Beyond Meat vegan food company taps investment banks for IPO

Beyond Meat has hired investment banks for an initial public offering, people familiar with the matter tell CNBC. The plant-based food company has tapped J.P Morgan, Goldman Sachs and Credit Suisse to help lead the IPO, said the people, who asked not to be named because the talks are private. It could not be immediately determined what valuation Beyond Meat will seek in its IPO. Beyond Meat did not respond to multiple requests for comment. J.P. Morgan, Credit Suisse and Goldman Sachs declined to comment. The IPO will be the…

Spotify takes minor stake in music distributor DistroKid

NEW YORK/SAN FRANCISCO (Reuters) – Music streaming service Spotify said on Wednesday it had taken a stake in DistroKid, a distribution service that allows recording artists to upload music across online stores and streaming platforms including Spotify’s biggest rival, Apple Music. FILE PHOTO: The Spotify logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid/File PhotoSpotify revealed the move in a blog post but did not give a dollar amount, saying only that it was…

Brexit: UK ‘may consider longer transition period’

Theresa May is willing to consider extending the proposed 21-month transition period after Brexit to break the current deadlock over Northern Ireland, senior EU officials have said. The PCF’s Laura Kuenssberg said No 10 had refused to rule out extending it during a summit in Brussels. The PM has been addressing EU leaders in the hope of advancing the process. But EU officials said insufficient progress had been made to call a special summit of leaders next month. The two sides are currently proposing an implementation period from 30 March…

Jeff Bezos has been quiet on the disappearance of Washington Post journalist Jamal Khashoggi

As the story of Jamaal Khashoggi unfolds, one significant person has remained silent: Jeff Bezos. Bezos owns the Washington Post, the newspaper that employed Khashoggi when the journalist entered the Saudi consulate in Istanbul, Turkey, on Oct. 2. Khashoggi hasn’t been seen since, and a Turkish official has said that Saudi agents killed and dismembered him inside the consulate, according to the New York Times. The Saudi government has denied any connection to the disappearance. With his gruesome story capturing front-page headlines, U.S. business leaders have voiced their disdain. J.P.…

Amazon, Illumina among Wall Street analysts’ favorite stocks to buy on this market dip

With the fourth quarter shaping up to be considerably choppier than many expected, it’s time to look at Wall Street and see which stocks the experts are betting on as solid picks amid the selloff. The Dow Jones Industrial Average and S&P 500 fell more than 4 percent last week despite strong gains on Friday. The Nasdaq dropped nearly 3.75 percent for the week. TipRanks tracks and ranks almost 5,000 Wall Street analysts. We scanned our data for the Street’s best-rated stocks across the different sectors right now. All the…

Spotify’s new Wear OS app brings Connect features, better controls

Spotify announced today that it’s rolling out a new Wear OS app in the coming week. The standalone Wear OS app is a vast improvement over the previous Spotify app for Android Wear, which left so much to be desired that users were relying on third-party apps to play their music through the streaming service. The new Spotify for Wear OS brings better controls for music playback and browsing playlists. Most importantly, it adds Spotify Connect features that let you play music from your connected speakers. The UI remains pretty…

New York AG launches probe into MoviePass parent company for allegedly misleading investors

The New York Attorney General Barbara Underwood has opened a probe into MoviePass parent company Helios and Matheson, a source familiar with the matter told CNBC. The attorney general’s office is investigating whether the company mislead the investment community regarding the company’s financials, the source said. The investigation is in the early stages. This story is developing. Please check back for updates. Source: CNBC

Singer Buble says life changed after son’s cancer diagnosis

LOS ANGELES (Reuters) – Singer Michael Buble, who releases his new album “Love” next month, has spoken about putting his career on hold after his son Noah was diagnosed with liver cancer. FILE PHOTO: Canadian singer Michael Buble poses for a portrait while promoting his new album ‘Michael Buble: To Be Loved’ in New York April 25, 2013. Picture taken April 25, 2013. REUTERS/Brendan McDermid/File Photo“When you experience something that my family has experienced, it has to change you,” he told Reuters on Tuesday. The Canadian singer announced in November…

Want to understand the future of Android in Europe? Look at China

By the end of the month, Google will charge a licensing fee in Europe for the Play Store and apps like YouTube and Gmail in order to comply with the European Commission’s antitrust ruling. Device makers will soon have to decide whether using Google services are worth the fees, while Android as an operating system will remain free to use. With these new conditions, the future of Android in Europe could dramatically transform, becoming a pared down version that retains the OS but offers fragmented alternatives to what were once…

Watch what happens when a small drone hits a plane at 238 miles per hour

Researchers at the University of Dayton Research Institute are showing what can happen when a small drone strikes the wing of an aircraft. The team mimicked a collision between a 2.1-pound DJI Phantom 2 quadcopter and a Mooney M20 aircraft. Video shows the drone ripping through the plane’s wing in conditions that simulate a crash taking place at 238 miles per hour. « We wanted to help the aviation community and the drone industry understand the dangers that even recreational drones can pose to manned aircraft before a significant event…

Despite Trump criticism, Fed policymakers see need for more rate hikes

(Reuters) – Despite sharp criticism from U.S. President Donald Trump for raising interest rates, Federal Reserve policymakers remain generally united on the need to raise borrowing costs further, according to minutes from their most recent policy meeting. FILE PHOTO: U.S. Federal Reserve Chairman Jerome Powell holds a news conference following a two-day Federal Open Market Committee (FOMC) policy meeting in Washington, U.S., September 26, 2018. REUTERS/Al Drago/File PhotoEvery policymaker backed the Fed’s September rate increase, according to the minutes of the Sept. 25-26 meeting, published Wednesday. The display of unanimity…

U.S. wants ruling on ‘Dreamers’ in Supreme Court’s current term

(Reuters) – The U.S. Department of Justice said Wednesday it will ask the Supreme Court to intervene if an appellate court has not ruled by Oct. 31 on whether the Trump administration can end protections for “Dreamers” who entered the country illegally as children. A woman leaves the U.S. Citizenship and Immigration Services offices in New York, August 15, 2012. REUTERS/Keith Bedford In a letter to the clerk of the 9th U.S. Circuit Court of Appeals in San Francisco, a Justice Department lawyer said the action would be necessary to…

Tesla VP of manufacturing Gilbert Passin has left

Tesla’s vice president of manufacturing Gilbert Passin has left the company, according to people familiar with personnel matters there. Business Insider previously reported on Passin’s departure. Manufacturing at Tesla is led by President of Automotive, Jerome Guillen, who was promoted to that role in September. One person said that Passin left months ago. He held multiple roles during his 9-year tenure at Tesla, and was not in charge of all manufacturing in the Fremont, California, factory. A Tesla spokesperson declined to offer further details and said in an e-mail: «…

Ex-colleague of Netflix’s CEO: Investors who fear the stock’s high valuation are making a big mistake

Paul Holland, a former colleague of Netflix CEO Reed Hastings, believes the biggest mistake investors make when evaluating the streaming giant is that they « continually underestimate the market size. » « Many people have made the wrong bets » on Netflix throughout the years, Holland told CNBC’s « Squawk Alley » on Wednesday. « You just don’t understand how large the market is. » Holland’s firm, Foundation Capital, led Netflix’s Series C funding round in 1999. Holland joined Foundation Capital in 2001. He worked with Hastings on another technology…

Noel Gallagher scoops two prizes at music Q Awards

LONDON (Reuters) – British rocker Noel Gallagher triumphed at the Q Awards in London on Wednesday, scooping two prizes at the annual ceremony hosted by UK music magazine Q. FILE PHOTO: Noel Gallagher from Noel Gallagher’s High Flying Birds, whose album « Who Built the Moon? » was nominated for the Mercury Prize 2018, poses for a photograph. REUTERS/Henry Nicholls/File PhotoThe former Oasis songwriter, who released his third album “Who Built the Moon?” with his High Flying Birds band last year, won Q Best Solo Artist and Q Outstanding Contribution…

Facebook knew it was misreporting video ad data a year before telling clients, lawsuit says

Facebook knew that it was providing inaccurate data on ad viewership for over a year before telling clients in 2016, according to an updated lawsuit filed on Tuesday. And the problem was much worse than what Facebook reported. In September 2016, Facebook admitted the that it overestimated video ad viewing time averages by up to 60 percent to 80 percent for two years because of a calculation error. According to the lawsuit, which was initially filed in a California court October 2016, by small social media agencies and marketing consultants,…

James Damore is moving his lawsuit against Google out of court

Former Google employee James Damore, who was fired last year for circulating a memo arguing women were biologically less suited for tech jobs, is taking his legal complaint against Google into arbitration. Damore sued Google early this year alongside fellow former employee David Gudeman, who is also moving into arbitration. The pair alleged that Google had “systematically punished and terminated” them for their political beliefs, and they sought class action status to represent conservative white male employees who had allegedly been discriminated against. The overall lawsuit will go forward, but…

Major Facebook investors want Mark Zuckerberg out as chairman

Major Facebook investors, including public pension funds and state officials, are pushing for Mark Zuckerberg’s ouster as chairman of the company’s board. The proposal is largely symbolic, since Zuckerberg holds absolute control of the board. But it comes at a difficult time for Facebook, as security breaches continue to plague the company and spur questions around corporate oversight. « We need Facebook’s insular boardroom to make a serious commitment to addressing real risks – reputational, regulatory, and the risk to our democracy – that impact the company, its share owners,…

Roseanne calls TV death ‘morbid,’ audience slumps for ‘The Conners’

NEW YORK (Reuters) – Roseanne Barr called the way her character was killed off “grim and morbid” and television viewers stayed away in droves from spinoff show “The Conners” without her. FILE PHOTO: Actress Roseanne Barr waves on her arrival to the 75th Golden Globe Awards in Beverly Hills, California, U.S., January 7, 2018. REUTERS/Mario Anzuoni/File PhotoRatings data on Wednesday showed about a 43 percent drop in viewers for the premiere of “The Conners,” in which the family featured in comedy “Roseanne” carries on without the show’s namesake star and…

U.S. regains crown as most competitive economy for first time since 2008: WEF

WASHINGTON (Reuters) – The U.S. economy sits atop of the World Economic Forum’s annual global competitiveness survey for the first time since the 2007-2009 financial crisis, benefiting from a new ranking methodology this year, the Swiss body said on Tuesday. In its closely-watched annual Global Competitiveness Report, the WEF said the U.S. is the country closest to the “frontier of competitiveness,” an indicator that ranks competitive productivity using a scale from zero to 100. The U.S. beat off Singapore, Germany, Switzerland and Japan, the other top four markets, with a…

Trump widens Fed critique, calls it ‘my biggest threat’

WASHINGTON (Reuters) – U.S. President Donald Trump heaped more criticism on the Federal Reserve in an interview with Fox Business Network on Tuesday, extending his discontent beyond its chairman, Jerome Powell, whom he has frequently critiqued in public. “My biggest threat is the Fed,” he said, according to excerpts released before the interview with “Trish Regan Primetime” airs. “I put a couple of other people there I’m not so happy with too but for the most part I’m very happy with people.” Last week, Trump criticized the U.S. central bank…

£5,000 backpay for 180,000 benefit claimants

Tens of thousands of people on sickness benefits will receive backdated payments averaging £5,000 following government errors. The Department for Work and Pensions (DWP) has revealed it is paying more than £1.5bn owing to the mistakes. Some people have already received payouts of more than £10,000. The mistaken calculations were made when people were moved on to the main sickness benefit, the Employment and Support Allowance (ESA). The errors were first revealed by BBC News in November, but the scale of the underpayments has now emerged. Assessors wrongly calculated the…

Netflix continues to burn cash at a record pace, but investors love it

Netflix’s cash burn just hit a new record. In its third quarter earnings report on Tuesday, the company reported negative free cash flow of $859 million, the biggest figure in its history. Netflix continues to increase spending on original content as it seeks to compete with other players like Hulu, HBO and planned streaming services like the one Disney plans to launch next year. Netflix will reportedly spend at least $8 billion on content in 2018. Investors continue to reward rather than punish Netflix for its free-spending ways, banking that…

How China rips off and reinvents the iPhone and Android

2018 will go down as the year when it became impossible to ignore the increasing advancements of Chinese smartphone hardware, from superlative camera arrays and super-speed charging to in-display fingerprint scanners and creative ways to stretch the display across as much of the front of the phone as possible. In a year that has seen Apple, Samsung, and now Google deliver iterative design updates to their flagship phones, devices like the Oppo Find X, Huawei P20 Pro, and Vivo Nex will be particularly memorable for their sheer gadgety appeal. That…

Benefits errors trigger £5,000 refunds for ESA claimants

Tens of thousands of people on sickness benefits will receive backdated payments averaging £5,000 following government errors. The Department for Work and Pensions (DWP) has revealed it is paying more than £1.5bn owing to the mistakes. Some people have already received payouts of more than £10,000. The mistaken calculations were made when people were moved on to the main sickness benefit, the Employment and Support Allowance (ESA). The errors were first revealed by PCF News in November, but the scale of the underpayments has now emerged. Universal credit rollout delayed…

Twitter says it found more than 10 million posts by Iran, Russia-backed accounts dating back to 2009

Twitter said Wednesday it found more than 10 million posts by Iran and Russia-backed accounts dating back to 2009 — and it plans to release archives of the posts to the general public. Twitter had previously identified Iran and Russia as the source of fake accounts and coordinated misinformation campaigns, but had largely limited the scope to around the 2016 U.S. presidential election and the upcoming midterm elections. The social media site will now shed light on the accounts’ actions starting years earlier. The company will release archived versions of…

IBM slides at the open after revenue miss

IBM stock was down as much as 6.8 percent at the beginning of trading Wednesday following revenue misses disclosed in its third quarter earnings report Tuesday. Its overall revenue was down 2 percent year over year. The revenue dip did not come as much of a surprise to many analysts, who expected a decline for the quarter. But revenue still dropped below estimates of $19.10 billion to $18.76 billion. IBM beat earnings predictions by 2 cents per share, reporting $3.42 per share, excluding certain items. Prior to this quarter, IBM…

Theresa May: My Brexit plan is not dead

Media playback is unsupported on your device Theresa May has insisted her Brexit proposals are still alive as she heads to Brussels for a key summit. The prime minister will try to convince EU leaders to back her approach when she addresses them before dinner later. But expectations of a breakthrough are low, with talks deadlocked over the Irish border issue. Jeremy Corbyn said the government was « too weak and too divided » to come up with a solution to solve the problem. The two party leaders clashed over…

Three jailed fracking protesters freed on appeal

Three men jailed for a fracking site protest have been freed after judges ruled their sentences were « excessive ». Simon Blevins, 26, Richard Roberts, 36, and Rich Loizou, 31, became the first UK anti-fracking protesters to be sent to prison, after climbing on lorries at Cuadrilla’s site in Lancashire. Court of Appeal judges ruled they should be released from jail and instead imposed conditional discharges. The judgement was met by applause and singing from supporters in the court. Blevins, from Sheffield, Loizou, from Devon, and Roberts, of London, were…

A new version of MTV’s ‘The Real World’ is heading to Facebook Watch video

Reality show « The Real World » is heading to Facebook Watch, the social network’s video streaming service. The MTV series, one of the first reality shows, ran for 32 seasons from 1992 to 2017 and it will return as three interactive series on Facebook in the U.S., Mexico and Thailand early next year, according to a Reuters report on Wednesday. It will include interactive elements where viewers make suggestions for the show. Facebook’s Watch service, launched in August 2017, is personalized around what friends are watching and was a…