Boeing will take a nearly $5 billion charge in the second quarter to compensate 737 Max customers as the planes remain grounded.Airlinesread more
Earlier, Williams delivered a speech at the annual meeting of the Central Bank Research Association in which he said, "It's better to take preventative measures than to wait...The Fedread more
Stocks in Asia Pacific traded higher on Friday morning, as comments from a U.S. Federal Reserve official led to rising expectations the central bank could ease monetary policy...Asia Marketsread more
A man suspected of torching Kyoto Animation reportedly doused the studio's entrance with what appeared to be petrol and set it ablaze on Thursday.Asia Newsread more
Trump said the USS Boxer destroyed Iran's drone in the Strait of Hormuz on Thursday in a "defensive action."Politicsread more
Microsoft beat on top and bottom lines, and guidance was just ahead of expectations, but the company's Azure growth is slowing down.Technologyread more
"We've seen Netflix stumble before, especially maybe after a price hike, but not quite like this," Jim Cramer says.Mad Money with Jim Cramerread more
They also voted to absolve themselves, their party and the voters who elected them – like the ones Trump inspired to chant "send her back" at a rally Wednesday in North...Politicsread more
See which stocks are posting big moves after the bell on July 18.Market Insiderread more
House Democrats contend the $15 per hour minimum wage bill will lift workers who have not seen the benefits of a strong economy.Politicsread more
The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year.Economyread more
Singer-songwriter and musician's rights advocate David Lowery has sued Spotify, claiming in a proposed class action lawsuit that the streaming giant often uses lesser-known artists' material without paying them royalties.
The lawsuit, filed in federal court in Los Angeles on Monday, marks the latest salvo against Spotify by a musician, a battle which began in earnest when Taylor Swift yanked her entire catalog from the online streaming platform in late 2014 following the release of her album "1989."
But unlike Swift, pop music's reigning queen who believes that such streaming services under-value her music, Lowery claims in his lawsuit that Spotify has often failed to obtain permission to distribute the work of lesser-known artists or compensate song writers.
"Spotify has a business model in which they use artists' music on their website without identifying the license holder and without paying them royalties," said Mona Hanna, a lead attorney in the case. "This lawsuit seeks to hold Spotify accountable and protect the artists' rights against copyright infringement."
Lowery is best known as frontman of the bands Camper van Beethoven and Cracker. In recent years, he has become an outspoken advocate of artists' rights.
Hanna's co-lead counsel, Sanford Michelman, said Spotify typically negotiates royalty amounts in advance with top artists who have the resources to defend their work, but is less diligent about tracking down the license holders of music by lesser-known or independent artists.
"This is fundamentally wrong for the entire industry," he said. "Spotify shouldn't be playing 'catch me if you can.' (Lowery) has raised his hand and said 'I'm going to stop this.'"
Spotify spokesman Jonathan Price said in a statement that the company was "committed to paying song writers and publishers every penny."
Price said it was sometimes hard for Spotify to determine who owns the rights to a piece of music and that in those cases the company sets aside the royalties until they can be found.
"We are working closely with the National Music Publishers Association to find the best way to correctly pay the royalties we have set aside and we are investing in the resources and technical expertise to build a comprehensive publishing administration system to solve this problem for good," he said.
Singer Neil Young pulled his music from streaming services in July over complaints about sound quality.