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Music streaming service Spotify had been considering an IPO, but sources tell CNBC's David Faber that it's planning a direct listing on the New York Stock Exchange as early as this fall.

Why a direct listing? Spotify, with 100 million users, isn't looking to raise capital; they're already cash-flow positive. Instead, it wants a liquidity event for employees and early investors looking to cash out, as CNBC reports. In a direct listing, only investors are allowed to buy shares through the open market.

Spotify v. Pandora: Pandora reported growing net loss in its Q1 earnings earlier this week and announced it was raising money to explore a sale. Spotify is such a dominant player in the music market that, once listed, it's expected to trade on the peer multiple of Netflix rather than Pandora.

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2 hours ago - World

Macron visits Beirut promising a "new political pact" for Lebanon

Macron visits the hard-hit Gemmayzeh neighborhood. Photo: AFP via Getty Images

French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.

Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

2 hours ago - Sports

The PGA Championship is golf's first major in over a year

Photo: Gary Kellner/PGA of America via Getty Images

The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.

Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.

July's jobs report could be an inflection point for the coronavirus recovery

Illustration: Sarah Grillo/Axios

Even if Friday's jobs report shows a big number, it is becoming clear hiring slowed and likely even reversed course in July and real-time indicators suggest the employment situation worsened into August.

Driving the news: Payroll processor ADP's monthly jobs report showed private companies added 167,000 jobs last month, well below the 1.2 million expected by economists and far below June's 4.8 million jobs added.