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Tag: action

Financial Action Task Force blacklists Iran for bankrolling terror

Financial Action Task Force blacklists Iran for bankrolling terror

World
Feb. 21 (UPI) -- An international antiterrorism group voted to keep Iran on its blacklist for failing to stop financing terrorism, the group announced Friday. The Financial Action Task Force made the decision during its three-day meeting in Paris. The monitoring group had given Tehran a February deadline to halt the bankrolling of terror groups and individuals by passing legislation on the issue. Since it didn't, the FATF moved Iran back onto its blacklist, imposing sanctions on Iran from the member countries. The FATF had temporarily moved Iran onto a so-called gray list in 2016 to give it more access to the international banking system as it worked toward passing legislation. The move will likely complicate Tehran's efforts to do business in the European Union after the United States r...
The Fed is still faltering on inflation, and one official is calling for ‘aggressive’ action

The Fed is still faltering on inflation, and one official is calling for ‘aggressive’ action

Finance
The Federal Reserve's more than decadelong quest to generate a healthy level of inflation continues to falter, even with the central bank's easing turn in 2019 that is targeted specifically at the issue.Not only has the Fed missed its 2% target for all of this year but it also now faces fading hopes that anything will change for at least the next several years.The expected inflation rate a year from now is 2.3%, according to the New York Fed's survey of consumer expectations released this week. While that number is technically ahead of the Fed's goal, it has consistently overshot the actual level throughout its existence, often by a full percentage point or more.October's reading represented a decline of 0.2 percentage point to 2.3%, the lowest level ever in a survey that goes back to June...
House subcommittee calls for action on environmental, cyber threats to military bases

House subcommittee calls for action on environmental, cyber threats to military bases

Business
Oct. 18 (UPI) -- The Pentagon is unaware of the scope of environmental and cyber threats to its military bases, members of the House Armed Services Committee charged. Rep. James Langevin, D-R.I., chair of the intelligence, emerging threats and capabilities subcommittee, at a hearing this week cited four U.S. military bases which collectively sustained over $ 10 billion in damage from weather events. He referred to Marine Corps Base Camp Lejeune, N.C., and Tyndall AFB, Fla., overwhelmed by hurricanes last year; the flooding of Offutt AFB, Neb., by overflowing rivers; and earthquakes in July 2019 which damaged China Lake Naval Weapons Station, Calif. The hearing on Wednesday came after the subcommittee requested an assessment by the Defense Department of its risk exposure to weather events...
RBI initiates prompt corrective action for Lakshmi Vilas Bank after directors probed for alleged fraud

RBI initiates prompt corrective action for Lakshmi Vilas Bank after directors probed for alleged fraud

Finance
The Reserve Bank has initiated Prompt Corrective Action (PCA) against Lakshmi Vilas Bank (LVB) due to high level of bad loans, lack of sufficient capital to manage risks and negative return on assets for two consecutive years, the private sector lender said on Saturday. The RBI move comes amidst the Delhi Police's Economic Offences Wing registering a complaint against the board of LVB alleging cheating and misappropriation of funds. The regulatory action may cast doubts over the proposed merger of Indiabulls Housing Finance with LVB, which is awaiting RBI nod. The Delhi High Court on Friday agreed to hear a petition alleging Indiabulls gave loans worth crores of rupees to shell companies. In a regulatory filing, LVB said RBI has taken the action "on account of high net NPAs, insufficient C...