Apr 12, 2018

WeWork acquires Chinese rival Naked Hub

WeWork Weihai Lu commons in Shanghai, China. Photo: WeWork

WeWork is buying Naked Hub, a Chinese office co-working company and part of Naked Group, CEO Adam Neumann said in a blog post. Bloomberg pegs the acquisition price at $400 million, mostly in stock.

Why it matters: The purchase follows two WeWork trends — international growth, especially in Asia, and an acquisition spree. WeWork first opened offices in China in 2016, and last year set up a Chinese entity, bankrolled by SoftBank and Hony Capital, to expand its presence in the country.

Local race: This is only the second co-working company WeWork has purchased (the first was Spacemob in Singapore), but there's no doubt the competition in Asia is heating up. Other local competitors include unicorn Ucommune, which has been on its own acquisition spree.

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The growing coronavirus recession threat

Illustration: Aïda Amer/Axios

In just a matter of weeks, top economists and investment bank analysts have gone from expecting the coronavirus outbreak to have minimal impact on the U.S. economy to warning that an outright recession may be on the horizon.

What's happening: The spread of confirmed coronavirus cases in Europe, the Middle East and the U.S., and the speed at which they are being discovered has set the table for the outbreak to have a larger and much costlier impact.

Mass shooting in Milwaukee: What we know

Milwaukee Mayor Tom Barrett in 2012. Photo: John Gress/Corbis via Getty Images

Six people died in a shooting at the Molson Coors Brewing Company in Milwaukee on Wednesday, including the gunman, Mayor Tom Barrett told reporters at a Wednesday evening press conference with local police.

Details: All of the victims worked at the brewery complex, as did the shooter who died of "an apparent self-inflicted gunshot wound," police confirmed in a statement late Wednesday.

Go deeperArrowUpdated 7 hours ago - Politics & Policy

Coronavirus updates: South Korea case count tops 2,000

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,850 people and infected over 83,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 8 hours ago - Health