well now let's get more from our business reporter in frankfurt chelsea delaney chelsea tech stocks in the u.s. have been rallying for months now why the sudden turnaround. well this is really the sell off that surprised no one the rally that we've seen in the stocks and particularly in tech stocks over the past couple of months has just been mind boggling even with yesterday's sell off we still have the nasdaq opposit about 70 percent since march 114 percent tousle almost 500 percent so even though the tech stocks have been seen as more insulated from krone virus affects even though their business has been doing quite well throughout this. economic fall out of it these these values are just completely disconnected from reality so it's not a surprise that we've seen these these stocks have a bit of a correction over the past couple of days you know how do we look at this is it a blip or is this the start of a downward trend. i think it's it's definitely. hinting at more volatility ahead for global stock markets so investors have been really really willing to look aside at really bad ec

and to action to weaken the currency chelsea 20 for us in frankfurt thank you very much. now to some of the other stories making news around the world zoom's video conferencing service is one of the big winners of the coronavirus pandemic reporting a huge jump in revenue in the us what it's 660 $3000000.00 that's as hundreds of thousands more businesses sign up to use the service when a factory activity in china expanded at its fastest in nearly a decade last month as factories ramp up output to meet rebounding demand you export orders also rose for the 1st time this year. south korean prosecutors haven't done it in the it's the samsung empire j. widely on charges of manipulating stock prices and breach of trust to cement control of the group the gravity of capital market manipulation was given as the reason for the move despite an independent panel's recommendation not to indict. and as the us most street to sanctions on venezuela's oil industry the country has begun selling fuel to motorists $400.00 a decision has led to long queues against stations as those lucky venez

frankfurt paris along and madrid. right let's go to our financial correspondent chelsea delaney for more on this she joins me from frankfurt chelsea good morning what's prompting this move exactly. obviously bracks that is the main driver of this so a lot of a lot of international banks are facing a significant amount of uncertainty now due to the exit situation so right now a lot of banks can can basically operate interchangeably between europe and the u.k. but after the exit period expires after we moved in to this 2021 period if the u.k. and europe don't reach a deal on financial services particularly which has fallen much down the list of priorities. in the u.k. could could certainly have their access cut off to the european markets so that's really the big concern now is what what kind of access will they have in europe if if a deal isn't reached on financial services and if you're if you're a j.p. morgan you may not be able to really access clients and in the in europe so that's definitely a big driver here you know the j.p. morgan is not alone of course what is the balance in the baking such response to bragg's it h

let's get the european view on this story from chelsea delaney our financial correspondent in frankfurt chelsea did you expect more from the fed. i think it's clear the markets investors were all expecting a little bit more of an aggressive stimulus our look from the federal reserve so there is definitely a little bit of disappointment at the margin part of the reason why the fed isn't being as aggressive right now is that the u.s. economy is actually doing much better than they had initially anticipated so in yesterday's meeting they they also so that they expected the contraction in the u.s. to be much less severe and now they're just forecasting a 3.7 percent contraction this year for the economy and they do expect the unemployment rate to come in at the end of the year much much lower than they had initially forecast so the u.s. economy is starting to accelerate again but at the same time they still are expecting a lot and a very long recovery from the krona virus they are now expecting u.s. interest rates to remain very low for at least 3 years maybe longer andrew powell is warning about v

joined by business reporter arthur sullivan here in the studio and we also have joining us from frankfurt chelsea delaney welcome to both of you arthur i'd like to begin with you the scale of this it seems enormous what does it say about the financial system here the scale is enormous there are so as the report just mentioned 2 trillion dollars worth of transactions are covered by these 18 years which detail various financial transactions involving some of the world's largest banks 400 journalists 16 months of extensive research as going into all this what it says about the financial system is really a lot of things so in some respects some of this is not a shock we know that banks have to some extent facilitated money laundering they've allowed transactions to happen for years and many of them have been investigated but this shows the extent to which that has happened huge extent 2 trillion dollars worth of said 2 big questions emerge from this really i mean several questions will emerge in the next 2 days before me at the moment 2 big ones emerge it's important remember that the banks themselve

tech giant microsoft was in the running but itself was rejected of its chelsea delaney in frankfurt chelsea this is being called a partnership not a sale what's the difference. so yes this is a crucial distinction for really everybody involved basically what it appears that we're coal is doing is taking a stake and in the u.s. operations if tick tocks and making some sort of investment but also potentially overseeing their their data collection so this is really been the crux of this feud between the u.s. and china over talk and by advances is how is to talk collecting data on u.s. users and is that data safe to talk has that from the beginning that that data is safe but that's really why the u.s. got involved and started to force this sale it doesn't exactly solve all of the problems that have come up but it would potentially put the user data in u.s. hands and avoid a full out sale which by against and very against they are very proud of tick tock it's grown into a huge success for for the company and for china so they really want to avoid a sale at all costs but will it be enough to avoi

frankfurt chelsea good morning what's prompting this move exactly. well obviously breck's that is the main driver of this so a lot of a lot of international banks are facing a significant amount of uncertainty now due to the exit situation so right now a lot of banks can can basically operate interchangeably between europe and the u.k. but after the brics that period expires after we moved into this 2021 period if the u.k. and europe don't reach a deal on financial services particularly which has fallen much down the list of priorities. banks in the u.k. could certainly have their access cut off to the european markets so that's really the big concern now is what what kind of access will they have in europe if if a deal isn't reached on financial services and if you're if you're a j.p. morgan you may not be able to really access clients and in the in europe so that's definitely a big driver here you know the j.p. morgan is not alone of course what is the balance in the baking stocks response to bragg's it hasn't quite been a mess. no it hasn't been t

for more on this let's go to our financial correspondent chelsea to lanie in frankfurt. chelsea how are investors taking this so far. it's been a major shock to the market today we've seen going to bank stock fall over 8 percent so really dramatic decline. has sort of been on this on this road to a reinvention over the past year trying to put all of these scandals behind it and this really puts it all back in and to perspective for investors that bridge a bank is still likely to face a lot more regulatory scrutiny going forward they've paid some fines for this some of this activity already but today's data link shows just how much more widespread activity really was and that likely could put more regulatory scrutiny on such a bank going forward torture bank can't seem to get away from those scandals delaney their force in frankfurt thank you. let's dive even deeper into this i'm joined now by lars fellows he's chairman of the german council of economic experts and he's long study tax evasion and its consequences or thank you very much for joining us why is the environment for mo

to fight crime or did any business is arthur sullivan and financial correspondent chelsea delaney joining us from frankfurt thank you both very much. right will you trade ministers meet today in berlin for informal talks by many measures it's been a rough year deal with the u.k. is on the rocks an agreement with china is a nonstarter and the u.s. remains prickly the question now are there any bright spots for. e.u. trade ministers can at least chalk up one success of free trade agreement with americans who are states of argentina brazil paraguay and. marcos or members together with the european union would form the world's largest free trade zone the plan could save $4000000000.00 euros in future tariffs but the deal is at risk of falling through at the last minute due to resistance from some e.u. members and because a few markets or states feel cheated. and the recent agreement with china is also problematic german vintners may be happy as german wines such as reselling may no longer be faked in china but that's it for the concessions. there is no improved market access for a u. firms no protection for th

accounts and to complain money in effect to them as arthur sullivan here in the studio chelsea delaney in frankfurt thank you so much to both of you. now we have developers protesters there are conceding nothing despite an intensive government crackdown tens of thousands of people gathered in major cities throughout the country on sunday police and the military have been out in force detaining peaceful demonstrators who are calling for president alexander lukashenko to step down after just peter elections. the streets of minsk turned into a sea of red and white flags the symbol of the opposition tens of thousands joined the march of justice in the capital and other cities it's the 6th straight sunday of protests but what looks like a high turnout was actually significantly lower than other weekends perhaps a result of call expect president alex on the go for tougher action against his critics who want him to step down. some of them have never experienced belarus without him. there recently stated i do my cards to voters this dreaming of democracy is dreaming of freedom and justice where laws are ob

financial correspondent chelsea to leonie in frankfurt a parliamentary inquiry what exactly does that entail. it's a significant escalation and the. investigation into what happened at wire cart and how much the german government really news so there have been several special sessions and parliament over the past couple of months to figure out what really what happened but a parliamentary inquiry is a much stronger tool it acts in some ways like a criminal court so the committee would be able to for example call witnesses they would testify under oath if people refused to testify they could find them they could also request documents and communications from for example the finance ministry or from the banking regulator so it has a really broad mandate and it would be able to do a much more intense investigation into what went wrong at $100.00 jobs or who might come under fire in this process so the main question is really for this for this parliamentary committee would be what did government officials know so there is still a an investigation happening into what into the company into

let's talk about business operations and the business behind this with chelsea delaney frankfurt correspondent u.s. president donald trump said a vaccine could be ready next month is he not that far off considering developments of this start up. so there is technically some truth to that but there are a lot of caveats as well so there are about 3 companies 3 partnerships in groups that are getting very very close to being able to submit their vaccine candidates for approval so we have here on tac and pfizer which have been jointly developing this vaccine they believe that they will be able to submit their drug to the f.d.a. the us regulator by october astra zeneca has also said that it may be able to do that they've had to stop their trial there so they may be delayed a little bit but moderna another biotech firm is also getting very close so we could have an emergency approval of a drug in the u.s. by october but there's still going to be a very long time until this drug would be this is this vaccine would be available widely to the population it would take a very long time for production to

designed to protect the environment and public health and let's bring in chelsea delaney a financial correspondent in frankfurt is the u.s. that worried about the environment with all that fracking going on at the moment i mean the u.s. has become the world's top of oil producer there's definitely a bit of irony to that statement claiming to be a vigorous defender of the environment because one of president trump biggest successes one of his biggest victories and his his presidency has been rolling back essentially all environmental regulations that were put in place during the obama era so that's everything from restrictions against fracking and public parks and national monuments to but also to opposing a lot of increases in and things like emission standards so certainly there is a bit of there's certainly a contradiction to the e.p.a. saying we've really been successful and protecting people from higher emissions as fair but at the same time trying to weaken emission standards especially now is as the west coast is really burning but this is these of these regulations these investigations into diesel gate

went office on reaction from frankfurt to i'm turning into a financial correspondent chelsea delaney chelsea i know the doj bank shares plunged yesterday some 80 percent i'll be in for another terrible day. it doesn't look like it's going to be as bad for what you bank on the stock exchange today but this is clearly a long term really setback for georgia bank these files that these these leaked files they showed just how widespread and how careless really was with its money laundering controls and that allowed them to do all sorts of things like baiting sanctions against iran laundering billions of dollars for russian link criminals a lot of these things have already been investigated by regulators around the world so it's unclear how much further this is going to set them open for things like regulatory penalties but we have heard from regulators that there are they're looking at they're taking another look at this so certainly reputational and a potential financial risk for which a bank indeed and of course the markets overall are somewhat subdued that's due to the pandemic and wit

along that story let's speak to our financial correspondent chelsea delaney joins us from frankfurt tech stocks have been rallying for months they've been flying high to a new level. what's happened. well investors are looking out yesterday as we're out and saying it's about time tech stocks have been really surging over the past couple of months and that's global markets higher as well but these values have gotten increasingly disconnected from reality so if you look at some of these increases we've seen they're just really mind blowing so the nasdaq which is full of tech stocks it's been up about 70 percent since the march lows awful was that more than 100 percent was that the about 500 percent so even though these businesses have been doing relatively well even though many tech stocks stand to position or stand to benefit from the shift to home home office and things like that these levels just were completely unsustainable so i think a lot of people say if this was a much needed correction for a market that's gotten overvalued yes you have seen and trading during the course of today

could be very difficult for germany as an export dependent economy you could point to chelsea delaney for us in frankfurt and let's look at the job situation because of course that's going to really be dependent on how growth goes and whether or not there is growth in global demand the coronavirus took a sledgehammer to the labor market but europe's largest economy is adapting to life off the boat down the german unemployment rate holding steady last month. germans can breathe a sigh of relief demand for workers here has slightly increased for the 1st time since the coronavirus pandemic began albeit hesitantly. in august 2 point 9000000 people were unemployed that's nearly 650000 more than a year ago labor market experts stressed that without short time work millions more would be jobless while the pandemic has been rather mild in germany the corona virus has wreaked havoc in other european countries and france the unemployment rate climbed to 6.9 percent but spain has it worse 15.8 percent of the employable population is without work. young people are especially hard hit in the e.u. nearly one in 5 adul

have to leave it there are business correspondents are there sullivan here in studio chelsea delaney for us in frankfurt thank you both for. watch. let's get some more headlines from around the world now new zealand's prime minister just into ardern has announced all remaining coronavirus restrictions will be lifted across much of the country with the exception of its largest city auckland will continue to have some measures in place for another 16 days but that city's outbreak now appears to be under control. and new restrictions on movement have come into force in spain's capital madrid as authorities try to combat rising coronavirus cases almost a 1000000 people in and around the city will not be able to leave their neighborhoods except for work study or medical reasons the restrictions will be in place for 2 weeks. and across many european countries there are concerns about a resurgence of the pandemic especially as winter approaches the time when respiratory diseases typically soar britain's top medical advisor kris when he says the country is at a critical point and that infection rates are going

and for more on this we go to chelsea delaney our financial correspondent in frankfurt josie good to see you is this structure this new a structure is this going to meet the demands of both sides. well the deal hasn't been approved by either the china or the us yet so we could still see more issues arise more obstacles arise to getting this done right now the big sticking point appears to be who at the end of the day is going to own tech talk in the united states by dance had initially really wanted to hold on to majority ownership of tick tock in the u.s. so they had proposed this partnership with oracle where oracle would basically oversee their data addressing some of the u.s. concerns over over data protection but at the end of the day that the op would still be majority only majority majority of lee owned by dance but now president trump doesn't really address his concerns here as well as other republican senators in the u.s. that have said that unless by dance it will hand over majority ownership to u.s. companies they're still going to go through with this ban so. there's defi

have to leave it there are business correspondents are there sullivan here in studio chelsea delaney for us in frankfurt thank you both very much. now to some other stories making headlines around the world a plaque that anti-government protesters in thailand installed over the weekend has been removed the plaque in bangkok declared that thailand belongs to the people well students have been leading protests since july calling for reform of the monarchy and political system. hundreds of pilot whales have become stranded along the west coast of the australian island of tasmania government scientists say it appears that dozens of the animals have already died rescuers have arrived at the site they are assessing the situation. new zealand's prime minister just send ardern has announced all remaining coronavirus restrictions will be lifted across much of the country with the exception of its largest city auckland will continue to have some measures in place for another 16 days the city's outbreak now appears to be under control. and new restrictions on movement have come into force in spain's capital madrid

have to leave it there our business correspondents are there sullivan here in studio chelsea delaney for us in frankfurt thank you both for. much. now with over 4000000 cases india has the 3rd highest community of people suffering from alzheimer's disease in the world after the u.s. and china experts say the lack of awareness surrounding the disease means many elderly people go undiagnosed and for those who do get treatment the coronavirus lockdown has been an isolating difficult experience with many family members having to step in to care for alzheimer's patients. quarantine has been fun for the sooty. she has spend playing games attending online classes and coloring with her 9 year old granddaughter should be. and these activities have taken on an added book in managing probably these are. living with the disease for 9 years has led to memory loss and limited her speech but engaging with her granddaughter is as crucial cognitive therapy should be has drawn up understanding her grandmother is different. when she was younger she was at times frustrated that she was the one looking after. instead of the