The British pound slumped more than one percent against the dollar Tuesday on concerns over soaring borrowing costs for the UK government.

Sterling shed 1.2 percent to $1.3388, while the euro gained half a percent on the British currency.

The leaders of Russia, China, India and seven other nations met Monday in northern China for the latest annual summit of the Shanghai Cooperation Organization in what could be an emerging challenge to America's global leadership.

The 10-member SCO, which gathered in the port city of Tianjin, has grown in size and influence since its founding 24 years ago, even while its goals and programs remain murky and name recognition low.

World shares were mixed on Monday as investors watched for further developments after a U.S. court ruled against President Donald Trump's sweeping higher tariffs.

U.S. markets were to remain closed on Monday for the Labor Day holiday. The futures for the S&P 500 and the Dow Jones Industrial Average edged 0.1% higher.

Lebanon's Central Bank is trying to address the issue of Hezbollah-affiliated Al-Qard Al-Hasan financial institution, Finance Minister Yassin Jaber told Saudi news interactive channel al-Hadath.

In July, the Central Bank prohibited all licensed financial institutions in Lebanon from dealing directly or indirectly with unlicensed entities and listed Al-Qard Al-Hassan as an example. The bank had issued similar circulars in the past but this was the first time it mentioned Al-Qard Al-Hassan by name.

Chinese President Xi Jinping said that China plans to accelerate the creation of a development bank and to set up an international platform for energy cooperation, announcements he made Monday at a summit that represents an emerging challenge to U.S. global leadership.

Russian President Vladimir Putin and Indian Prime Minister Narendra Modi were among the leaders meeting in Tianjin, in northern China, for the latest annual summit of the Shanghai Cooperation Organization. The security forum was originally seen as a foil to U.S. influence in Central Asia. It has grown in size and influence over the years.

France, Britain and Germany have initiated the process of triggering the " snapback mechanism " that automatically reimposes all United Nations sanctions on Iran over its nuclear program, saying Iran has willfully departed from their 2015 nuclear deal that lifted the measures.

The U.N. sanctions that were in effect before the 2015 deal included a conventional arms embargo, restrictions on ballistic missile development, asset freezes, travel bans and a ban on producing nuclear-related technology.

President Donald Trump has told House Speaker Mike Johnson that he won't be spending $4.9 billion in congressionally approved foreign aid, effectively cutting the budget without going through the legislative branch.

Trump, who sent a letter to Johnson, R-La., on Thursday, is using what's known as a pocket rescission — when a president submits a request to Congress to not spend approved funds toward the end of the fiscal year, so Congress cannot act on the request in a 45-day timeframe and the money goes unspent as a result. It's the first time in nearly 50 years a president has used one. The fiscal year draws to a close at the end of September.

Iran's rial currency fell to near-record lows Thursday as concerns grew in Tehran that European nations will start a process to reimpose United Nations sanctions on the Islamic Republic over its nuclear program, further squeezing the country's ailing economy.

The move, termed the "snapback" mechanism by the diplomats who negotiated it into Iran's 2015 nuclear deal with world powers, was designed to be veto-proof before the world body and would be likely to go into effect after a 30-day window.

Lebanon's judiciary agreed Tuesday to the release on bail of more than $20 million of former central bank governor Riad Salameh, detained for nearly a year on embezzlement charges, judicial officials said.

Salameh, 75, who headed the central bank for three decades, faces numerous accusations including embezzlement, money laundering and tax evasion in separate probes in Lebanon and abroad.

Stocks slipped in early trading on Wall Street Monday, after a big jump last week on hopes for more interest rate cuts from the Federal Reserve.

The S&P 500 fell 0.2% and is just below its all-time high. The Dow Jones Industrial Average fell 110 points, or 0.3% as of 9:57 a.m. Eastern time, pulling back from the record it set on Friday. The Nasdaq composite fell 0.1%.