News Wrap: Biden calls for tougher penalties for executives of failed banks

In our news wrap Friday, stocks dropped again amid nagging fears in the banking industry, President Biden asked Congress to authorize tougher penalties for executives of failed banks, the International Criminal Court targeted Russian President Putin with an arrest warrant and chaos erupted in Paris after the government raised the retirement age without parliamentary approval.

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  • Amna Nawaz:

    Good evening, and welcome to the "NewsHour."

    A whipsaw week for the banking industry has come to an end amid nagging fears and calls for action.

    President Biden asked Congress today to authorize tougher penalties for executives of failed banks.

  • Geoff Bennett:

    Meantime, the parent company of Silicon Valley Bank filed for Chapter 11 bankruptcy protection. The sudden collapse of that tech-focused bank last Friday touched off the turmoil that's kept markets off-balance all week.

  • Amna Nawaz:

    Wall Street had rallied on Thursday, but the optimism faded today.

    The Dow Jones industrial average lost 384 points, or 1 percent, to close below 31862. The Nasdaq also fell three-quarters-of-a-percent. And the S&P 500 was down 1.1 percent.

    The International Criminal Court targeted Russian President Vladimir Putin today with an arrest warrant. It alleges he's responsible for illegal deportations of children from Ukraine. The Kremlin called the warrant — quote — "outrageous and unacceptable." Russia does not recognize the courts jurisdiction, nor does the United States.

    Russia's Defense Ministry has announced it will honor the fighter pilots who intercepted a U.S. drone over the Black Sea this week. The unmanned craft crashed off the Crimean coast. Pentagon video released Thursday showed a Russian plane dumping fuel on the drone. After a second pass, there was visible damage to its propeller.

    Published reports say the U.S. Justice Department is investigating China's ByteDance, the owner of TikTok, over surveillance of Americans. ByteDance has acknowledged U.S. journalists and others were targeted using TikTok data. It says it fired those responsible.

    Today's reports came as Britain and New Zealand joined the U.S. in barring TikTok from government phones. China argued against the bans.

  • Wang Wenbin, Chinese Foreign Ministry Spokesman (through translator):

    We call on the countries concerned to recognize the objective facts, effectively, respect the market economy and the principle of fair competition, and stop generalizing the concept of national security.

  • Amna Nawaz:

    The Biden administration has ordered all federal agencies to delete TikTok from government-issued devices. Congress, the U.S. military, and more than half of all U.S. states have taken similar steps.

    In France, chaos engulfed Paris a day after the government raised the retirement age from 62 to 64 without parliamentary approval. Marches and rallies filled the streets all day. The government defended its actions, and unions vowed to force a reversal, with neither side showing any sign of stepping back.

  • Olivier Veran, French Government Spokesman (through translator):

    We are carrying out this reform, which is difficult, which is not popular. There is no majority of French people who support it, and we are perfectly aware of it.

  • Regis Vieceli, CGT Union Representative (through translator):

    The CGT union calls for a massive movement. That's the only thing that will get them to back down. When they start seeing the financial impact, they will go and cry on Macron's shoulder.

  • Amna Nawaz:

    After nightfall, protesters and police faced off in the elegant Place de la Concorde. Police fired tear gas after some in the crowd threw fireworks and paving stones.

    Back in this country, the Environmental Protection Agency warned states to stop blocking deliveries of hazardous waste from the train derailment site in East Palestine, Ohio. Several states have tried to halt the shipments of contaminated soil and wastewater to certified storage sites. The EPA says any such move would likely violate federal law.

    There is word that actor Lance Reddick has passed away. His publicist said he died this morning of natural causes. Reddick was known for his work in the TV series "The Wire," "Fringe," and "Lost." He also had a recurring role in the John Wick movies. Lance Reddick was 60 years

    On this St. Patrick's Day, celebrations around the world turned streets into seas of green. In Dublin, Ireland, that included aliens in saucers followed by dancing aliens. In Savannah, Georgia, revelers in green T-shirts thronged the 199th version of the city's annual parade. And at the White House, the Irish prime minister met with President Biden. Outside, the White House fountain flowed green today.

    And a former Australian pro surfer set a new record today for the world's longest surfing session. Blake Johnston rode some 600 waves at a Sydney beach for more than 40 hours. Hundreds of supporters cheered the feat that raised money for youth mental health initiatives.

    Still to come on the "NewsHour": new evidence gives weight to the idea that COVID came from natural origins; what one man hopes to achieve with a billion-dollar donation for conservative causes; David Brooks and Jonathan Capehart discuss the week's top political stories; plus much more.

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