彭博商业周刊-2019-04-22.pdf

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5、back engraving Water-resistant 6 bar Diameter 46.2 mm Stainless steel Calfskin strap by SantoniA new era has some frightening downsides 32 The AI-enhanced hearing aid 56 Bloodsport, Wall Street style 26 Investment-grade cars to love 67April 22, 2019The same technology that helps you fjnd what you ne

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9、MBERG BUSINESSWEEKFEATURES50CourtroomCampout The Boy Scouts are just Scouts now, and that makes Girl Scouts mad56TheFutureSoundsFine Starkey is turning your hearing aid into a personal assistant62TheKidsUseTikTokNowBut is the Chinese social media giant using them? The hearing aid of tomorrow will ca

10、ll for help, take your blood pressure, count your steps, offer simultaneous translation, and more6 CONTENTS Bloomberg Businessweek April 22, 2019How to Contact Bloomberg Businessweek Editorial 212 617-8120 Ad Sales 212 617-2900 731 Lexington Ave., New York, NY 10022 Email bwreader Fax 212 617-9065

11、Subscription Customer Service URL businessweekmag .com/service Reprints/Permissions 800 290-5460 x100 or email businessweekreprints Letters to the Editor can be sent by email, fax, or regular mail. They should include the senders address, phone number(s), and email address if available. Connections

12、with the subject of the letter should be disclosed. We reserve the right to edit for sense, style, and space.Follow us on social mediaFacebook bloomberg businessweek/ Twitter BW Instagram businessweekCover: Photograph by Jamie Chung for Bloomberg Businessweek; prop stylist: Anna SurbatovichSAN ANTO

13、NIO: PHOTOGRAPH BY MARK PETERSON FOR BLOOMBERG BUSINESSWEEK IN BRIEF9Stratolaunch takes flight; Tiger takes a fifth green jacket AGENDA10The U.S. reports GDP; will Facebook run out of friends? OPINION10How not to help our overfished oceans REMARKS 12 Venezuelans plot the future in Colombias Casablan

14、ca1BUSINESS 16Japans Don Quijote is tilting at retailand winning 18If only there were a shot for what ails Walgreens20 Buzzy beers with, um, no buzz2TECHNOLOGY 22How the NRA killed the smart gun25 AI that reads between the lines in earnings reports3FINANCE 26Credit-default swaps, Wall Streets blood

15、sport28Are calm markets the nail in the coffin for FX traders?29 Vivendis Vincent Bollors terrible, no good, very bad yearECONOMICS 32Rest in peace, inflation34Can anything stop Japans deflationary spiral?35 The bond markets $52 trillion time bomb POLITICS 36Climate change catastrophe goes nuclear38

16、Europesrightiststryto get along (with one another) 40 A visit to San Antonios Border Security ExpoSOLUTIONS 44Automating airline manufacture at Airbus 46If you can stand the heat, Pared will get you into a kitchen 48One job the robots cant steal: Robot fixer PURSUITS 67Weird wheels, “youngtimers,” a

17、nd other collectible cars 70Angkor Wat is amazingbut stay to see Siem Reap 72You might as well dazzle in the drizzle 74The Good Fight may be the show for our turbulent times 75Get a top-notch pasta maker for not a lot of dough LAST THING 76 The unicorn IPO tsunami is not big enoughStop fear at the f

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19、ir price. As more than3 million customers know, fear has no place in a place like home.Right now, get free shipping at SimpliS BusinessweekApril 22, 2019NOTRE-DAME: ED ALCOCK/MYOP. STRATOLAUNCHER: COURTESY STRATOLAUNCH SYSTEMS. MA: ANDREY RUDAKOV/BLOOMBERG IN BRIEF By Benedikt Kammel Qualcomm and Ap

20、ple settled their two-year legal battle. Jack Ma, Chinas richest man, is touting a controversial number: 996. It describes the grueling 9a.m.-to-9p.m., six-days-a- week routine he says people need to follow to survive at Alibaba Group, the giant e-commerce platform he founded. Anyone looking for a b

21、etter work-life balance need not apply.Former Peruvian President Alan Garcia died on April17after shooting himself when authorities arrived at his house to arrest him in connection with a bribery investigation. Chevron agreed to buy Anadarko for$33bin a deal that brings it assets ranging from U.S. s

22、hale oil to African liquefied natural gas. Hospital and health- insurance stocks lost$28bin market value on April 16 as investors worried about “Medicare for All” proposals supported by some contenders for the Democratic presidential nomination. The rout continued the next day. Democrats subpoenaed

23、Deutsche Bank to obtain documents that might show foreign-nation involvement in U.S. politics. Indonesian President Joko Widodo was poised to win another term running the worlds largest Muslim-majority country. Disney unveiled the Disney+ streaming service, priced at $7 a month to undercut Netflix.

24、The final season premiere of HBOs Game of Thrones drew 17.4 million viewers, 8.1 percent more than last seasons debut. “Its unreal for me to be experiencing this. Im kind of at a loss for words, really.”Tiger Woods won his fifth Masters golf tournament title, pulling off one of the biggest turnaroun

25、ds in sports history after a long period of scandals, injuries, and other personal setbacks. Notre-Dame was badly damaged by a fire on April 15. President Emmanuel Macron vowed to rebuild the Paris cathedral within five years. French tycoons and others have pledged almost a billion euros to support

26、the effort.Apple will make a one-time payment to Qualcomm, which in turn will supply chipsincluding the 5G parts Apple desperately needsand license its technology to the iPhone maker. Qualcomms stock surged 23 percent on the news, its biggest one-day gain in 20 years. The dual-fuselage stratolaunche

27、r completed its maiden flight over California on April 13. With a record- long 384-foot wingspan, the plane can hold a payload of up to 250 tons. Its intended to carry small rockets to the edge of the stratosphere for hoisting into space. Stratolaunch says its system is more flexible and fuel- effic

28、ient than ground launches.10 AGENDA Subsidies for fleets end up harming the food supply and the fishing industry itself BLOOMBERG OPINIONWritten by the Bloomberg Opinion editorial boardILLUSTRATION BY REBEKKA DUNLAPOverfishing threatens disaster not only for fish, oceans, and the food supply, but al

29、so for fishing itself. The industrys prosperity declines right along with populations of tuna, shark, swordfish, and other species. Yet all over the world, companies persist in taking more fish than nature can replace. If this practice seems foolish, still more so are government efforts to encourage

30、 it. The largest fishing nations spend tens of billions of dollars annually to help fishing companies pay for fuel and vessels. The U.S. government has been a leader of international efforts to end subsidies, but its now proposing one of its own: low-interest loans for fishing boat construc- tion. T

31、he National Marine Fisheries Service should abandon this disturbing reversal of policy. Subsidies make it possible for enormous boats to travel long distances to fish the deep waters that lie far from any coastline. More than half of this high-seas fishing would be unprofitable without subsidies. Cu

32、rtailing it would boost pop- ulations of migratory fish, helping to restock coastal fisheries. China provides the biggest subsidies. Japan, South Korea, and Spain spend heavily also. But in the U.S., beginning in the 1990s, both political parties came to recognize the prob- lem and pulled back. For

33、many years, Congress barredThePerilsofOverfishingappropriations for new-boat loans, and in the late 90s and early 2000s the government spent millions buying back vessels, gear, and fishing permits. These days, most U.S. government investment in fishing goes to research, monitor- ing and conserving f

34、ish stocks, and other beneficial activities. The U.S. has pushed to end other countries subsidies. Prohibitions against them are included in the Trans-Pacific Partnership (from which the U.S. subsequently withdrew) and theyet-to-be-ratified United States-Mexico-Canada Agreement. TheU.S.isalsopartofa

35、neffortattheWorldTradeOrganization to cut subsidies to expand capacity. Agreement in that forum wouldbeideal,becauseitwouldencouragethebroadestpossi- ble compliance. All this makes it especially counterproductive for the U.S. to change its approach. The National Marine Fisheries Service has suggeste

36、d a com- promise: Allow subsidized loans, but only for vessels meant to operate in waters that arent overfished. This is no good. As Duke University environmental economist Martin Smith has demonstrated, the subsidies have a cascading effect. When new boats are built, they replace older ones that sa

37、il on to more exploited waters. A better idea would be to support fishing in ways that dont increase capacity by investing in conservation and other efforts to replenish stocks, or by sup- porting activities such as fishing for ocean plastics. Scientists are increasingly convinced of the nutritional

38、 value of fishone more reason to avoid exhausting the Earths abundance. The U.S. should resume its position as a leader in preventing overfishing. Facebook reports first-quarter earnings on April 24. Investors will look for signs that the worlds largest social network can still grow in mature market

39、s such as Europe while keeping its daily active user base steady and advertisers happydespite several privacy scandals. Tesla discloses its first- quarter earnings on April 24 as well. Its been a tough start to the year for the EV pioneer, with falling demand for its Model 3 sedan. Russian citizen M

40、aria Butina will be sentenced by a U.S. judge on April 26 for trying to infiltrate conservative American political groups. Swedens Riksbank is set to leave interest rates unchanged on April 25; economists dont foresee a hike until the last quarter of 2019. In Boeings first-quarter earnings report, a

41、lso coming on April 24, investors will gauge the fallout from the 737 Max jets grounding after two deadly crashes. The U.S. announces first- quarter GDP on April 26. Economists still see just a 25 percent chance of a recession happening in the next 12 months. Kenyan Eliud Kipchoge will defend his ti

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45、ed fund, you should consider its investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus, an offering circular, or, if available, a summary prospectus containing this information. Read it carefully.Fidelity Brokerage Services LLC, Member NYSE, SIPC. 2019 FMR LLC. All r

46、ights reserved. 873234.1.0FDEV FIDELITY TARGETED INTERNATIONAL FACTOR ETFFDEM FIDELITY TARGETED EMERGING MARKETS FACTOR ETFFSMD FIDELITY SMALL-MID FACTOR ETF12PHOTOGRAPH BY JUAN CRISTBAL COBO FOR BLOOMBERG BUSINESSWEEK? REMARKSAll the Action Is in Bogot13 REMARKS Bloomberg Businessweek April 22, 201

47、9 The city is awash in refugees, plots, and counterplots from Colombias troubled neighbor, Venezuela By Ethan Bronner and Ezra FieserSmallfamilieswithbedrollsloiterquietlyonthered-brickside- walks outside the high-end eateries and upscale boutiques of Bogotsnorthernneighborhoods,takinghandouts.Along

48、the gritty, honking avenues farther south, young men push cart- loads of candy for sale or shoulder food-delivery backpacks as employees of one of the Colombian capitals fastest-growing startups. They are Venezuelan refugees, hundreds of thou- sands of them, and in the past couple of years theyve poured into this damp, thin-aired, sprawling city high in the Andes. Geopolitical crises tend to create unexpected centers of ref- uge and espionage. During the Cold War, it was West Berlin; in the buildup to the Iraq War, the