News: Highlights Of The Day

Amazon's Jeff Bezos.

Photo credit: Insider Monkey

1) An investigation from the Wall Street Journal revealed that Amazon unfairly accessed data from its third-party vendors to help launch competing private-label products. In a previous testimony to the U.S. Congress, Amazon denied using such data to help come up with its own products. Source: Wall Street Journal.

2) U.S. presidential candidate Joe Biden predicted current president Donald Trump will try to delay November elections in a bid to ensure re-election victory. Biden has blasted the idea of delaying the general presidential election, even as multiple U.S. states have delayed primary elections amid the coronavirus pandemic. Source: Politico.

3) Saudi Arabia plans to take on billions of dollars in credit facilities to help weather through a slump in the oil market, which accounts for most of the country's revenue. The Arab nation could borrow up to 220 billion riyals ($58 billion) this year to help sustain its budget. Source: Bloomberg.

4) The government of China has ordered ByteDance, a Chinese technology company best-known for its TikTok app, to temporarily halt downloads of Feishu, its Slack-style work app, after regulators discovered that it allowed access to content from sites like Facebook and Twitter, which are banned in China. Source: Bloomberg.

5) Travel company Expedia has raised $3.2 billion in fresh funding from investors including Silver Lake and Apollo Global Management to strengthen its balance sheet in the middle of a severe business downturn due to travel declines as a result of the coronavirus outbreak. Source: Financial Times.