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10 EKONOMI DALAM NEGERI • Industri 4.0 Memacu Pertumbuhan Industri Automotif • SIA Pandu Pembangunan • Lembah Wawasan Malaysia Pemacu Koridor Transformasi Nasional
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• Sejukkan Ekonomi, Tebalkan Poket
24 EKONOMI ANTARABANGSA • Pencukaian Ibn Khaldun • EEC Mengukuhkan Agenda Thailand 4.0
30 BERITA EKONOMI • • • •
Pembukaan Kedai KR1M 2.0 Ekonomi Digital di Sarawak Eksport Getah Asli dan Produk Getah Meningkat Transformasi e-dagang
40 EKONOMI ANTARABANGSA • Perang Ekonomi China Terhadap Korea Selatan
43 EKONOMI ISLAM
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38-39 TOKOH KORPORAT Padzilah Enda Sulaiman Memenuhi Keselesaan untuk Beribadat BER HEM AT
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46 DIMENSI NIAGA
• Jack Ma Pengalaman dan Teladan
49 INDUSTRI • Twitter Pemasaran Produk yang Efektif RALAT: Dalam Dewan Ekonomi Bil. 2 2018. terdapat kesilapan pada kulit majalah. Jawatan Dr. Hamid Sulaiman yang dipaparkan sebagai Pengarah Urusan sepatutnya dipaparkan sebagai Pengurus Besar Pertubuhan Peladang Kebangsaan (NAFAS). Sidang editorial memohon maaf atas
52 PENGGUNA • Rumah Pemilikan atau Penyewaan? • Alat Timbang dan Sukat Wajib Ditentusahkan
59 LENSA EKONOMI • 10 Negara Paling Cekap Berbelanja
60 USAHAWAN • Tiny Winy Usaha Sama Jurufoto Muda • Rezmad Machinery Pengendalian Alatan Binaan
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2 DEWAR MASTARAKATBL 32018
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Don't panic over plastic
Hollywood after Weinstein Povera Italia: a dismal choice A special report on autonomous vehicles
MARCH 3RD-9TH 2018
How the West got China wrong
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The Economist March 3rd 2018 3
Contents 6 The world this week
31 Managing spies Spooks for hire . 32 The Velvet Hammer Michael Madigan
9 Chinese power What the West got wrong
33 Lexington Lost Boy found
10 Italy's alarming election Povera Italia
Pollution Plastic surgery
11 The Indian economy No mere formality 12
Sexism in Hollywood ilMeToo, part two
On the cover
The West bet that China would head towards democracy and the market economy. The gamble has failed: leader, page 9. How the West got China wrong, page 18. Xi Jinping decides to abolish presidential term limits. This will have big implications for Chinese politics, page 25. Are China's state giants reformable? Schumpeter, page 60
14 Autonomous vehicles Who is behind the wheel?
The Americas 34 Canada's economy What's next 35 Language in Brazil Dialects under threat
36 Bello Venezuela and values Middle East and Africa
Letters 16 On the Democratic Republic of Congo, Costa
Rica, 5G, Italy, Vietnam, Brexit
37 Zimbabwe A rocky start
Italy's election The world's eighth-largest economy faces a woeful set of electoral choices: leader, page 10. Italy risks political confusion when it votes on March 4th, page 41. The dangers of leaders who hold power without office: Charlemagne, page45
38 Emmerson Mnangagwa A chat with the president
38 Safer sex in Senegal Beating back HIV
18 China and the West Not the partner you were looking for
39 Arms deals in the Gulf How much for a pilot? 39 Churches in Jerusalem Holy, profitable land
40 Development in Morocco Idle and angry The Economist online Dailyanalysis and opinion to supplement the print edition, plus audio and video, and a dailychart Economist.com E-mail: newsletters and mobile edition Economist.comfemail Print edition: available online by 7pm London time each Thursday Economist.com/printedition Audio edition: available online to download each Friday Eronomist.com/audloadition
The Economist Volume 426 Number 90&
Asia 21 Security in Pakistan Mopping up 22 Old drivers in Japan End of the road 22 Politics in Afghanistan Power shedding
Reinventing wheels After page 40
23 Myanmar's economy The 238 point plan -
24 Taiwan's toilet-paper
Europe 41 Italy's election The right road is wholly lost and gone
42 Germany Succession planning
43 Turkey Muzzling the fourth estate
25 The reign of Xi Jinping For ever and ever? United States 27 Schools Portfolio theory
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28 Veterans' affairs
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30 The Supreme Court Labour's lost
Beijing Berlin. Brumes, Cairo, Chicago. Madrid, Me ko Cry, Moscow. Mumbal. Wirobi, New Delhi Men York. Paris. San Franciso. $30 Paulo. Se04.4. Shanghai. Singapore. rolv.Washington
Special report: Autonomous vehicles
31 The JROTC School soldiering
44 Military service in France Aux a rmes, citoyens! 44 Spain A fit of intolerance 45 Charlemagne Europe's back-seat drivers Britain
46 Labour's strategy Master of (almost) all he surveys 47 Brexit and trade The customs of the country
Brexit Jeremy Corbyn shakes up the debate, page 46. How a customs union with Europe unexpectedly became a burning issue, page 47. It is not clear that Theresa Maywill be able to get a hard Brexit through Parliament: Bagehot, page 48
‘\ Plastics They are not the world's worst environmental problem, nor one that is all that hard to solve, page 49. To tackle the polymer problem, look east: leader, page 11
48 Bagehot Parliament's silent majority
n Contents continues overleaf
The Economist March 3rd 2018
Science and technology
49 Plastic pollution
67 Robot laboratories
Too much of a good thing Business 53 German cars Last lap of Luxury
Waiting for rain
55 Business and the NRA Outgunned? India's shadow economy Narendra Modi's battle to formalisethe economy provideslessons in what to emulate—and what to avoid: Leader, page 11. How India is nudging businesses, and citizens, to abandon informality, page 61
68 Agricultural chemicals For better or worse 68 The limits of biology
56 Royal Dutch Shell and Eni Drillers in the dock
Books and arts
70 Hollywood and Weinstein
57 McKinsey's new boss firm direction
After the fall
72 A requiem for the factory
Excuse me while I bid for Sky
58 Private-jet terminals
When giants ruled the world
72 The reality of war
Time for an upgrade
Fragments and ruins
Are China's state giants reformable?
For whom, the bell tolls
Finance and economics
61 India's economy Emerging from the shadows
76 Economic and financial indicators Statistics on 42 economies, plus a closer look at metal prices
62 Buttonwood Interest rates
63 The rise and fall of Anbang Out with a whimper Driverless cars Self-driving vehicles offer great potential benefits—but could also be a powerful tool of social control: leader, page 14. They will change the world, just as cars did before them. See our special report after page 40. German luxury cars have the most to lose from alt the dramatic changes facing the auto industry. page 53
Hollywood after Weinstein The scandal is changing film-making for the better in more ways than one: leader, page 12. It has implications not only for the personnel but the stories that make it to the screen, page 70
Obituary 78 Billy Graham The hour of decision
63 Emerging markets Putin's fiscal fortress
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The threat to world trade
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10 The world this week
40 New York Eastern promise
41 Eating and inequality Leaders
13 Trump's tariffs The threat to world trade 14 Talks with North Korea Proceed with caution
A desert mirage
42 Shooting galleries Philly good 43 Lexington Jared in trouble
14 Italy goes to the polls A vote for irresponsibility 15 Corruption in Malaysia Stop, thief! 16 African debt Rearing its odious head the cove] The rules-based trading system is in grave danger: leader, page 13. How America is undermining a mechanism that is already weakened, page 21. Donald Trump may ma ke businessfolk cringe, but a full-scale Democratic migration remains a long way off, page 37. What happens when markets worry about protectionism? Buttonwood, page 74 On
Letters 18 On China, ad-blockers,
job licences, meritocracy, merlot Briefing 21 The looming trade war Steel yourselves 23 Mr Trump's misconceptions It ain't necessarily so
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Tilting the playing field 28 Journalism in Myanmar Arresting the messenger
28 North Korea An explosive offer 29 ItkieToo in South Korea The governor and the secretary
29 Riots in Sri Lanka Emerging emergency
32 Electricity in Australia The power and the furore
34 Banyan China in the Indian Ocean
35 The economy No storm, but tea cups
Volume 426 Number 9082 Publitheechtakotomberal to fobs pert in 'co ;ogre cont.,: Wenn ir.Ym9en whit* passes fonrotd. and on unwortly, timV igneralce obstructing out progress. Mortal of bon In Leaden and also: Beijing. Berlin, Brussels, Cello, Chicago. Madrid, Mexico City, Moscow, Mumbal. Nairobi. New Delhi, NM VOA, Paris. Sao raocisco,Sio Paulo. Seoul Shinghai,Singapore. Tokyo. Washington DC
45 El Salvador's elections
Russian spies Who poisoned a double agent on the streets of Salisbury? Page 57
Nayib in '19 What awaits Sebastian Pifiera Technology quarterly: The ocean
Sing a song of sonar After page 46 Middle East and Africa
47 Saudi Arabia and Iraq Return of the kingdom
Daily analysis and opinion to supplement the print edition. plus audio and video, and a daily chart
44 Infrastructure Coming unstuck
27 Malaysian politics The Economist online
36 Trade A steamroller in reverse
48 Reporting in Egypt The paranoid president
Italy Voters choose populists over reformers: leader, page 14. Jobs and migrants fuelled the ballot-box revolt, page 51
48 Botswana Under the surface 49 Africa's donkey exports Saving asses
50 Public debt in Africa Distressed borrowers Europe
53 Russia and NATO Outgunned 53 Crime in Sweden Gangs of Stockholm
Ocean TO The relationship between people and the oceans is being transformed by new technology, after page 46
54 Training in France Mind the gap
56 Charlemagne Trouble for the Franco-German tandem
37 Republicans and business Sticking together
38 Amazon expands A tale of two Washingtons
40 Pennsylvania's election Oscillate wildly
■■ Contents continues overleaf
The Economist March 10th 2018
Britain 57 A Russian spy mystery Whodunnit? 58 Brexit negotiations Thanks, but no thanks
74 Buttonwood The return of the nativist 75 DBS Notes from a small island 76 Free Exchange Xi v Marshall
59 A Saudi visit Prince Charm-offensive 59 The migrant vote Payback time North Korea Kim Jong Unsays
he is ready to talk to America, page 28. But there is less than meets the eye in the offer to put his nukes on the table: leader, page 14
60 Bagehot It could happen here International 6i Crime and punishment Cops who kill
64 Vigilantes Mobs and robbers Business 65 Ericsson and Nokia Telephone tower v rubber boots 66 Qualcomm and Broadcom Security alert 67 Corporate debt in America On borrowed time 67 Women and the internet Missing Wi ki pedia ns 68 China's CEFC Down the slippery slope 69 Dual-structure companies Twin troubles 69 Alcohol and Islam Spirit of the law 70 Schumpeter Inside Warren Buffett's deal machine Finance and economics
71 Gender and investing The power of money Warren Buffett Berkshire
Hathaway has evolved into an acquisition engine. The returns look pedestrian: Schumpeter, page 70
80 Truth and lies online Falsehood flies
Weimar Germany The sharpest lessons of inter-war Berlin lie not in its extremes but in the mundane, page 81
80 High-tech weapons Nuclear posturing
78 Food labelling Mali spectrometry
62 Global patterns Why they do it
Cops who kill The hardest killings to tally are those carried out by police. In three articles we report from Kenya, Lay out some global patterns and recount a tale of vigilantism, page 61
Science and technology 77 Passenger drones Free as a bird
72 Bank regulation Revising Dodd-Frank 73 Active fund management Off the beaten track
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Books and arts 81 Weimar Germany A respectable man 82 Virtual reality A literary metamorphosis 83 Footballers in Africa Fields of dreams
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American foreign policy after Rexit
How to deal with Vladimir Putin
Grow me a coral reef A SPECIAL REPORT ON ENERGY GEOPOLITICS
MARCH 17TH-23RD 2018
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The Economist March 17th 2018 5
Contents 8 The world this week Leaders 11 America v China The battle for digital Supremacy 12 Sergei Skripal A poisoned relationship 12 American foreign policy After Rexit
13 Energy Electric dreams
14 Democracy in Africa On the cover The battle for digi tat supremacy. How to engage and how not to: leader, page 11. By blocking Broadcom's takeover of Oualcomm, President Trump has shown how worried America is about Chinese tech. It has a point. It doesn't have an answer, page t9. If China cannot placate Donald Trump, it will fight him instead, page 67. In America a politicatcoalition in favour of protectionism may be emerging: Free exchange, page 70
The Economist online Daily analysis and opinion to supplement the print edition, plus audio and video, and a daily chart EconomIst.com
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Tanzania's sickening lurch Letters
16 On Afghanistan, Billy Graham, Malaysia, accounting, Tom Lehrer Briefing
19 Tech nopolitics The challenger Asia
23 Women in India Stuck in the back
24 Japanese politics School of hard knocks 26 Kangaroo culling Roo barbs 28 North Korea and America The summit of all fears 30 Banyan Moon Jae-in's moment
Economist Volume 426 Num by 9083 Published sinc•UptomWr 3343 to to4t cart
'a savrt carers: beNrer nnich yews fonord. a/4 On unnoaty. tic4;grotonteObStnirtirg Our progress.•
Utterlat Sikes In Laden sad Sae 889190 Benin, 13011398,Calro. (Mean. Madrid. Mexico City, Moscow, Mumbai, Ptiorobs. Now At t. MewYork. Pails. San F rarmIsco. Sao Paulo. Seoul. Shanghai, Singapore, Toks. Washtngtal DC
37 Ex - Muslims Losing their religion
38 Lexington Mike Pompeo The Americas
39 Colombia Adios, Santos 40 Venezuela's "petro" Salvation or scam?
42 Bello Transgender trauma Special report: The geopolitics of energy
The new superpowers
Middle East and Africa 43 Tanzania Falling into dictatorship 44 Nigerian self-sufficiency Grow your rice and eat it 45 Africa's economic paradox Why is life expensive?
45 Tuaregs and tagliatelle Saharan pasta smugglers
46 Ageing, ailing autocrats Arab statesmen 46 LGBT rights in Tunisia Come out and listen Europe Meet the Puteens
China 31 Religious freedom New commandments
32 Administrative reform Party time
33 The White House Trump Unbound 34 Pennsylvania's election Lamb sauce 35 The right to bear arms A minor skirmish
36 The White House From Gary to Larry
Dealing with Russia Britain has to go after Russia's dirty money: leader, page 12. Anglo-Russian relations are at their lowest point since the cold war. page 52. States are finding new ways of killing enemies abroad, and of justifying their acts, page 55
After page 42
47 Russia's election
36 Pirates and PhisToo
48 Italian politics
Trump fires Rex Tillerson He was a poor secretary of state. What follows may be worse: leader, page 12. Donald Trump has had enough of being challenged over foreign policy, page 33. Mike Pompeo is where foreign-policy realism meets America First: Lexi ngton, page 38
The Democrats' dilemma 49 Murder in Slovakia The earth cries out 49 Brexit and Germany Selling Frankfurt
50 Germany's finance minister One Hamburger, hold the relish
51 Charlemagne A Berlaymonster under fire Tanzania A country praised for stability and growth is losing both: leader, page 14. A sudden descent into dictatorship shows why constitutions matter, page 43
Ifre Contents continues overleaf
The Economist March 17th 2018
71 Coral reefs Accelerating evolution
53 The Spring Statement Dead cat bounce
72 Psychology The last shall be first
54 Bagehot Global Britain
73 Space travel What goes up...
International Energy geopolitics geopoliticsMoving from oil to electricity will make the world a less combustible place. Getting there will be hard: leader, page 13. Energy transitions change the world, writes HenryTricks. So who will be the winners and Losers from clean power? See our special report after page 42
55 Assassinations Dealing in death Business
74 Automotive engineering Riding a magic carpet 74 Scientific publishing Crisis? What crisis?
57 Renault-Nissan-Mitsubishi Sharing components 58 Airline joint ventures Come fly ',nth me
76 Rodgers and Hammerstein The moon on their wings
59 European utilities E.ONwards and upwards
77 A beguiling Uzbek novel Lords of the lie
59 Unilever Going Dutch
77 Liberalism v democracy Apple against pie
60 AT&T-Time Warner Vertically challenged
78 Johnson Beyond Wakandan
61 China's influencers Not just a pretty face 62 Schumpeter Health-care profits Finance and economics 65 Initial public offerings Proof of life 66 Digital currencies Proceed with caution 67 Emerging markets The largest blip 67 Trade tensions A lose-lose deal 68 Land in Japan Situation: vacant 69 Housing in Japan Nobody's home 70 Free exchange The politics of trade Coral reefs Mass die-offs are driving scientific efforts to create hardierva defies of coral, page 71
Obituary Stephen Hawking, the man who explained the universe, page 82
Books and arts 75 Shakespeare on stage All that may become a man
60 Theranos The reckoning
Health-care profits Which firms make the biggest killing from America's health-care system? Schumpeter, page 62
Science and technology
52 Holding Russia to account What's your poison?
80 Economic and financial indicators Statistics on 42 economies, plus a closer look at world GDP
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PANERA founder: "I Should I The Creator of FRISBEE Have Fired More People". Pie I Is Making a Comeback/ p.44
What's an INFLUENCER Worth? We Go Undercover,
Contents/ FE/MIRES 34
No More Excuses!
Hospitality legend and Bar Rescue host Jon Tatter built a career by being the most responsible man in the room. He expects that of you. too. by MIKE MOH
How to Save a Beloved Brand Wham-0 created the Frisbee, Boogie Board. Slip 'N Slide. and mere. Then i1 fell into disrepair—until a new leader with a new vision came along. by KW KEONAME
Undercover Influencer yni trust (and pay) Instagram Influencers? To out. our reporter became ono—and the free stuff rod in by JACQUELINE DETWILER
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Jon Taller isn't a yeller in real life. He just plays one on TV.
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28 Grow, Without Forgetting Your Roots
by BLAME BRIODY
The biggest danger in scaling: Straying from what makes you great. Here's how to stay on path.
22 Free Business Ideas
by BOYD FARROW
13 Eva Longoria Sees Opportunity Everywhere
We asked sot entrepreneurs: What useful product do you wish someone would make?
30 The Entrepreneur's Identity Crisis
Why the award-wnning actress became a serial entrepreneur.
24 Inside Fender
by STEPHANIE SCHOMER
Are you your company? Until Recital's CEO could answer that question, his company suffered.
16 Right Customer,
How the guitar company's staff stay as creative as their customers.
by KRISTIN HUNT
32 What's Your Problem?
A men's yoga brand learns how to speak to its audience.
26 "I Wish I'd Fired
Make sure your business can survive any catastrophe.
by BOYD FARROW
by ADAM BORNSTEIN
18 The Science of Location
Panera Bread's founder and chairman on one of his deepest regrets.
by JASON FEIFER
How companies are using bog data to plan their retail stores.
by JASON FEIFER
by RON SHAICH
by NANCY MUER
4 / ENTREPRENEUR.COM / March2018
Photograph / ADAM FR iEDBERG
Contents/ FRANCHISE 59 Franchisee Two young sisters prove themselves at Wing Zone. by LYDIA BELANOER
62 Franchisor Why Window Genie's founder sold the brand—and stayed. by NINA ZIPKIN
64 Legal Advice Five things every franchisee should look out for. by LISSA HARRIS
66 The Rise of
Female Franchises More women are buying franchises than ever before. Now the industry is playing catchup. by KRIS FRIESWICK
79 The Accelerators The top 150 fastest-growing franchises, ranked. by TRACY STAPP HEROLD
CLOSER 104 What Inspires Me How the CEO of Barry's Bootcamp found a personal (and company) mantra. by JOEY OONZALEZ
ELEVATOR PITCH Don't miss your chance to pitch your business to investors. APPLY FOR SEASON 2 HERE: MiTHAWEEPS2
Learn from our experts how to Improve your company's growth, marketing efforts. financial strategies, and more. REGISTER HERE: ENTM.AO/EVENTS 9 CORRECTIONS:
In the January/February 2018 issue's - Franchise 500 Top 10" feature. RE/MAX should have been ranked o5 and Sonic *6. Also. Sport Clips was misspelled Sports Clips in the same article . We apologize for the errors.
S I ENT RE PRE NEUR.00 M I March 2018
Sisters Jessica and Andrea Perez with a bowl of their spicy hot wings.
Photograph / BOBBY FISHER
2,208 WORLD BILLIONAIRES, SPOTLIGHTING NO.19 MUKESH AMBANI MARCH 2018 • WWW FORBES.COM
!PAWN*. BUILDS ON NAGA'S CAMBODIAN COMMITMENT
AUSTRALIA....,,.... A11200 INDIA RMEIRS 00 INDONESIA CHINA 1K$80 JAPAN HONGKONG
W9.500 PAKISTAN R5400 KOREA RN 29 00 PHILIPPINES RP 77.000 MALAYSIA . V1238 • TAX NFW ZEAL AND.....NZ $I3C0 SINGAPORE...
85 600 TAIWAN NI P75 P260 THAILAND R260 .S $12.50 UNITED STATES ....US 510.00
VOLUME 14 NUMBER 2
CONTENTS - MARCH 2018
AMAZON FOUNDER JEFF BEZOS IS THE WORLD'S RICHEST MAN, WITH A STUNNING NET WORTH OF $112 BILLION. THERE ARE 2,208 GLOBAL BILLIONAIRES ON OUR LIST.
12 I FACT & COMMENT // STEVE FORBES Don't wreck the new boo m.
COMPANIES, PEOPLE 14 I METALLURGY MATTERS Electric cars are great for Australia's lithium miners. but what if there s a cobalt problem? BY TIM TREADGOLD
16 I THE NEWS MOST VALUABLE TEAMS A pro squad is now worth $1.65 billion. BY KURT BADENHAUSEN, MICHAEL K. OZANIAN AND CHRISTINA SETTIMI
20 I BEST UNDER A BILLION: MIGHTY MINIS Rural India was ready for Dhirendra Singh's mango juice when he thought small. BY ANURADHA RAGHUNATHAN
24 I BOOK EXCERPT: KIJOK AS HOTELIER Legendary tycoon Robert Kuok notes trials and tribulations in Shangri La. -
29 I FROM THE VAULT. BRANSON THE BOLD JULY 3, 2000 Virgin's big leap into the 21st century. —
30 I NEVER FORGET A FACE The natural intelligence node behind a Chinese
BY SHU-CHING JEAN CHEN
MALAYSIA'S 50 RICHEST 34 I THE ACCIDENTAL CASINO MOGUL Chen Lip Keong came to Cambodia 25 years ago to drill for oil. Instead he struck gold in quite a different business. BY MUHAMMAD COHEN
38 I THE LIST It was a good year, with 34 Malaysian fortunes rising and only
BY JOHN KOPPISCH AND ANURADHA RAGHUNATHAN COVER PHOTOGRAPH BY ADAM DEAN FOR FORBES 4 I FORBES ASIA MARCH MIR
UNLESS OTHERWISE SPECIFIED, ALL TOTALS AND PRICES EXPRESSED IN OUR STORIES ARE IN U.S. DOLLARS.
CONTENTS - MARCH 2018
VOLUME 14 NUMBER 2
40 I TURNAROUND FOR PROTON? Sycd Mokhtar Albukhary's share in the carmaker's majority owner is up 85%, thanks to a deal with China's Geely. BY ANURADHA RAGHUNATHAN
42 I FIGHTING OVER THE CHIPS A look at the astonishingly complex family holdings in Genting. BY JESSICA TAN
45 I UP FOR GRABS Anthony Tan started Grab instead of taking a cushy ride with his family's business. BY SUSAN CUNNINGHAM
WORLD BILLIONAIRES ♦ PAGE 24
"IT'S LIKE BEING A FISHERMAN. YOU MUST PARK YOUR HOTEL WHERE THOSE SCHOOLS OF FISH TEND TO SWIM." —ROBERT KUOK, from his new memoir
54 I THE FORTUNATE SON India's richest man, Mukesh Anthani. shares the inside story of his ultimate triumph. BY NAAZNEEN KARMALI
58 I THE ARTISANAL INDUSTRIALIST Francis Holder's billion-dollar bread-and-pastry empire mixes American mechanical production with traditional French techniques. BY CHLOE SORKIN°
61 1 THE LIST Jeff Rens tops $100 billion, the first time that level has ever been reached, and China's Ma Huateng is the richest man in Asia. Our guide to the world's 2,208 billionaires.
65 I PROPHET OF BOOM Speed is everything in cryptocurrency. and Chinese-Canadian CZ is the fastest. BY PAMELA AMBLER
71 I E-COMMERCE HEAVY LIFTER Toolmaker Qiu Jianping thought biwer: warehousing machinery. BY FORBES CHINA
79 I PUBLIC PURSUITS, PRIVATE GAIN Ravindra Kishore Sinha can thank his son for building on a security business. BY MEGNA BAHREE
90 I BILLION-DOLLAR CHECKOUT Forbes ejects Saudi Arabia's formerly superrich after a corruption crackdown. BY KERRY A. DOLAN AND CHRISTOPHER HEIMAN
♦ PAGE 45 Ride-hailing firm Grab is valued at $6 billion, making ANTHONY TAN a new member of the Malaysia 50.
105 I OLDEST & YOUNGEST BILLIONAIRES 106 I
DEATHS & DROPOFFS
108 I MANSIONS ON THE MARKET
FORBES LIFE 110 I FOOTBALL CRAZY A Chinese-American investor brings Moneyball to a sleepy English town. BY PAUL ARMSTRONG
112 I THOUGHTS On abundance.
6 I FORBES ASIA MARCH 2016
LOVE WHERE YOU WORK!
AND THEY VE GOT
1 air EVERYTHIN YOU NEED TO K TO LAND YO DREAM JO
330 .9 FOR AS
T-MOBILE'S BIG, BRASH COMEBACK
INSIDE UNCLE SAM'S BITCOIN HOARD P 54 .
ASIA PACIFIC EDITION NUMBER
MARCH 1. 2018
THE 100 BEST COMPANIES TO WORK FOR
The 2018 List
Politics in the Workplac
Uncle Sam's Secret Bitcoin Windfall
By HANK GILMAN
By JEFF JOHN RORER IS
Preventing toxic political discourse from seeping into the workplace has always been a challenge. Our . experts weigh in with four pieces of advice.
The federal government has seized billions of dollars worth of Bitcoin from criminals. Critics say it's mismanaging that digital wealth.
01 ZA, GSA latilinnt
Salesforce tops our 21st annual ranking, thanks to its bold efforts to create a Great Place to Work for All. The foundation? A "culture of family."
10C UST COMPANIES TO WORK FOR 2018
T-Mobile's Big, Brash Comeback
The Secrets of Activision Blizzard
The Accidental Guru
By AARON PRESSMAN
By ANDREW NUSC A
By ADAM LOESHINSFY
CE0John Legere's recipe for success at the wireless carrier includes a relentless focus on staff morale—and generous servings of confetti.
At the gaming giant— a place where fantasy reigns—top talent is givenopportunities to acquire real-world skills and the freedom to craft their careers.
Eric Riess startup's thinking has inspired countless executives to become acolytes. Not bad for a guy who doesn't really like business.
1-12 FON T UN E .0 OM II
12 • Top of the Hops How Lagunitas Brewing Co. c to be. Interview by DINAH ENG
User error: Tide Pods got dragged Into the drain.
FOREWORD 11 •
VI • A Moonshot for Modest Times Chronicle, the latest graduate of Alphabet's experimental X unit, scours data to detect cyberattacks.
Building an Idea Factory Want to spark some innovation at your company? Start by pttting more trust in your employees.
By JONATHAN VANIAN
By CLIFTON LEAF
Is Your Broker The tech behind Bitcoin could someday change the way you invest—even if you never invest in Bitcoin. By ROBERT HACKETT
15 • When a Blockchain
BRIEFING 5 • New Tax Cuts Will Save
Billions. But for Whom? Oems say tax windfalls won't work their way down to employees. Republicans say they already have. Both sides are getting it wrong.
19 • Finding the Perfect Blend When America's best chefs need a pinch of magic to take their dishes to the next level there's one man they call. By STACY PERMAN
By GEOFF COLVIN
9 • Forget "Uber for X,"Try "X for Women" A growing cottage industry of startups is catering primarily to women. By VALENTINA ZARYA
22 • See Dublin Like a Local A guide to Ireland's cool and quirky capital, courtesy of our expert concierge. By ADAM ERACE
10 • Buckle Up, Volatility Is Back After years of shrugging off the news, Wall Street has regained its capacity for fear. By JEN WIECZNER
11 • Trump's Trade Wars The President thinks the U.S. has made a lot of bad deals. The alternatives could be worse. By GRACE DONNELLY
88 • Cash Back Thanks to the Tax Cuts and Jobs Act, U.S. companies no longer 1 have incentive to stash profits overseas. Text by BRIAN O'KEEFE; E
graphic by NICOLAS RAPP
FortuneAsia (ISSN 0738-5587) is published monthly by TimeAsia (Hong Kong] Limited, a subsidiary of Time Inc. Time Inc. isa wholly owned subsidiary of Meredith Corporation. FortuneAsia mayalso publish occasional extra issues. Customer Service and Subscriptions: For 24/7 service, please use ourwebsite:fortune.com/customerserviceasia You may also contact Customer Services Center at 8523128 -5680, or email to enquiriesgitimeasia.com or write to Time Asia (Hong Kong) Limited, 37/F Oxford House, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong. Subscribers: If the postal authorities alert usthat your magazine Is undeliverable, we have no further obligation unless we receive a corrected address within two years. Mailing List: We makes portion of our mailing list avallableto reputable firms. If you would prefer that we not includeyour name, please contact Customer Services Center. Member, Audit Bureau of Circulations. 2018 Time Asia (Hong Kong] limited. All rightsreserved. Fortuneis protected through trademark registration in the U.S. and In the countries whore Fortune magazine circulates. FortuneAsia is printed in Singapore. Singapore MCI (P) 061/11/2016. Malaysia KKON permit no. PPS1162/05/2013 (022950)
WAX 1 :11
I larnessing Self-Belief PAGE 42
o t 306 REA AS
Amsterdam's Flower Auctions PAGE 90
IMER'S IS PERSONAL
oman's Fight PAGE 106
Pet Pig That Grew and Grew
PAGE 32 9
Reasons Why You're Always71mi
All in a Day's Work
ISSN 0034 0383 JO 11 1 II 03
NGAPOR S9.90 MALAY ARM 5 PHILIPPINES P 199
Contents MARCH .2019
28 THE BEST BIRTHDAY PRESENT
With her mother's 90th birthday coming up, Emily Sims wanted to surprise her. CHRISTINA PFENNMG CRAIG
32 ESTHER THE PIG
They thought they'd adopted a cute mini-pig. STEVE JENKINS AND DEREK WALTER FROM THE ROOK ESTHER THE WONOFR Pla
42 THE HEALING POWER OF YOU
Surprising ways expectations and beliefs shape our body's response to III health. ERIK VANCE FROM NATIONAL GEOGRAPHIC
Drama In Real LIE.
41 HOURS ALONE IN THE SNOW
The young snowboarder had to rely on his resourcefulness to survive. DANIEL J. SCHOZ FROM SONNTAGSZEI TONG
58 GUT BACTERIA - THE NEW FRONTIER OF SCIENCE
The fascinating role that the gut microbiome plays in our lives. HELEN SIGNY •
▪ 68 MYEXTREMELY POWERFUL MEMORY
Can you remember what you were doing on any given date ten years ago? CLAIRE NOWAK
68 March-2018 I 1
U Contents Photo Feature
72 WILD BEAUTY OF THE DESERT The Gobi desert is brimming with life. BARBARA DOMBROWSKI AND CORNELIA KUMFERT
78 HOUSE OF CARDS The whistle-blower who exposed cheating in pro bridge.
JOHN COLAPINTO FROM MARTY PAIR
88 HERE'S WHY SEVEN IS MOST LIKELY YOUR FAVOURITE NUMBER And what makes it significant.
90 WALL STREET OF FLOWERS PH
The largest flower shop In the world. SHECLIE KARABELL FROM RORRFS Com
Did You Know?
96 FEATURED FEATHERS A little bird told us about movies featuring our winged friends. KAITLIN STAINBROOK Travel
98 HONG KONG REVISITED A former resident returns - and falls in love with the city all over again. BONNIE MUNDAY Bonus Read
106 WAITING FOR ALZHEIMER'S The first stage of Alzheimer's can sometimes last years. Geri Taylor tells her story without rancour or self•pity. N.R. KLEINPIELD F ROM THE .NEW YORK TIMES
THE DIGEST Health
Causes of fatigue, undetected high blood pressure, medical news update Travel
Engineering marvels every traveller should visit
Money 26 Best buys at garage sales Pets
27 Dogs hanging out car windows and why it could be bad for them RD Recommends
119 MI that's best in books, films,
podcasts and DVDs
REGULARS 6 Letters 8 My Story 12 Kindness of Strangers 14 Smart Animals 124 Puzzles, Trivia & Word Power
CONTESTS 5 Submit Your Jokes and Stories 7 Caption and Letter Competition
HUMOUR 40 Life's Like That 66 Laughter, the Best Medicine 86 All in a Day's Work
2z a W
SEE PAGE 5
March.2018 I 3
MARCH 20181 ISSUE 335
IPA OPR HIKE
How It Will Impact All Your Loans
TWO MAGIC NUMBERS
But will the Tail Wag The Dog?
To Chart Your Retirement Plan
Supporting Business with
'wed 332.6 SNIA MS
The merger of financial services and technology has led to a rapid paradigm shift in businesses. Find out the latest developments including where to get online financing
Contents 46 MANAGING VOLATILITY THROUGH PORTFOLIO CONSTRUCTION Everywhere we look, volatility Is low but will it remain so?
ECONOMICS 48 SLOW AND STEADY, FAST AND FURIOUS Here are two of the writer's favourite stocks and why.
SO WILL THE BEAR LOOM ITS HEAD? This year has seen a good start, but with labour markets tightening, things could start to change.
MONEY FEATURE 6 THE DOG MIGHT BITE, GOLDILOCKS With no bear in sight for 1H2018, three financial institutions give their consensus on market performance
52 TWO MAGIC NUMBERS Apply these two numbers to chart your retirement plan.
54 A REAL LIFE QUESTION ANSWERED Financial advice for those seeking investment clarification.
for the year ahead.
COLUMNIST 12 PRS AND THE YOUTH INCENTIVE SCHEME What is PRS, why it may be the answer to old age security and how you can give your savings a RM1,000 boost with the TN50 PRS Youth Incentive.
56 GLOBAL INVESTOR'S DIARY: IT WAS JUST ANOTHER DAY A page from the thoughts of a contrarian investor.
LEGAL 58 LEGAL PERSPECTIVES OF THE FINTECH REVOLUTION
COVERAGE 38 A NEW KIND OF HOME INSURANCE Alliances Smart Home Cover is Malaysia's first customisable home insurance policy that provides mortgage loan protections and landlord insurance.
40 A FAVOURS FINANCIAL SOLUTION Zurich's hassle-free product is today's financial safety net that shapes your future with long term rewards along the way.
In the huge sonic boom of Financial Technology, how is Malaysia embracing Fintech?
PROPERTY 60 ONLY IN IPOH Hunting high and low for affordable landed property? According to research, the terrace is Malaysia's preferred choice of home, and 1poh is the only capital with the lowestpriced terraced houses.
STRATEGY 42 EFFECTS OF GICS SECTOR CHANGES
62 OPR HIKE AND YOUR HOUSING LOAN Bank Negara Malaysia increased the Overnight Policy Rate
The renamed communication services sector will combine
(OPR) by 25 points to 3.25% - the first hike since 2014 - as a
select technology and consumer discretionary stocks with
reflection of the improving economy. But what does this
current telecommunication services names.
mean to the ordinary houseowner?
Contents SUPPORTING BUSINESS WITH FINTECH
21 EN ROUTE TO A CASHLESS FUTURE They say that cash is king, but it seems that newer, more convenient payment methods are vying for the crown.
24 CYBERSECURITY: ARE WE READY FOR WHAT'S COMING? The threat of cyber-attacks on businesses has never been greater.
28 ONWARDS AND UPWARDS: DFTZ TO BOOST SME GROWTH IN MALAYSIA SMEs have the power to transform the economy, says Malaysian Prime Minister Dato' Seri Najib Razak. Here's how the DFTZ plays a part. 32
AIMING HIGH: JIRNEXU'S FINTECH REVOLUTION lirnexu - the latest addition to Bank Negara Malaysia (BNM)'s
16 FINTECH AND THE EVOLVING FINANCIAL LANDSCAPE Getting down to the fintech business.
PEOPLE 64 BY MALAYSIANS FOR MALAYSIANS Like a virtual Pasar Malam, homegrown MyBazar connects local sellers to buyers for a revolutionary 'live' shopping experience online where you can even haggle prices!
VIEW FROM THE TOP 66 HIRE AND FIRE The CEO of Berjaya Hotels & Resorts and Hotel Integrations Sdn 8hd Hanley Chew talks about his philosophy of 'Hire and Fire.
REGULAR 68 FUND TABLE 70 FUND NEWS 71 BEAT 80 READ
Fintech Regulatory Sandbox - aims to change the way financial service institutions in Malaysia do business. 34
ALTERNATIVE FINANCING ONLINE Is crowdfunding the future of fundraising and capital investment?