuwait, Qatar, Bahrain, Oman and the United Arab Emirates. The group's objectives include identifying, tracking and sharing information regarding terrorist financing, with the aim of disrupting the flow of money while providing support to the region in order to curb the flow of money to radical groups such as Islamic State and al Qaeda.
For its part, Qatar has a checkered history in the fight against eliminating cash that makes its way into the coffers of terrorists. Much like Saudi Arabia, the Gulf country has been cited by several watchdogs for funneling money to Middle East extremists, or not doing enough to choke off those flows.
A January report from the Foundation for the Defense of Democracies chided Qatar's record on terror funding, saying that "there is no persuasive proof that Qatar has stopped letting certain terror financiers off the hook." Separately, an analysis from the Foreign Policy Initiative last year cited Saudi Arabia's "mixed record" in curbing terror funding, citing its own domestic concerns.
Hawaii Congresswoman Tulsi Gabbard pointed out as much on Sunday. On Twitter, the prominent Democrat derided the decision to include the world's largest oil exporter in the push against terror money as a "farce," given its history of funding an extreme interpretation of Islam that has pollinated other areas of the Middle East.
The newly created group will not supplant any bilateral agreements that agree to share and coordinate information, and will not siphon resources from any existing information-sharing structures, the statement added.
"Participants intend initially to work together to increase information sharing and coordinate sanctions and other disruptive actions against terrorist finance networks, with the goals of coordinating action against the highest-level threats and increasing joint actions as quickly as possible, with a longer term goal of co-locating experts in Riyadh, Saudi Arabia," the Treasury said.