FirstFT: WeWork finally becomes a public company

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WeWork will finally make its public debut after the approval of a $ 9 billion merger by shareholders of a blank check company, ending the real estate group’s tumultuous two-year journey to go public.

Shareholders of BowX Acquisition, a publicly traded acquisition company, or Spac, voted yesterday in favor of its deal with WeWork, allowing the New York-based provider of shared office space to trade on the New York Stock Exchange from Thursday under the WE ticker.

WeWork becomes a public company with a much more humble profile than when it first attempted in 2019, and its $ 9 billion valuation is a fraction of the $ 47 billion that SoftBank valued the company in over months of investment. before its failed IPO. BowX shares were down 7% yesterday.

The company has sought to reassure investors and the public that it has moderated some of the excesses that came under scrutiny in the previous listing attempt. Adam Neumann, founder and CEO of the coworking group, was ousted in 2019 and replaced by real estate veteran Sandeep Mathrani.

What do you think of WeWork finally making its public debut? Write to me at [email protected] and tell me what you think. Thanks for reading FirstFT Asia. Here is the rest of today’s news – Emily

Five other articles in the news

1. J&J spent $ 1.4 billion on legal proceedings for cancer claims Johnson & Johnson spent $ 1.4 billion on a contentious legal maneuver that created a subsidiary to handle multibillion-dollar claims regarding its talcum powder and filed for Chapter 11 bankruptcy, the chief financial officer said yesterday of the health products company, Joseph Wolk.

2. Another Chinese developer by default Sinic Holdings has added to a growing list of defaults in the country’s shrinking real estate sector as markets brace for a deadline this weekend for developer Evergrande to settle interest payments on its bonds offshore.

3. Brussels undertakes to punish Poland for having contested EU law European Commission President Ursula von der Leyen has vowed to punish Warsaw for challenging the supremacy of EU law after a Polish court ruling this month said parts of EU law were not compatible with the country’s constitution.

4. The FBI raids the American home of Russian Oleg Deripaska The agency raided the Washington residence of the Russian metal tycoon, rekindling US execution measures against the oligarch who was placed under sanctions in 2018 for alleged ties to the Kremlin.

5. Japan Warns of Chip Industry Survival Takayuki Kobayashi, the new Minister of Economic Security, warned in an interview with the Financial Times that his country’s semiconductor industry is doomed unless the government matches the long-term strategic visions set in the United States. and in China.

  • More supply chain issues: The world’s largest automakers could face a potentially crippling aluminum shortage as China’s electricity crisis threatens the supply of a key component used to make the light metal.

Coronavirus digest

  • Singapore will allow quarantine-free travel with 10 countries, including the US, UK, Canada, France and Italy, after nearly 21 months of border closures.

  • A frame at Regenerate, a biotech group that makes Covid-19 antibody treatment, has argued without merit that Colin Powell’s life could have been saved if he had received infusions of the drug.

  • Brussels seeks to extend its easing of state aid rules beyond the end of the year, according to Margrethe Vestager, EU competition chief.

  • The American drug regulator is about to announce that it will support people receiving a different Covid-19 vaccine for their booster injection than their original injection. (FT, CNN)

Subscribe to Road to Recovery Bulletin to gain insight into how businesses and the international economy are being transformed by the pandemic.

The day to come

China’s key rate Traders and analysts have predicted that the People’s Bank of China will keep its benchmark lending rate stable when the decision is announced today, according to a recent poll. (Reuters)

Federal Reserve Beige Book Report The U.S. central bank will release its state of the economy update today, which could cement expectations about the timing of the first U.S. interest rate hike since the start of the pandemic.

Earnings Tesla will be among the companies reporting profits today as the company prepares to open its German “gigafactory”. We will also have our eyes on Biogen, Carrefour, Deliveroo, IBM, Nasdaq, Nestlé, Verizon Communications and others. See a full list here.

FT NextGen brings together the best and brightest of the next generation for a day filled with captivating panels, speeches and audience participation. Join us on October 28 online and in person for a free cocktail at the London Brasserie.

What else do we read

America’s political and business elites divided over China In Washington, vigilance towards Beijing is what comes closest to a bipartisan truth as lawmakers mull over Chinese gains in artificial intelligence and hypersonic missiles, writes Janan Ganesh. On Wall Street and beyond, however, business imperatives are reasserting themselves.

Which group do you think is taking the right approach to China? Washington or Wall Street? Tell us in our latest survey.

Saudi Arabia revives the labor market A growing number of women are agreeing to work in the conservative kingdom, a trend that has helped change the face of retail stores and gave tangible success to Crown Prince Mohammed bin Salman’s ambitious economic reform plan, despite a wider crackdown. of dissent that swept up to activists.

Port deal intensifies Greece’s unease over China ties This month, the Piraeus Port Authority ceded an additional 16 percent of its shares to Cosco, further consolidating its control by the Chinese state-backed shipping group, which bought 51 percent of the Greek port in August 2016 The deal intensified unease in the EU over China’s growing involvement in European infrastructure.

Help Big Tech workers speak out From Watergate’s Deep Throat to Edward Snowden, whistleblowers were almost always presented as principled loners who felt compelled to stand up against the crowd. But a support group of organizations made up of lawyers, researchers and publicists has emerged to help them.

“Squid Game” Success Raises Stakes For Netflix In Broadband Battle When Netflix first launched Squid game, few believed that the South Korean drama would become the American streaming company’s most popular show launch. Even fewer would have imagined that the influx of network traffic would pave the way for higher Internet bills and video subscription fees.

Food drink

A delicious blend of influences from across Southeast Asia, traditional Singaporean dishes are the ultimate solace. Here’s where to find them at their best.

Laksa to Old Chang Lee

Laksa at Old Chang Lee © Arabelle Zhuang

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