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Zoom sued by shareholder accusing it of covering up its security flaws

Zoom is said to be facing a lawsuit by a shareholder accusing the company of hiding security flaws in its app. Bloomberg reports that the shareholder Michael Drieu filed a class-action lawsuit Tuesday in a San Francisco federal court, claiming revelations about Zoom's deficiencies affected its stock price. The videoconferencing service has come under fire over multiple security-related issues in recent weeks while seeing a surge in use amid the coronavirus crisis. These issues include concerns...
Tags: China, San Francisco, Trends, Bloomberg, Wall Street Journal, Zoom, Eric Yuan, Michael Drieu, Drieu


Airbnb is reportedly already looking raise another $1 billion to see it through the coronavirus crisis

Airbnb announced on Monday it has raised $1 billion to help see it through the coronavirus crisis. Bloomberg reports the company is looking to raise a further $500 million to $1 billion. Airbnb's business has taken a pummelling due to the coronavirus crises decimating its business, just as the firm was planning to go public. Visit Business Insider's homepage for more stories. Airbnb is looking to raise another $1 billion to weather the coronavirus, Bloomberg reports. Airbnb announced on Monda...
Tags: Trends, Bloomberg, Beverly Hills, Airbnb, Jeff Bezos, Wall Street Journal, Silver Lake


Airbnb is reportedly already looking to raise another $1 billion to see it through the coronavirus crisis

Airbnb announced on Monday it has raised $1 billion to help see it through the coronavirus crisis. Bloomberg reports the company is looking to raise a further $500 million to $1 billion. Airbnb's business has taken a pummelling due to the coronavirus crises decimating its business, just as the firm was planning to go public. Visit Business Insider's homepage for more stories. Airbnb is looking to raise another $1 billion to weather the coronavirus, Bloomberg reports. Airbnb announced on Monda...
Tags: Trends, Bloomberg, Airbnb, Wall Street Journal, Silver Lake


Zoom sued by one of its own shareholders for allegedly covering up its security flaws

Zoom is reportedly being sued by one of its own shareholders for allegedly hiding security flaws in its app.  Bloomberg reports that shareholder Michael Drieu filed a class-action lawsuit Tuesday in a San Francisco federal court, claiming revelations about Zoom's deficiencies affected its stock price. The videoconferencing service has come under fire this month over multiple security-related issues, despite seeing a surge in use amid the coronavirus crisis.  These issues include concerns over ...
Tags: Spacex, China, San Francisco, Trends, Bloomberg, Nasa, Michael Drieu, Drieu, Eric Yuan Zoom


Japan to Fund Firms to Shift Production Out of China

(Bloomberg) -- Japan has earmarked $2.2 billion of its record economic stimulus package to help its manufacturers shift production out of China as the coronavirus disrupts supply chains between the major trading partners.The extra budget, compiled to try to offset the devastating effects of the pandemic, includes 220 billion yen ($2 billion) for companies shifting production back to Japan and 23.5 billion yen for those seeking to move production to other countries, according to details of the pl...
Tags: Japan, News, China, Bloomberg, Beijing, Xi Jinping, Shinzo Abe, Foreign Ministry, Abe, East China Sea, Japan China, Bloomberg Japan, Fujifilm Holdings Corp, Southeast Asia Japan, Tokyo Shoko Research Ltd, Zhao Lijian


Europe Struggles to Agree on a Plan to Stem Virus Recession

(Bloomberg) -- Divisions among the European Union’s finance ministers threatened to derail, or at least delay, the bloc’s attempt to put forward a bold strategy aimed at mitigating the economic impact of the global pandemic.An emergency teleconference that started Tuesday dragged on until Wednesday morning, as the region’s finance chiefs struggled to reconcile their contrasting visions, forcing negotiations to continue through the night. A press conference was tentatively scheduled for 10 a.m. B...
Tags: Europe, News, France, Germany, Eu, Spain, Bloomberg, European Union, European Central Bank, World, Austria, Italy, Netherlands, Brussels, European Investment Bank, ESM


The wild life of billionaire Twitter CEO Jack Dorsey, who eats one meal a day, dates models, and just said he's pouring $1 billion of his own wealth into a coronavirus relief fund (TWTR)

Jack Dorsey cofounded Twitter in 2006 and the company has made him a billionaire. He is famous for his unusual life of luxury, including a daily fasting routine, regular ice baths, and a penchant for dating models. Dorsey holds two CEO jobs at Twitter and Square, and activist investors Elliott Management have threatened to oust him from Twitter. The CEO announced that he was putting an estimated 28% of his total wealth, or $1 billion, into relief efforts for the global coronavirus pandemic. Vi...
Tags: Facebook, Mark Zuckerberg, Twitter, Japan, Elon Musk, Obama, Congress, Washington, Cbs News, Africa, US, San Francisco, Barack Obama, Trends, Bloomberg, Azealia Banks


Japan Declares Emergency For Tokyo, Osaka as Hospitals Fill Up

(Bloomberg) -- Prime Minister Shinzo Abe warned that hospitals were reaching capacity and Japan was making plans to house the mildly sick in unused Olympic facilities as he declared a state of emergency in Tokyo and its surrounding regions.In what Abe said was the country’s greatest economic crisis since the end of World War Two, he declared a one-month emergency period from April 7 that will cover Osaka, Kanagawa, Saitama, Chiba, Hyogo and Fukuoka prefectures as well as the capital. The move ha...
Tags: Europe, Japan, News, Bloomberg, World, Shinzo Abe, Tokyo, Osaka, Abe, Fukuoka, Tokyo Osaka, Yuriko Koike, Osaka Kanagawa Saitama Chiba Hyogo, Europe Tokyo


Your Evening Briefing

(Bloomberg) -- Some on Wall Street are bridling at stay-at-home orders when they would rather see employees in the office, pandemic notwithstanding. As New York City suffers a ghastly death toll and even after their Manhattan headquarters saw 16 people infected on one trading floor, JPMorgan managers have nevertheless been making plans to get workers back to their desks.Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily ...
Tags: Facebook, Mark Zuckerberg, News, White House, Massachusetts, Russia, New York City, Elizabeth Warren, America, Walmart, Bloomberg, Joe Biden, New York Times, New Zealand, Treasury, Wisconsin


Credit Suisse Tapped Rich Clients to Boost Lending in Rout - Bloomberg

Credit Suisse Tapped Rich Clients to Boost Lending in Rout - Bloomberg:Credit Suisse Group AG turned to its own ultra-high-net-worth clients to bolster its ability to lend as markets sank last month and companies started drawing down credit lines to weather the coronavirus pandemic.Institutional clients, family offices and billionaires were offered notes that pay a 2% interest on money that’s kept with the Swiss lender for a least a year, according to a person familiar with the matter. The notes...
Tags: Travel, Bloomberg, Credit Suisse, Credit Suisse Group AG, Rupert Neil Bumfrey, Credit Suisse Tapped Rich Clients


U.K. Records Highest Daily Deaths With Johnson in Intensive Care

(Bloomberg) -- Prime Minister Boris Johnson was still being monitored in a critical care unit as the U.K.’s coronavirus crisis deepened, with the highest daily rise in deaths so far.After he was taken into intensive care Monday, Johnson, 55, remained in a stable condition receiving oxygen treatment, and has not been diagnosed with pneumonia or put on a ventilator, his officials said. A statement Tuesday evening said this was unchanged.But the prime minister’s personal struggle to recover from Co...
Tags: Health, England, London, News, France, Germany, David Cameron, Bloomberg, European Union, Bbc, Britain, Theresa May, Michael Gove, Boris Johnson, LBC, Johnson


Global Oil Deal Gains Traction With U.S. Predicting Big Drop

(Bloomberg) -- The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically.While the forecast reflects what President Donald Trump has called an “automatic” reduction by U.S. explorers, not a commitment from the world’s top producer, it helps pave the way for Saudi Arabia and Russia to coordinate output cuts at Thursday’s virtual OPEC+ meeting, and seek cooperation from othe...
Tags: Texas, London, News, Saudi Arabia, Russia, America, Opec, Bloomberg, Vienna, Canada, Moscow, West Africa, Brazil, New Mexico, Donald Trump, EIA


Market Review: "Iraq, Oil Prices and the Coronavirus"

By Ahmed Tabaqchali, CIO of Asia Frontier Capital (AFC) Iraq Fund. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. "The herd instinct among forecasters makes sheep look like independent thinkers" -- Edgar Fielder The crash in oil prices, brought on by the oil price war between Russia and Saudi Arabia, and the collapse in consumption due to COVID-19, seems like the perfect storm to hit Iraq given its vulnerabilities to such exte...
Tags: Isis, News, Saudi Arabia, China, Iraq, Russia, US, Opec, Bloomberg, IEA, Brent, Iraq Business News, Cnbc, Imf, Mena, International Energy Agency IEA


#Saudi Fund’s Bargain Buy of Carnival May Turn Out to Be Pricey - Bloomberg

Saudi Fund’s Bargain Buy of Carnival May Turn Out to Be Pricey - Bloomberg:Even after a 20% jump in Carnival Corp. shares, Saudi Arabia’s bet on the world’s biggest cruise operator is still in the red.The kingdom’s sovereign wealth fund had built an 8.2% stake in Carnival by March 26, when the stock closed at $17.82, valuing the holding at about $775 million. The shares ended the day Monday, when the Saudi purchase was disclosed, at $10.21.Carnival also announced a stock offering on April 1 that...
Tags: Travel, Saudi Arabia, Bloomberg, Carnival, Mohammed bin Salman, Carnival Corp, Rupert Neil Bumfrey, Yasir al Rumayyan


We Can't Rely on the Supreme Court to Guard the 2020 Election

(Bloomberg Opinion) -- The Supreme Court’s decision in the Wisconsin election case isn’t exactly the shot heard round the world. In a narrow, 5 to 4 decision, the court’s conservatives held that a federal district court shouldn’t have granted a coronavirus-inspired emergency extension for mailing in absentee ballots.But the Supreme Court’s ruling nevertheless matters a lot. It’s the opening salvo in what is likely to be a seven-month long series of legal battles about how the 2020 elections will...
Tags: News, Supreme Court, Court, Bloomberg, Harvard University, Wisconsin, Ruth Bader Ginsburg, Bloomberg LP, Gore, Bush, Noah Feldman, U S Supreme Court, Ginsburg, James Madison, Wisconsin Supreme Court, David Souter


Biden Says November Election Can’t Be Delayed: Campaign Update

(Bloomberg) -- Joe Biden said unequivocally Tuesday the November election couldn’t be delayed because of the coronavirus pandemic.“We cannot delay or postpone a constitutionally required election,” Biden said in an interview on NBC’s “Today.”Biden, the likely Democratic presidential nominee, repeated his calls for states to plan ahead for remote voting options, including expanding vote by mail. The former vice president said he hoped people can vote in person, but it would “depend on the state o...
Tags: John Lewis, News, Nbc, Congress, Washington, America, Georgia, Bloomberg, Joe Biden, Wisconsin, Biden, Martin Luther King Jr, Lewis, Selma Alabama, Student Nonviolent Coordinating Committee, Bernie Sanders Biden


Securitization platform Cadence surpasses $125M deal volume and raises $4M

Securitization is a critical function of the modern financial system. Banks “package” individual loans, say a mortgage or an auto loan, into a group with similar characteristics and sell them to other investors. That gets the debt off the originator’s balance sheet so that they can offer more loans, while also offering private investors alternative investment opportunities to buy up. Despite the scale of the market — the trade association SIFMA’s research shows that the volume for asset-backed s...
Tags: Apple, Google, Startups, Finance, Funding, New York City, Tech, Bloomberg, United States, Switzerland, Ethereum, Blockchain, Chu, Yalla Mediterranean, Cadence, Fatburger


A new 22-page report breaks down how livestream video has surged in the last month on YouTube, Twitch, and other platforms. Here are the 4 key takeaways.

As consumers spend time at home in an effort to curb the spread of the novel coronavirus, many are tuning into livestreams on platforms like YouTube, Twitch, and Facebook.  Tubular Labs, a social-video analytics firm, put together a 22-page report on livestreaming behavior during March.  The company saw a significant uptick in livestream viewership, noting that real-time news, music, gaming, and animal content were particularly popular last month.  Here are four key takeaways from Tubular's re...
Tags: Facebook, UK, Maryland, California, Washington Post, Youtube, White House, Trends, Bloomberg, Fox, Ohio, Fox News, Pbs, Cincinnati Zoo, Chester Zoo, Monterey Bay Aquarium


A Bloomberg-backed gun-control group launches online effort to register 100,000 young voters

With the coronavirus derailing on-campus voter-registration efforts, the gun-safety group Students Demand Action is launching a $1.5 million online-only effort to register Gen Z voters and engage young people trapped at home.
Tags: Bloomberg, Cnn


Morning Docket: 04.07.20

* A judge has dismissed a lawsuit filed by musicians who had their work destroyed in a 2008 Universal Music Group blaze. Maybe the defendants listened to "We Didn't Start the Fire" to celebrate their victory... [Variety] * The top lawyer at CVS Health was paid over $23 million last year. Clearly, I'm in the wrong field. [Bloomberg] * An attorney that spent two years in prison for wire fraud has been reinstated. Those are some forgiving bar examiners... [CT Post] * Attorney General Barr has ...
Tags: New York, Law, Bloomberg, Netflix, Peta, Boston Globe, Universal Music Group, Barr, CVS Health, Morning Docket, Ct Post, COVID-19, Attorney General Barr, Tiger King, Boston Sports Clubs


A Bloomberg gun-control group launches online effort to register 100,000 young voters

With the coronavirus derailing on-campus voter-registration efforts, the gun-safety group Students Demand Action is launching a $1.5 million online-only effort to register Gen Z voters and engage young people trapped at home.
Tags: Bloomberg, Cnn


#UAE Virus News: #Dubai Financial Hub Regulator Proposes Relief - Bloomberg

UAE Virus News: Dubai Financial Hub Regulator Proposes Relief - Bloomberg:The Dubai Financial Services Authority, the regulator of Dubai’s tax-free financial center, proposed relief measures to support new and existing entities at the business hub amid the coronavirus pandemic.For new firms: Additional time for completing application and authorization processes 50% reduction in application fees for the remainder of 2020 and flexibility in requirements for permanent premises Waiver of registrat...
Tags: Travel, Bloomberg, Dubai, Dubai Financial Services Authority, Rupert Neil Bumfrey, Dubai Financial Hub


#Kuwait’s Wealth Fund on Standby as Oil Price, Virus Hit Finances - Bloomberg

Kuwait’s Wealth Fund on Standby as Oil Price, Virus Hit Finances - Bloomberg:Kuwait’s government has discussed the possibility of turning to the sovereign wealth fund for a loan should the oil-price slump and the mounting cost of fighting the coronavirus pandemic deplete its cash reserves.The option of a loan or investment by the Future Generations Fund is one of several available as a way to boost the Gulf nation’s finances during a difficult time, according to a person familiar with the matter...
Tags: Travel, Saudi Arabia, Russia, Bloomberg, Kuwait, Gulf, Rupert Neil Bumfrey, Kuwait Investment Authority Kuwait


Qatar Cites Covid-19 in Bid to Regain Access to Neighbors’ Skies

(Bloomberg) -- Qatar is renewing its push to regain access to the airspace of Gulf neighbors by invoking the coronavirus.Assistant Foreign Minister Lolwah Al Khater said the government refiled on March 29 a complaint with the United Nations civil aviation agency over a ban on Qatar-registered aircraft in airspace controlled by Bahrain, Saudi Arabia, the United Arab Emirates and Egypt.Reopening the airspace would “avoid further derailing of these humanitarian efforts and medical assistance,” Al K...
Tags: News, Qatar, Bloomberg, Iran, Egypt, Middle East, United Nations, United Arab Emirates, International Civil Aviation Organization, Doha, Gaza Strip, Gulf, Qatar Airways, ICAO, Hamad International Airport, al Khater


Germany Plans to Tighten Rules on Foreign Takeovers

(Bloomberg) -- Chancellor Angela Merkel’s government plans to bring in new rules to protect German companies from takeovers by entities based outside the European Union.The bill would enable the government to block deals that present “potential interference” to German interests, according to an official who spoke on condition of anonymity. At the moment, it can only prevent a takeover if it is seen as posing a security threat.Authorities will also be able to restrict access to companies’ know-ho...
Tags: News, Germany, Angela Merkel, Bloomberg, European Union, Merkel, Funke


Ronaldo and Messi Put Players in England to Shame

(Bloomberg Opinion) -- As excuses go, rejecting a pay cut because you want to pay more taxes has to be up there with the best of them. And yet, that’s exactly what English soccer’s labor union, the Professional Footballers Association, resorted to over the weekend in rebuffing a proposal from the Premier League to cut player pay by 30% to alleviate the bite from the Covid-19 lockdown.It’s a shameless gambit on behalf of the players which reflects poorly on Britain’s most prominent modern cultura...
Tags: Apple, Europe, England, News, Sports, San Francisco, Spain, Bloomberg, Barcelona, Britain, Premier League, Liverpool, Manchester City, Ronaldo, Lionel Messi, Cristiano Ronaldo


Alibaba-Backed AI Startup Sales Triple Enroute to IPO

(Bloomberg) -- Megvii Technology Ltd. for the first time revealed the stunning growth fueled by a nation’s obsession with security.The Alibaba Group Holding Ltd.-backed startup tripled revenue to 949 million yuan ($133 million) in the first half. It generated more than 73% of those sales from AI services for major clients like government agencies, hospitals and real estate developers, the company said in a filing to the Hong Kong Stock Exchange.Seven-year-old Megvii is said to be angling to rais...
Tags: Hong Kong, Business, News, Washington, China, Bloomberg, Beijing, Shanghai, Alibaba, Ant Financial, Huawei, Trump, China Mobile, Foxconn Technology Group, Lenovo Group Ltd, Huawei Technologies Co


Philippines Extends Lockdown of Main Island Until End of April

(Bloomberg) -- The Philippines has extended a lockdown on Luzon island until the end of April, idling its economic engine and home to most of its population to counter the spread of coronavirus.The quarantine that began in mid-March was set to end April 12, but given the sustained growth in virus cases the lockdown will have to stay, the government said Tuesday. The country will need to put more funds toward virus relief, as the 200 billion pesos ($3.9 billion) set aside so far for cash aid to p...
Tags: News, Bloomberg, Philippines, The Philippines, Public Works, Luzon, Rodrigo Duterte, Duterte, Ernesto Pernia, Bloomberg The Philippines, Benjamin Diokno, Mark Villar, CBN News Channel The Economic Planning Agency, CBN News Pernia


Singapore Says It Was ‘Correct’ Not to Close Schools Earlier

(Bloomberg) -- Singapore defended its decision not to close its schools earlier as the Southeast Asian country gets ready to implement “circuit breaker” measures this week to stem the spread of the coronavirus. It was the “correct” decision to leave them open as young people don’t seem to be as affected by the virus as adults, while there is no evidence they are vectors of transmission, the city-state’s education minister Ong Ye Kung said in an interview with Bloomberg TV.From tomorrow, Singapor...
Tags: News, Singapore, Bloomberg, World, Bloomberg Singapore, Ong Ye Kung


Airbnb could run out of cash in one year, even with the $1 billion it just raised, because of how devastating the coronavirus is on its business

The $1 billion in cash Airbnb announced Monday that it has raised likely won't last the company very long. Even before the coronavirus epidemic hit, the travel startup was losing money; thanks to the crisis, its losses and cash burn have likely exploded. In a worst-case scenario, it might not have enough cash to last a year, despite the new funding. More likely, thanks in part to some cost cuts, it can extend its life beyond that, but not by much, particularly if the crisis and associated econ...
Tags: US, San Francisco, Trends, Bloomberg, Beverly Hills, Airbnb, Jeff Bezos, Wall Street Journal, Journal, Silver Lake, SIEGEL, Troy Wolverton, EBIDTA, Airnb, Hurricane Maria, Scott Shatford