Lakeway, NY -- (SBWIRE) -- 02/26/2013 -- ThePennyStockProfiler.com, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-
Qihoo 360 Technology Co Ltd (NYSE:QIHU) faces systematic abuses of its iOS ecosystem from Apple and all the 20+ iOS apps made by Chinese software company and search engine vanished from Apple’s App Store at the start of last week.
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Not only for manipulating App Store rankings, it is claimed, for encouraging the jailbreaking of iPhones by the way that Qihoo often makes its apps available as single file downloads that can be loaded by users with jailbroken Apple devices.
The Qihoo apps missing from the App Store range from its 360 Mobile Assistant to its 360 Browser.
Moreover it is also believed that Qihoo’s iOS software also made use of banned APIs, and were engaged in repeated attempts to rig App Store rankings.
Qihoo’s desktop applications are also under the spotlight in China where the State Administration for Industry and Commerce (SAIC) has handed Qihoo an official warning for unfair competition involving collusion and dirty tricks in its Windows-based anti-virus and web browser offerings.
The meeting over control of the world’s biggest copper and gold mine under construction Oyu Tolgoi is to take place tomorrow between Rio Tinto plc (ADR) (NYSE:RIO) and Mongolia.
Mongolia owns 34% of Oyu Tolgoi and Rio the rest through its Turquoise Hill Resources Ltd. (TRQ) subsidiary. The government is seeking to boost Mongolian participation in management and increase the number of local companies that can benefit from the project, including the use of Mongolian banks.
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Within three days financing for the $6.6 billion Oyu Tolgoi mine runs out and in the meeting talks to extend the funding comes amid allegations of unpaid taxes, and frozen and then unfrozen bank accounts that raise doubts about the project’s future.
“Some people incorrectly accuse Oyu Tolgoi of not paying its taxes,” Oyu Tolgoi LLC, the unit that operates the project, said in a Feb. 5 statement on its website, following the president’s remarks. From January 2010 through November 2012, Rio paid $803 million in taxes and payments to the government, as well as $150 million in the form of a tax pre-payment, according to the statement.
“The Oyu Tolgoi investment agreement that was signed in October 2009 was a game changer for Mongolia,” said Jackson Cox, CEO of Woodmont International, an Ulan Bator-based consultant. The conflict over the accord is damaging to Mongolia’s economy, he said.
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