彭博商业周刊-2019-04-29.pdf

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1、 2019 CFA Institute. All rights reserved.As the technological landscape of the investment management industry evolves, CFAcharterholders dont just adapt to the future they help shape it. Charterholders understand that financial technology, combined with human judgement, can build a better world for

2、investors.Demand the best. Demand a CFA charterholder.Get started at le smsur u . rLETS SHAPE THEFUTURE OF FINTECH.YOU NEEDTHEM(They dont need you) GenZisbiggerthan thebabyboomers andabouttoupend consumerism12 How not to pay taxes24 A steaming mug of.48 The new math of private jets59April 29, 2019Ex

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5、dnight, normal trading hours.Visit to learn more.1April 29, 2019PHOTOGRAPH BY ANASTASIA SAMOYLOVA FOR BLOOMBERG BUSINESSWEEKFEATURES42TheBoomingBusinessofBacteria Even antibacterial brands see possibilities in microbes48TakingOnForcedArbitration Lee Stowell may meet the boys at Cantor Fitzgerald in

6、 court after all52TheFutureofSteakDependsonScienceResearchers work to breed flavorful beef that can withstand climate change North of Lake Okeechobee in Florida, an unlikely global warming warrior 2 CONTENTS Bloomberg Businessweek April 29, 2019How to Contact Bloomberg Businessweek Editorial 212 617

7、-8120 Ad Sales 212 617-2900 731 Lexington Ave., New York, NY 10022 Email bwreader Fax 212 617-9065 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. Th

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9、kCover: Photograph by Ryan Lowry for Bloomberg BusinessweekGEN Z PHOTOGRAPHS BY RYAN LOWRY FOR BLOOMBERG BUSINESSWEEK IN BRIEF5Drone deliveries begin; Ukraines election is no punchline AGENDA6U.S. labor stats; U.K. inflation; Apple and Alphabet earnings OPINION6New U.S. sanctions on Cuba will likely

10、 backfire REMARKS 8 How Fiat Chrysler survived without its indispensable CEO1BUSINESS 12 What does Generation Z want (to buy)?13Americas malls win them over, one iPhone at a time 15In China they rely on their friends, not stores 16Sorry, Detroit, but a lot of Gen Zers dont even want a car 18Five rec

11、essions later, Japanese kids are frugal19 Gen Z shoppers: Opinionated, ethical, and hard to reach2TECHNOLOGY 20Ride-sharing Uber tries data-sharing with the police21Can Snapchat snap back in Brazil?22 Visiting the robot farmers of Californias lettuce factory3FINANCE 24High-rises, no taxes: The Mackl

12、owe guide to real estate26 Green bonds try to fight climate changeECONOMICS 28Extortion thrives under Brazils law-and-order president30 Australia signals a left turnPOLITICS 32Trump has little to show from getting tough on Tehran34Life after Mueller for one of the scandals bit players 35Catalonia st

13、ill struggles to find its place in Spain37 Whom do Mexicos powerful unions really represent?SOLUTIONS39Protecting miners with a gold blockchain 41Does property insurance cover a corporate hack? PURSUITS 59Private jets, your way 62Put a bit of beauty on your bookshelves 64Bringing up baby is easywhen

14、 the datas on your side 65Boots to get an angler way off the beaten track 66The eight best sandwiches New York has to offer LAST THING68If you need chips and beer in the land of the rising sun, you may have to wait for the rising sunOwen Crivellano, 16, Thomas Chou, 22, and Krishna Manes, 21, in New

15、 Yorks Tompkins Square Park Download the podcastsListentoo.Bringing the pages of Bloomberg Businessweek to life. Weekdays 2-5pm ET5Bloomberg BusinessweekApril 29, 2019GOOGLE: CHARLES MOSTOLLER/BLOOMBERG. HENG: WEI LENG TAY/BLOOMBERG. ZELENSKIY: ANNA MARCHENKO/TASS/GETTY IMAGES? IN BRIEF In Singapore

16、, Heng Swee Keat moved into the office of deputy prime minister from his former post heading the Ministry of Finance. The appointment sets him up as the likely successor to Prime Minister Lee Hsien Loongand the first nonmember of the Lee family to lead the city-state. Countries that purchase Iranian

17、 oil will now face U.S. sanctions. After Hasbro, Lockheed Martin, and Twitter reported their first-quarter earnings, the S more may follow.A group called the New IRA said the shooting in Derry was accidental. Meanwhile, in Myanmara country led by Nobel Peace Prize winner Aung San Suu Kyia court refu

18、sed to release Pulitzer Prize-winning journalists Wa Lone and Kyaw Soe Oo, held for reporting on the persecution of the countrys Muslim Rohingya minority. The Trump administration ended waivers exempting other nations from penalties. In response, Iran threatened to close the strategic Strait of Horm

19、uz, through which most Gulf oil must pass to reach the rest of the world. Petroleum prices rose in anticipation of the likely squeeze in supply. ? 32 Miguel Patricio became Kraft Heinz CEO, replacing Bernardo Hees, who was hobbled by a failed 2017 bid for Unilever. Teslas first-quarter revenue came

20、in below analysts estimates, and its loss of $2.90 per share was wider than expected. Samsung delayed the launch of its much awaited Galaxy Fold smartphone after problems with its foldable screen. Henry Bloch, co-founder of the 64-year-old U.S. tax preparation company H restrictions on individual tr

21、avel to Cuba; a veto of Major League Baseballs deal with Cuban authorities to hire Cuban players without obliging them to defect; and the shrinking of the embassy in Havana to a skeleton staff. This assault will, as intended, inflict real damage on Cuba but if history is any guide, thats unlikely to

22、 make the coun- trys rulers budge. Instead, litigation against Canadian and European companies doing business in Cuba will fracture the international front against Maduronot to mention swampingAFalseSteponCubaU.S. courts with lawsuits. Since 1964, the U.S. Foreign Claims Settlement Commission has ce

23、rtified nearly 6,000 claims valued (with interest) at $8 billion. The State Department apparently thinks there may be 200,000 more. A full resumption of normal ties between the U.S. and Cuba should indeed require compensation for the victims of expropriation. A process that could have yielded this w

24、as under way thanks to President Obama. This administrations plan is much less promising. Canada and the European Union have said they are “determined to work together to protect the interests of our companies” at the World Trade Organization and through counterclaims against any U.S. lawsuits. Ther

25、es already dis- agreement about how much pressure to apply on Maduro, and the litigation initiativemore an attack on Americas friends than on Cuba or Venezuelawill widen that rift. The administration came into office betting Cubas govern- ment would buckle under pressure, but Havana has withstood mu

26、ch worse than this: the U.S. embargo, for one, and the eco- nomic contraction from 1989 to 1994 because of the collapse of Cubas Soviet patron. Aside from dividing what could have been a U.S.-led coalition, the new escalation will play into the hands of hard-liners, encourage Cuba to seek help from

27、Russia and China, and weaken potent internal forces for change. Engagement is no panacea. Targeted sanctions have their place. But Cuba should be confronted with the broadest possi- ble front of critics and opponents. The Trump administration has just made that harder. On May 3, the U.S. Bureau of L

28、abor Statistics releases the employment figures for April. March saw a surge of 196,000 jobs, after a wobbly gain of 33,000 in February. Will the almost decade-long rise in hiringand, more recently, wagescontinue? Googles parent Alphabet announces quarterly earnings on April 29. Apple and General Mo

29、tors report the next day. On May 2, Bank of England Governor Mark Carney provides U.K. inflation figures and the central banks decision on rates. Brazil reports on its trade balance on May 2. While it still expects to be in the black, its surplus missed expectations by $500 million in April. Anthony

30、 Scaramucci, short-lived White House communications director, will be “Interpreting Trump on China” on April 30 at a conference in Washington. Christies continues its auction of the late British Prime Minister Margaret Thatchers mementos and effects, including a number of her handbags. HSBC releases

31、 its first-quarter earnings on May 3. At its annual report in February, it warned that global tensions may affect profits. Workers (and Statistics), AriseBloomberg Businessweek April 29, 2019If you fjnd yourself in a situation you never thought youd be in, were here to help. No matter what you and y

32、our family are going through, we can help you take on your childs drug or alcohol problem. Connect with a Parent Specialist for free. Call 1-855-DRUGFREE or Text 55753 Center on Addiction / Partnership for Drug-Free Kids REMARKSInto a World Without Marchionne89 REMARKS Bloomberg Businessweek April 2

33、9, 2019IAN HANNING/REA/REDUX A new book details the 2018 crisis when Fiat Chrysler lost its “indispensable” chief executive By Tommaso EbhardtOn the morning of July 20, 2018, a warm Friday, a Fiat Chrysler corporate jet took off from Turin, Italy, with Chairman John Elkann on board. For the second t

34、ime in a week, Elkann, a scion of Fiats founding Agnelli family, was crossing the Alps, headed for the University Hospital Zurich to try to dis- cover what was wrong with his chief executive officer, Sergio Marchionne. Three days earlier, Elkann had been denied entry to the hospitals intensive-care

35、unit by Marchionnes doctors who said it would be a violation of the patients privacy. The chairman hadnt received an update on how the CEO was recovering from surgery hed undergone at the end of June. No one at the company knew hed been scheduled for the procedure. Elkann had one issue on his mind.

36、The company had told investors in its 2017 annual report that Marchionne was “critical to the execution” of its strategy, high praise yet high risk. Fiats market value had grown tenfold under Marchionne. What would happen if the superstar CEOwho ran three of the familys huge companieswas incapaci- t

37、ated? Elkann had started evaluating options on the evening of his first visit to the Zurich hospital, as he headed to the airport after a walk by the lake with Marchionnes partner, Manuela Battezzato. This second visit would be fraught: The companys second-quarter results were due in five days, and

38、media speculation was mounting over the CEOs condition. As Elkann passed through the glass doors of the hospital, he saw Battezzato and, after speaking with her, came to the realization that his CEO was never coming back.Marchionne ruled Fiat Chrysler Automobiles NVand the Agnellis other car and tru

39、ck companies, Ferrari SpA and CNH Industrial NVwith the help of his phones. For the most part, he used an iPhone with a profile picture of a red Ferrari passing a rival Mercedes at a Formula One Grand Prix. He gave out daily orders via WhatsApp to more than 50 peo- ple who reported to him directly.

40、He seemed ruled by an obsessive attitude: “It is just right to get this done, its that simple,” he once said to Bloomberg Businessweek. The only time Marchionnes phones got a rest was when he went to bedand even that produced only a three-to-four-hour respite from meetings, emails, and texts each da

41、y. Although the exact nature of his illness hasnt been offi- cially released, Marchionne knew he was seriously sick a year before he died. In the weeks before he suddenly vanished into the hospital in Zurich, he appeared pale, swollen, and weak even as he worked his mobile phones, running his automo

42、tiveempire. Everything went silent after he went into surgery on June 28. Only Battezzato and his closest relatives knew he was being hospitalized. Everyone elseincluding Elkann, whos Fiats controlling shareholder; the companys top executives; and the board of directorswas left in the dark. Marchion

43、nes WhatsApp account went offline; hundreds of communications were left unread. A July 5 statement from a Fiat spokesman confirming the chief executive had undergone “shoulder sur- gery” with a “short period of recovery foreseen” was the only update given on his condition. The Agnellis three compani

44、es were at risk of coming to a standstill. Marchionne always had the last word on every big decision, from approving a Jeep commercial for the Super Bowl to choosing the design of the first-ever Ferrari SUV. He even signed off on the press releases that reported on monthly auto deliveries in Europe.

45、 On June 1, just weeks before entering the hospital, Marchionne had celebrated reaching a major target: freeing Fiat Chrysler from industrial debt by the end of the second quarter so it would be better able to weather any sudden crises. Although Marchionne usually wore dark sweaters like his idol St

46、eve Jobs, he celebrated the milestone by putting on a tie at the presentation of the five-year plan. That day, Fiat stock neared a record high in Milan trading: The three com- panies that were part of Fiat when Marchionne joined the company in 2004 were now worth $80 billion in total. Marchionnes ul

47、timate goal before a planned retirement in 2019 was to boost the groups value to $100 billion. That plan required a momentous decision: Who would succeed him and take his legacy forward? Hed been considering starting his own management company with a group of close aides after leaving Fiat, but firs

48、t he had to help Elkann select the right successors. “We will make the right choice on leader- ship, forget about it,” he said over dinner and grappa when I asked about the succession in his last sit-down interview, in January 2018. “The turkey that comes after this turkey will be a good turkey, and hes going to be surrounded by a bunch of other turkeys who will be as fully committed as the top turkey that the new business plan works. What the f- do you care?”In Zurich on July 20, Elkann knew he had to make that crucial decision without