BUSINESS BRIEFS
Fears over virus outbreak a factor as markets slide
Banks led a slide in U.S. stocks Tuesday as a virus outbreak in China rattled global markets, prompting investors to shift assets into bonds and defensive sector companies.
The sell-off snapped a three-day winning streak by the S&P 500. The benchmark index ended last week at an all-time high.
The S&P 500 fell 8.83 points, or 0.3%, to 3,320.70.
It had been down as much as 0.4% earlier in the day.
The Dow Jones Industrial Average lost 152.06 points, or 0.5%, to 29,196.04. The Nasdaq composite slid 18.14 points, or 0.2%, to 9,370.81.
Smaller-company stocks took the brunt of the selling. The Russell 2000 index lost 13.74 points, or 0.8%, to 1,685.90.
Central banks join to study possible digital currencies
Major central banks have joined together to explore whether they should issue digital currencies as the use of cash declines and more people turn to electronic forms of paying.
The study group is made up of the European Central Bank, the Bank of Japan, the Bank of Canada, the Bank of England, the Swedish Riksbank and the Swiss National Bank.
They said in a statement Tuesday that they will assess the potential case for digital currencies in their home jurisdictions.
The Swedish central bank has already studied the issue for several years and has commissioned a pilot project as the use of cash declines in that country. No decision has been made.
Existing cryptocurrencies such as bitcoin are not suited for paying for things because they can fluctuate sharply in value. Facebook has backed the Libra project for a so-called stablecoin, a digital currency linked to existing currencies.
Several major partners such as Visa, Mastercard, Paypal and ebay have left the association set up to oversee Libra as it faces pushback from regulatory authorities.
Facebook to add 1,000 UK jobs, including tech, content roles
Facebook said Tuesday it plans to hire 1,000 more staff in Britain, mainly for its technology and harmful-content teams.
The U.S. tech company said Tuesday that it will add the new roles by the end of the year, bringing its U.K. workforce to more than 4,000.
More than half of the new jobs will be in technology-focused roles such as software engineering.
There will also be a “large number” of jobs working on building tools to detect and remove harmful content from Facebook and its other platforms, which include Whatsapp, Messenger and Instagram.
The company did not give an exact number.
Hoosier Energy to close Sullivan County power plant in 2023
An energy cooperative announced Tuesday it will close a southwestern Indiana power plant in 2023, affecting 185 workers.
Bloomington-based Hoosier Energy said it will idle the coal-fired Merom Generating Station in Sullivan County as part of a transition to other energy sources including wind, solar, natural gas and storage.
The 1,070-megawatt plant went online in 1982.
Hoosier Energy said the closing is part of a long-range resource plan designed to provide its 18 member power cooperatives with “reliable, affordable and environmentally sustainable energy while saving members an estimated $700 million over the next two decades.”
It said the plan will cut its carbon footprint by nearly 80%.
Hoosier Energy President & CEO Donna Walker said the cooperative will work with the International Brotherhood of Electrical Workers to offer affected workers help with retraining, reassignment, retirement options and outplacement.