Photo: Michael Brochstein/SOPA Images/LightRocket via Getty Images

Walmart is acquiring the women's online plus-size clothing brand ELOQUII in a deal — worth $100 million, per Recode — that will close later this year.

Why it matters, via Axios' Erica Pandey: Brands like ELOQUII have figured out how to circumvent the likes of Amazon and Walmart by dominating a very narrow market. Now the big players are taking notice and gobbling up these successful, small, digital-first brands.

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15 mins ago - World

China's extraterritorial threat

Illustration: Aïda Amer/Axios

All multinational companies and executives need to worry about breaking U.S. law, no matter where they're based or doing business. Now, they need to worry about Chinese law, too.

Why it matters: The projection of U.S. norms and laws around the world has been an integral (and much resented) part of America's "soft power" since 1945. As China positions itself to replace the USA as global hegemon, expect it to become increasingly assertive along similar lines.

Big Pharma launches $1B venture to incentivize new antibiotics

Illustration: Lazaro Gamio/Axios

A group of large drug companies launched a $1 billion AMR Action Fund Thursday in collaboration with policymakers, philanthropists and development banks to push the development of two to four new antibiotics by 2030.

Why it matters: Antimicrobial resistance (AMR) is a growing problem — possibly killing up to 20 million people annually by 2050 — but a severe lack of R&D market incentives has hampered efforts to develop a robust antibiotic pipeline to address the issue.

Updated 46 mins ago - Politics & Policy

Inside Geoffrey Berman's closed-door testimony

Berman arrives on Capitol Hill Thursday. Photo: Saul Loeb/AFP via Getty Images

Geoffrey Berman, the former top federal prosecutor in Manhattan, was expected to say in closed-door testimony today that Attorney General Bill Barr repeatedly urged him to take another job, warned him that getting fired would not be good for his resume or job prospects and steered him toward a high-level Justice Department post in DC.

Driving the news: Axios has obtained a copy of Berman's opening statement for his closed-door hearing before the House Judiciary Committee.