It’s Spotify’s Big Day. Here’s What to Expect: DealBook Briefing

Supported by It’s Spotify’s Big Day. Here’s What to Expect: DealBook Briefing Photo Daniel Ek Credit Ilya S. Savenok/Getty Images For Spotify Good Tuesday morning. Here’s what we’re watching:
• Spotify’s shares will begin trading on the Big Board today.
• If the markets fall again, we have some possible explanations.
• Should Facebook offer “Why Me?” buttons?
• Disney has offered to buy Sky News to help Fox’s Sky bid.
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Spotify hopes its shares won’t jump too much todayIt’s not going to be like a traditional listing, where companies ring a bell and make a huge fuss. Spotify is particularly keen to avoid another trope of successful I.P.O.s: a big “pop” in its share price on Day 1.
Alex Barinka of Bloomberg explains how the company has set up its direct listing:
With Spotify, there’s no predetermined supply and the company isn’t selling in the offering. The company’s advisers have had to work a long list of existing investors to try t..

Zuckerberg's data spat with Apple's Tim Cook is a distraction

The public dust up between the Silicon Valley heavyweights is entertaining but will do nothing towards solving Facebook's existential crisis
Anthony Joshua and Joseph Parker weren't the only pugilists in action over the Easter break: Facebook founder and boss Mark Zuckerberg decided he fancied a turn in the ring too.
His opponent? None other than Tim Cook, another Silicon Valley heavyweight, and his neighbour over at Apple.
Mr Cook had landed the first blow in an interview when the subject of Facebook’s data scandal was raised.
Read more Why Facebook's business model is incompatible with human rights Mark Zuckerberg hits back at Tim Cook’s criticism of Facebook Corbyn deletes personal Facebook account amid antisemitism row Declaring the use of users’ information by third party operators to be “an invasion of privacy” he piously declared “I wouldn’t be in this situation”.
Of course he wouldn’t. Apple makes most of its money through the sale of goods and servic..

India Backs Down From Threat to Penalize Journalists Over ‘Fake News’

India Backs Down From Threat to Penalize Journalists Over ‘Fake News’ Photo Newspapers for sale in New Delhi. The government’s “fake news” rule would have affected print and broadcast media, but not digital outlets. Credit Money Sharma/Agence France-Presse — Getty Images NEW DELHI — Facing strong criticism, the Indian government on Tuesday withdrew new rules under which journalists found to have written or broadcast “fake news” would lose their official accreditation, in some cases permanently.
The retraction came less than a day after the rules were announced on Monday evening. Rajat Sharma, the president of the News Broadcasters Association, which would have handled complaints against television journalists, confirmed the retraction and said the decision came from Prime Minister Narendra Modi’s office.
The government provided no official explanation for why the amendment setting out the new rules was withdrawn.
Many in the Indian news media saw the new rules as an attack on the press..

British passport contract decision postponed after De La Rue appeal

The deadline to award a contract to make blue British passports after Brexit has been extended by two weeks following a request by bidder De La Rue, the prime minister’s spokesperson has said.
The move comes after anger at the announcement British passports would be produced by Franco-Dutch firm Gemalto when De La Rue’s contract ends in July.
The British firm said Gemalto was chosen only because it undercut the competition, but the UK company also admitted that it was not the cheapest choice in the tendering process.
Read more De La Rue will appeal decision to give blue passport contract De La Rue said on Tuesday that it would appeal the decision.
A spokesperson for the company said: “We confirm that we are taking the first steps towards initiating appeal proceedings against the provisional decision to award the British passport contract to a part state-owned Franco-Dutch company. Based on our knowledge of the market, it’s our view that ours was the highest quality and technical..