(Bloomberg) -- Zoom Video Communications Inc. was accused by a shareholder of hiding flaws in its video-conferencing app, part of a growing backlash against security loopholes that were laid bare after an explosion in worldwide usage.In a complaint filed Tuesday in San Francisco federal court, the company and its top officers were accused of concealing the truth about shortcomings in the app’s software encryption, including its alleged vulnerability to hackers, as well as the unauthorized disclosure of personal information to third parties including Facebook Inc.Investor Michael Drieu, who filed the suit as a class action, claims a series of public revelations about the app’s deficiencies starting last year have dented Zoom’s stock price -- though the shares are still up 67% this year as investors bet that the teleconferencing company would be one of the rare winners from the coronavirus pandemic.Read More: Zoom Grapples With Security Flaws That Sour Users on...
(Bloomberg) -- Tesla Inc. will temporarily cut employee salaries by as much as 30% starting Monday to save costs while the coronavirus pandemic forces the company to shut down some operations.In the U.S., those ranked vice president or above will see the steepest salary reductions, followed by a 20% cut for directors, and 10% for everyone else, according to an internal memo seen by Bloomberg. Workers outside the U.S. will see similar reductions. For the exception of those being assigned to critical tasks, employees who can’t work from home will be furloughed without pay, though they’ll keep health-care benefits.The move adds to the growing number of companies slashing labor costs to weather the pandemic. The outbreak hit just as Tesla was ramping up the production of its Model Y crossover, accelerating output at its new Shanghai plant and forging ahead with plans to build a new facility near Berlin.“This is a...
Iran does not agree with holding any OPEC+ meeting in the absence of a clear proposal and expected outcome from such talks for the oil market, its oil minister said in a letter to OPEC and seen by Reuters. "The vague circumstances around which the upcoming OPEC and non-OPEC ministerial (meeting) is being organised is of grave concern to me," the minister, Bijan Zanganeh, wrote in the letter dated April 7 and addressed to the Algerian oil minister, who holds the presidency of OPEC. Zanganeh said that organising a meeting "in the absence of any clear and consensual outcome (to) convey to the market" would be a message of failure even before it starts, which "may aggravate the current low price environment even further"....
Iran's Oil Minister, Bijan Zanganeh, said his country does not agree with holding any OPEC+ meeting in the absence of a clear proposal and expected outcome from such talks for the oil market, according to a letter sent to OPEC and seen by Reuters. "The vague circumstances around which the upcoming OPEC and non-OPEC ministerial (meeting) is being organised is of grave concern to me," Zanganeh wrote in the letter dated April 7 and addressed to the Algerian oil minister, who holds the presidency of OPEC....
(Bloomberg) -- Tesla Inc. will reduce employees’ salaries as much as 30% starting this Monday to cut costs as it shuts down some operations because of the coronavirus pandemic.In the U.S., the salary cut is 30% for vice presidents and above, 20% for directors and above, and 10% for others, according to an internal memo seen by Bloomberg. Workers outside the U.S. will see similar reductions. Employees who haven’t been assigned to critical tasks and who can’t work from home will be furloughed without pay, though they will keep health-care benefits.Carmakers are trying to conserve cash with sales plunging toward zero amid plant shutdowns and stay-at-home orders. The virus outbreak hit just as Tesla was ramping up the production of its Model Y crossover, accelerating output at its new Shanghai plant and forging ahead with plans to build a new facility near Berlin.“This is a shared sacrifice across the company that...
