Your Daily Dose of Financial News

Demolition of an old house

Shared workspace giant We Work is joining the growing wave of major start-ups planning to go public this year. And like many of its unicorn peers (as we’ve documented), the company “shows no sign of turning a profit anytime soon” – NYTimes and WSJ and Bloomberg and MarketWatch and Law360

The Labor Department on Monday issued new guidance on workers at some gig-economy companies, departing from an Obama-era opinion letter by deciding that the workers are independent contractors rather than employees. Though the particular guidance at issue didn’t address Uber or Lyft specifically, the general sense is that the letter could have “important implications for these companies,” whose business model relies on treating their drivers as contractors – NYTimes and WSJ and Law360

Inflation (or the lack thereof) is likely to be among the top priorities on the Fed’s agenda as the central bank kicks off meetings this week—its first since revealing that it is unlikely to hike rates again any time soon. Which means that all eyes and ears will be on Fed Chair Powell’s post-meeting message tomorrow – WSJ and MarketWatch

Alibaba will pay $250 million to settle investors’ claims that the Chinese e-commerce behemoth’s stock dropped because the company failed “to disclose regulatory scrutiny ahead of its $25 billion initial public offering” – Law360

Alphabet dropped weaker-than-expected Q1 earnings, as “mounting competition to a once-untouchable online advertising operation finally landed a blow,” sending the company’s shares down in after-hours trading last night – WSJ and Bloomberg and MarketWatch

Music streaming company Spotify announced that it’s crossed the 100 million paying user threshold, though it balanced out this good news with a rough report on its recent foray into the India market – NYTimes

More fodder for the “Huawei as tool of China’s security regime” set today with revelations that Vodaphone, Europe’s biggest phone company, has identified “hidden backdoors” in Huawei-provided software that could have given the company “unauthorized access to the carrier’s fixed-line network in Italy” from at least 2009-11 – Bloomberg

Mexico’s Senate has passed a labor measure tied to the USMCA (or Nafta 2.0, for those of you sentimentalists), sending the bill to President AMLO for ratification, even as the trade deal faces a series of hurtles in the US – Bloomberg

In the next logical step from our reporting yesterday, Anadarko has pivoted away from Chevron and is now resuming talks with Occidental after the company’s new buyout bid – WSJ and Bloomberg

Meanwhile, the SEC has its eye on several traders and their “highly suspicious” purchases of Anadarko head of Chevron’s $33 billion bid for the company, moves that appear driven by insider knowledge – Law360 and WSJ

World of 2019, prepare yourselves for a flood of baby Aryas.  And really, who can rightfully be upset about that – NYTimes


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