Rivian's shares rev up, creating a vehicle-making behemoth in two days of trading

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Food

For faux meat, lean demand

Sales at Beyond Meat are not as sizzling as expected. The plant-based meat maker’s shares fell the most in a year after its disappointing sales projection for the fourth quarter sparked concern the company’s growth is tapering off. After falling as much as 19 percent during the session, the stock closed down 13 percent on Thursday. That pushed the company’s year-to-date share decline to about 35 percent. The maker of faux beef and chicken said late Wednesday that revenue will be in a range of $85 million to $110 million in the final three months of the year. That was short of analysts’ estimates, marking the second time in the past month that Beyond Meat’s guidance failed to meet Wall Street’s expectations.. BLOOMBERG NEWS

CRYPTOCURRENCY

Bitcoin and the like are non-Islamic, Indonesian council says

The use of crypto assets as a currency is forbidden for Muslims, according to Indonesia’s council of religious leaders. The National Ulema Council has deemed cryptocurrency as haram, or banned, as it has elements of uncertainty, wagering, and harm, Asrorun Niam Sholeh, head of religious decrees, said on Thursday after the council held an expert hearing. If cryptocurrency as a commodity or digital asset can abide by Shariah tenets and can show a clear benefit, then it can be traded, he added. The council holds the authority on Shariah compliance in the country that’s home to the world’s largest Muslim population, with the Finance Ministry and central bank consulting them on Islamic finance issues. While the decision from the council doesn’t mean all cryptocurrency trading will be stopped in Indonesia, the decree could deter Muslims from investing in the assets and make local institutions reconsider issuing such assets. BLOOMBERG NEWS

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ARCHITECTURE

A pickle? OK. A flower? No way.

The UK government is fine with a Gherkin, Walkie Talkie, and Cheesegrater dotting the City of London skyline. But it’s drawn the line at a Tulip. After three years of wranglings, officials rejected plans lodged by late billionaire Joseph Safra to build a 1,000-foot, flower-shaped tower in the Financial District. Mayor of London Sadiq Khan had previously over-ruled the approval for the Foster+ Partners-designed Tulip that would have been the latest addition to the city’s cluster of quirkily-named towers. Safra wanted to build it next to his increasingly overshadowed Gherkin skyscraper. BLOOMBERG NEWS

E-COMMERCE

Single-digit increase in sales for Alibaba on Singles Day

Chinese e-commerce giant Alibaba said $84.5 billion in merchandise was sold on its platforms during the Singles Day shopping festival that ended Thursday, an 8.5 percent increase over last year and an indication that Beijing’s campaign to tighten regulation of Internet companies has not dimmed consumers’ enthusiasm for buying stuff online. Even so, the growth in sales was down from the 26 percent increase that the company reported in 2020 compared with the year before. This year’s figure captured sales from Nov. 1 through Nov. 11. Singles Day was once a 24-hour event but has ballooned into a multiweek extravaganza. Before last year, Alibaba’s headline number captured sales Nov. 11 only. NEW YORK TIMES

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LABOR

A grande setback for Starbucks on unionizing

Starbucks employees at three restaurants near Buffalo, N.Y., will consider joining a union after the US government mailed them ballots, defeating the company’s efforts to prevent organizing elections. A union victory in any of the votes would create the first such labor foothold among the Seattle-based coffee chain’s thousands of corporate-run locations. Starbucks on Monday had asked National Labor Relations Board members in Washington, D.C., to keep the agency’s Buffalo office from distributing ballots. Starbucks also had asked the board to overrule an acting regional director’s ruling that allowed store-by-store elections at the three sites where workers petitioned to form a union. Starbucks has argued that any vote should involve at least all 20 of the region’s stores, meaning that the union, Workers United, would win only if it secured a majority of votes from the much larger group. BLOOMBERG NEWS

ACCOUNTING

KPMG sued by failed private-equity firm over auditing

KPMG was sued for at least $600 million over its role in the insolvency of Dubai private-equity firm Abraaj Group, the latest in a string of complaints of sloppy auditing made against the Big Four firm. The claimants, two units of Abraaj now in liquidation, allege that KPMG accountants “failed to maintain independence and an appropriate attitude of professional skepticism,” and breached their duty of care when auditing the private-equity firm, according to court documents filed in Dubai on Nov. 3. The lawsuit is the latest claim to hit KPMG concerning allegations of poor audit work. In July, the Malaysian government, 1MDB, and their units filed a lawsuit seeking more than $5.6 billion from 44 KPMG Malaysia partners for their role in auditing the state investment fund. BLOOMBERG NEWS

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MUSIC

Spotify buys audiobook company

Spotify agreed to acquire Findaway, an audiobook company that gives the Swedish streaming giant additional products to market alongside music and podcasts. Findaway is a distributor for many audiobook services, publishers, and authors, and will continue to serve them after the deal closes, the companies said Thursday. Financial terms weren’t disclosed. The purchase marks Spotify’s most significant investment in audiobooks and is the latest sign of its ambition to grow beyond a music app to become the default service for audio of all kinds. BLOOMBERG NEWS

HANDBAGS

Parent company of Coach touts strong sales in China

The owner of Coach says its strong sales in China aren’t under threat from President Xi Jinping’s push to narrow his country’s wealth gap because the brand’s customers are mainly middle class. Investors and analysts have been worried about whether Xi’s “common prosperity” policies will slow the pace of sales of high-end handbags and other accessories in China, a crucial market for US and European luxury brands. Tapestry said on Thursday that sales increased more than 25 percent in China in its fiscal first quarter compared to a year earlier and by approximately 65 percent versus pre-pandemic levels. BLOOMBERG NEWS

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