10 things you need to know this morning in Australia

Photo by Drew Angerer/Getty ImagesBeyond Meat CEO Ethan Brown (C) celebrates with guests after ringing the opening bell at Nasdaq MarketSite, May 2, 2019 in New York City.

1. Beyond Meat had an explosive US initial public offering, with shares surging 163% at one point and boosting the company’s valuation to more than $3 billion. Shares opened at $46 apiece after pricing at $25 and rose to $65.75 by close. The decade-old plant-based meat-substitute company, which is famous for its Beyond Burger, is trying to win over meat lovers by creating the perfect replication of meat.

2. Slumping home prices could derail Australia’s jobs boom. There are concerns the slump in Australian home prices and the slowing of the economy over the last year is a worrying sign for employment growth, according to UBS. This is because unemployment tends to follow weakness in housing prices. This chart backs up UBS’s view:

UBS

3. India has evacuated at least 1 million people as it prepares for Cyclone Fani. The Category 4 cyclone is expected to make landfall near the state of Odisha on Friday morning. It’s the largest evacuation ahead of a national disaster in India’s history. The cyclone is expected to be the worst since 1999.

4. Human Rights Watch has found Chinese authorities are using an app to monitor Muslims in Xinjiang. By looking into the source code of the app, researchers say the app compiles data about Xinjiang inhabitants including their blood type, height and electricity use and can warn authorities about any activities it deems suspicious.

5. Facebook has finally committed to banning alt-right personalities and conspiracy theorists. On Thursday, Facebook announced the ban included Alex Jones, Milo Yiannopoulos and conspiracy theory website Infowars. The move follows years of criticism of Facebook for allowing hate speech and misinformation to spread.

6. Millennials are snapping up Tesla shares following its brutal first quarter. According to data from trading app Robinhood, which is popular with millennial investors, Tesla shares climbed more than 8% in the week after Tesla’s earnings release. Following the poor earnings report, Tesla announced plans to raise $2 billion in funding.

7. Eventbrite shares plummeted by as much as 35% after its first quarter earning report showed losses had more than tripled in the first three months of 2019. The struggles followed the online ticket company’s acquisition of Ticketfly.

8. Meteors are not just a movie plot line. NASA Administrator Jim Bridenstine warned people need to take the threat of a meteor crashing into Earth seriously. “We have to make sure that people understand that this is not about Hollywood. It’s not about movies,” he said.

9. Russia is moving to cut itself off from the world wide web. President Vladimir Putin said he wants to create a closed internet only accessible inside Russia to defend against external cyber warfare. Critics warn an isolated internet could lead to censorship and extreme monitoring.

10. In a surprise wedding, Thailand’s King Maha Vajiralongkorn married his personal body guard, General Suthida Tidjai. The news came as a surprise as the palace has never acknowledged the relationship publicly.

BONUS ITEM: Watch Japan’s Prime Minister Shinzō Abe install a beaver door knocker he brought home from Canada and his wife Akie give it a trial run.


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