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Tencent and Spotify swap stakes

AP Photo/Kin Cheung, File

Music streaming services Spotify and Tencent Music Holdings have agreed to invest minority stakes in one another, both companies announced on Friday.

Why it matters: The investments could allow each company to expand their global footprints. Tencent Music's parent company is a dominant force in China's social internet economy, and has recently made investments in American companies like Snapchat. Spotify has been working to go public through a direct listing, and an investment from Tencent could help convinvce shareholders that it has global appeal.

Deal details: Financials haven't been disclosed, but reports suggest each company acquired roughly 10% in one another. Tencent Inc. also is investing in Spotify through secondary purchases, making both Tencent Inc. and Tencent Music Holdings minority stakeholders in the streaming giant.

Axios 9 mins ago
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John Dowd resigns as Trump's personal lawyer

Photo: Kevin Dietsch, Pool / Getty Images

President Trump's personal lawyer John Dowd has resigned as the head of the president's legal team for Special Counsel Robert Mueller's investigation, per the NYT. A White House official confirmed the report to Axios.

The backdrop: Dowd spent last weekend personally attacking Mueller — going so far as to encourage an end to his investigation. He later told Axios' Mike Allen that his statement was "nothing against Bob," adding, "On St. Patrick's Day, can't an old Marine make a prayer? No big deal."

Ben Geman 1 hour ago
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Global carbon emissions are on their way back up

Chinese coal-fired plant from 2015 with lots of emissions. The country has made efforts to lower its emissions since then
Smoke billows from a coal-fired generator at a steel factory in Hebei, China, in 2015. Photo: Kevin Frayer/Getty Images

A new International Energy Agency report finds that worldwide carbon dioxide emissions from energy — which are the lion's share of global emissions — ticked upward by 1.4% in 2017 after a three-year plateau.

Why it matters: The findings underscore the immense challenge of reigning in heat-trapping emissions in an increasingly energy-hungry world. Carbon dioxide output is on pace to eventually bring about global warming levels that blow past the targets of the Paris climate agreement.