April 3, 2018 / 11:53 AM / 5 months ago

Tuesday Morning Briefing

Investors prepare for Spotify’s debut on the New York Stock Exchange, Mexico faces up to migrant caravans heading to the U.S. border and China is ready to use counter-measures in response to U.S. tariffs.

Spotify CEO Daniel Ek speaks during a press event in New York May 20, 2015. Spotify, which provides free on-demand music or ad-free tunes for paying customers, said it will now also provide video content and podcasts. REUTERS/Shannon Stapleton

Highlight

Spotify’s unusual route to becoming a public company is a test case for other multibillion-dollar tech companies that are looking to sell their shares but are not in need of cash. Investors will be able to buy and sell shares in the Swedish music streaming service in the New York Stock Exchange’s first-ever direct floor listing.

Breakingviews

Spotify’s direct listing piles risks upon risks. The music-streaming service’s market debut was unusual already – but it comes as specific fears over Facebook and Amazon are spilling over into wider tech valuations.

Commentary

President Donald Trump’s approach to trade policy – threatening U.S. tariffs against foreign countries unless they change their behavior – is unlikely to work, write Simon Lester and Inu Manak. A better strategy, which would also appeal to the president’s ego, would be a “Trump Round” of trade talks.

World

Central American migrants participating in a caravan heading to the U.S. wait in line for a meal in Matias Romero, Oaxaca, Mexico April 2, 2018. REUTERS/Jose de Jesus Cortes

In some of the Mexican towns playing host to a “caravan” of more than 1,200 Central American migrants heading to the U.S. border, the welcome mat has been rolled out despite Trump’s call for Mexican authorities to stop them. 

Hong Kong’s once thriving pro-democracy movement, weighed down by growing pessimism among its supporters over China’s ever-increasing control in the city, is facing a crisis of confidence about its future.

Business

China will take counter-measures of the “same proportion” and scale if the United States imposes further tariffs on Chinese goods, China’s ambassador to Washington said, amid growing fears of an impending trade war.

Rupert Murdoch has stepped up the pressure on Britain to approve his $14.5 billion bid for Sky by offering to sell or legally separate Sky News, seeking to allay concerns about the 87-year-old mogul’s political influence.

When China closed its local cryptocurrency exchanges late last year, an underground ecosystem of bitcoin “mules” and peer-to-peer platforms sprung up to allow bitcoin trading to thrive, away from regulators’ watchful eyes.

CBS plans to make an all-stock offer for Viacom that values the U.S. media company below its current market valuation, people familiar with the matter said on Monday, indicating that tough negotiations lie ahead.

Reuters TV

A Texan who was dubbed the “affluenza teen” was released from jail on Monday after serving nearly two years for killing four people while driving drunk and later fleeing to Mexico with his mother, law enforcement officials said.

Malaysia outlaws 'fake news' ahead of elections
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