Mexican President Andres Manuel Lopez Obrador. Photo: Alfredo Estrella/AFP via Getty Images

Two months after President Trump threatened to withhold aid from Central American countries for failing to stop a migrant caravan heading toward the U.S. border, the administration has pledged $5.8 billion worth of private and public development funding for Central America and $4.8 billion for southern Mexico, the AP reports.

Why it matters: The goal of the aid is to promote more stable security and economic conditions to encourage potential migrants to stay in their host nations instead of making the dangerous trip to the U.S. border. It's not yet clear if Mexico will provide anything in return for the billions of dollars worth of aid. The Washington Post has previously reported that Mexico and the U.S. have been working on a deal that would force all U.S. asylum-seekers to remain in Mexico until their applications are processed.

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Dan Primack, author of Pro Rata
17 mins ago - Economy & Business

Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Thursday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.

1 hour ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.

U.S. economy sees record growth in third quarter

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.