(Bloomberg) -- India, the world’s third biggest oil consumer, is set to snap up millions of barrels of Middle East crude for its strategic reserves, signaling its support for global efforts to rescue the energy market.The purchases are aimed at taking advantage of low prices, according to officials with knowledge of the matter. But two of them said they’re also a signal of solidarity for the campaign to stabilize markets after Oil Minister Dharmendra Pradhan spoke with his U.S. and Saudi Arabian counterparts and the head of the International Energy Agency.While India’s storage capacity is relatively small, the purchases are an important sign that major consuming countries are trying to play their part in rebalancing a market that’s been pummeled by the coronavirus. China said earlier this month it would start buying up oil for its emergency reserves.New Delhi’s move appears to be part of a broader G-20 response to the...
Chinese online entertainment service iQIYI Inc (IQ) has issued a statement denying allegations made in a short report by Wolfpack Research.In its April 7 report, Wolfpack alleges that “IQ was committing fraud well before its IPO in 2018 and has continued to do so ever since.” It estimates that IQ inflated its 2019 revenue by approximately RMB 8-13 billion, or 27%-44%, by overstating its user numbers by approximately 42%-60%.According to the report, IQ inflates its expenses, the prices it pays for content, other assets, and acquisitions to “burn off fake cash to hide the fraud from its auditor and investors.” The report was also compiled by MuddyWaters Research, which is short the stock.In response, iQIYI wrote “The Company believes that the report contains numerous errors, unsubstantiated statements and misleading conclusions and interpretations.”IQ continued by emphasizing that “it has always been and will remain committed to maintaining high standards of corporate governance...
Shareholder Michael Drieu claimed in a court filing that a string of recent media reports highlighting the privacy flaws in Zoom's application have led to the company's stock, which had rallied for several days in the beginning of the year, to plummet. Zoom has been trying to plug security issues, as it signs up millions of new users from across the world as people are forced to work from home after lockdowns were enforced to slow the spread of the coronavirus....
