Hsbc, China, Supreme Court discussed on Morning Edition
The stock market is down today, in part because market participants believe a new federal stimulus to counteract the economic effects of Corona viruses now nearly impossible this after the death of Supreme Court Justice Ruth Bader Ginsburg economist Julia Coronado is founder of Macro policy Perspectives. With congressional divisions deepening and Senate attention now focused on the Supreme Court. The likelihood of a package getting passed before the election is all but gone. There's also a concern about the spread of Corona virus in Europe. The stock market the moment is down 825 points for the Dow. That is 3%, the S and P 500 down 2.6%, the NASDAQ also down 2.4% there. Shares of a number of global banks air falling sharply after a trove of leaked documents obtained first by the publication Buzzfeed would share them with other news organizations showed evidence that criminals use the global financial system to move about $2 trillion of dirty money around the world. Despite red flags, their internal money laundering detection systems had raised HSBC Bank saw its share price fall to the lowest in 25 years. The BBC's economics correspondent Andrew Walker has more. The International Committee of Investigative Journalists has examined leaked documents, which it says reveal major banks, defying money laundering crackdowns to move staggering sums of cash for what it calls shadowy characters and criminal networks. The group published its investigation at the weekend on the reports quickly hit the share prices of some of the banks that were criticized. HSBC and Standard Chartered and traded in Hong Kong, where their share price fell and stocks in Deutschebank dropped in early training in Frankfurt. All three banks have responded with statements indicating that they are serious about combating money laundering. HSBC stock is down more than 6% in London at the moment. JP Morgan stock in New York is down more than 4% with those leaked documents alleging that JPMorgan Chase Allowed. Ah love several problems to occur, will get back to that story in just a little bit. Checking another story this morning. A deal to overhaul the ownership of the China based social Media APP Tic TAC one temporary approval from the Trump administration over the weekend. This delays a ban of the platform from US APP stores by another week. This While the companies involved in their investors review the deal, US database firm Oracle and Wal Mart will reportedly partner with bite Dance of China to oversee operations reconstituted as a U. S based firm called TIC Tac Global, Molly would host of Marketplace Tech says this could have unintended consequences of giving Chinese authorities ideas about foreign companies there. Tweets from Chinese state media suggest that China may see the deal as a model for how companies could operate internationally. In more cases, one verified account suggested that perhaps Facebook or Google should also be under control of local companies in order to operate someplace like China. Marketplace tacos Molly Wood. There's news that industrial giant General Electric is getting out of the coal fired power plant business. G says it wants to refocus on alternative energy sources beyond fossil fuel. The company says this could lead to layoffs and closing some factories. G He Hitachi nuclear energy based in North Carolina. Still does. That Marketplace Morning.