Year: 2020

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China probing alleged fraud at Luckin Coffee, banks review IPO work

April 3, 2020 admin Comments Off on China probing alleged fraud at Luckin Coffee, banks review IPO work

China’s securities regulator said on Friday it would investigate claims of fraud at Luckin Coffee Inc, and sources said some of the banks involved in the Chinese chain’s successful U.S. IPO last year were reviewing their work in the listing. Shares of Luckin, which competes in China with Starbucks Corp, sank as much as 81% on Thursday in New York after it announced an internal investigation had shown its chief operating officer and other employees fabricated sales deals. It said it has suspended COO Jian Liu and employees reporting to him following initial recommendations from a special committee …read more […]

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Trump Faces Bitterly Divided Oil Producers in Bid to Save Shale

April 3, 2020 admin Comments Off on Trump Faces Bitterly Divided Oil Producers in Bid to Save Shale

(Bloomberg) — In Saudi Arabia, there is one oil company, the state-run behemoth Saudi Aramco. This makes for a fairly simple process to set policy goals when the country negotiates output quotas with rivals.In the U.S., there are more than 6,000 oil drillers — everything from tiny wildcatters in the shale patches of Texas and North Dakota to global giants like Exxon Mobil Corp.That would seem to make formulating a coherent U.S. negotiating stance next to impossible. And yet, President Donald Trump appears to be intent on seeking to broker a dramatic cut in output along with Saudi Arabia and …read more […]

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U.S. Stock Futures Fall With Relief Rally Fading on Pandemic Fears

April 3, 2020 admin Comments Off on U.S. Stock Futures Fall With Relief Rally Fading on Pandemic Fears

(Bloomberg) — U.S. stock index futures fell, erasing part of Thursday’s rally, as global coronavirus infections continued to increase.S&P 500 Index futures expiring in June slid 0.9% as of 9:30 a.m. in London, after gaining 2.8% on Thursday. Contracts dropped 0.9% on the Nasdaq 100 Index and fell 1.1% on the Dow Jones Industrial Average. Global coronavirus infections surpassed 1 million, a milestone reached just four months after the first cases surfaced in China.In Europe, the Stoxx 600 Index was down 0.5%, weighed down by insurers and telecom shares. The euro-area economy is in a slump of unprecedented scale, with …read more […]