Business daily

HSBC shares fall to lowest level since 1995 following money-laundering report

British banks HSBC and Standard Chartered have publicly supported China's national security law proposal for Hong Kong
British banks HSBC and Standard Chartered have publicly supported China's national security law proposal for Hong Kong Anthony WALLACE AFP

Shares of HSBC in Hong Kong dropped to their lowest level since 1995 following a damning media report alleging that it and other big-name banks continued to transfer large sums of illicit money despite being flagged by authorities. The International Consortium of Investigative Journalists, together with Buzz Feed, released the report, based on leaked US government documents known as FinCEN files. Also, TikTok got a reprieve in the US after President Trump gave an 11th-hour blessing to a deal on its US operations.