EKO MI

Putin's fiscal fortress 64 Asia's stockmarkets Duelling exchanges 64 Tax and the dollar Green-backs back 65 Trade and the dollar Push me pull you 66 F...

0 downloads 31 Views 2MB Size
DEWAN

MI

EKO KOPRIS Tunjang Sektor Penternakan

RUMAH Pemilikan atau Penyewaan? • 4 .

330 DEW MS

18 RM6.50 : RM7.00 BS 6.50 SS 6.50

7

AO,

:

8

1 1 VII 1 1

9 770128 852133

PENERAJU -TELEKUNG INOVASI.SECARA 'IrCOMERSIAL DBP

http://dwnekonomi.dbp.m

f

KANDUNGAN JILID 25 • 131L. 03 2018 / I439H • 81( 330 91225 0318 • ISSN 0128-8320

3 NOTA EDITOR • Agropelancongan Memperkasakan Ekonomi Negara

IHOUSTRI411.0

0© 00 0



4 RENCANA UTAMA 0



(PO

Ca

10 EKONOMI DALAM NEGERI • Industri 4.0 Memacu Pertumbuhan Industri Automotif • SIA Pandu Pembangunan • Lembah Wawasan Malaysia Pemacu Koridor Transformasi Nasional

thilb s- •

19 KOMENTAR DDNK

4 LINNIROJI WAR MAN MALAYSIA Maw. Rona.

• KOPRIS Tunjang Sektor Penternakan

bleak/TS

• 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

PIRANG

0:7144Prow c-

32-37 KORPORAT SK Peneraju Telekung !novas' Secara Komersial

38-39 TOKOH KORPORAT Padzilah Enda Sulaiman Memenuhi Keselesaan untuk Beribadat BER HEM AT

• Berhemat Bukan Hanya ketika Gawat

46 DIMENSI NIAGA

:-.7.-129:87-Fa lei

• 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

kesilapan in, . •

8113 2018

• YAJAWI PEMENAPIG HUI 1101.PETRONAS

2011. 2012 DAN 2014

girt ,

113U SEGALA PILIHAN RAYA? NEWLIN URU TIEN BETUL 301 DEW MS

AAP RAKYAT TERMADAP POLITIK RMS.S0 RM6.00 8$5.50 515.50

KK 001.90268-03 8 ISSN 0419-0386 "' IVI 9 770419

I

1 ) 1 313

Kanditrician, Jilid 56 1311.. 3 2018/1439H KK 001 90256 0318 • ISSN 0419-0386

A.Kadir Jasin

A Murad Merican

3

KOMENTAR PEMBACA

DEWAN MASTAFtAKAT LEBIH INTELEK! Oleh:Anssa Irian

CERITA MUKA DEPAN

4-5

NILAI EKSKLUSIF SENIMAN DAHULUKALA Oleh: Abd Kadir Mohd Ayula

TEROPONG

CERPEN

6-7

PENUBUHAN MAHKAMAH KEADILAN ANTARABANGSA (ICJ) Oleh: Abdul Monir Yaacob

EKONOMI

-

Olen Nur Islamudin

1447

KESEDIAAN MIA MENDEPANI TN50 Oleh Burhanuddin Jalal

18.2°

CINTA UNIVERSAL DALAM AAC2 Olen Aninah Janang

BAHASA

48 -51

ISTILAH SEMASA:ALAH BISA TEGAL BIASA Oleh Alias Ismail

PEMIKIRAN

52-55

&KAP RAKYAT TERHADAP POLITE Oleh: Rahman Shaari

KORIDOR MINDA

56-6°

STRATEGI MENGHARUNGI ZAMAN SUKAR PERNIAGAAN MEDIA

2124

PENTAKSIRAN TIMSS 01 MANAKAH KEDUDUKAN PELAJAR MALAYSIA? Oleh: Abdul Halim Abdullah

APA CERITA?

46-47

BALK BURUK EKONOMI MONETARI Oleh . A.Kadir Jasin

PRI)• I4: IBU SEGALA PIUHAN RAYA? Deft Nidzam Sulaiman

PENDIDIKAN

4245

MENYOROT SEJARAH CUKAI LANGSUNG NCGARA

ISU UTAMA

FILEM

3841

UNDANG-UNDANG

A.KADIR JASIN BERCERITA

Oleh: Zaidi Saad

AGAMA

34-37

AKU BUKAN WANITA TULEN? Oleh: Nik Hazlina Nik Hussain

25-28

ADVOKASIKECENDEKIAAN, PROSA DAN UNNERSITI Oleh: A Murad Merican

JELAJAH 1)1RAJA

2932

UMA MASJID. LIMA ANUGEFIAH (Jekeoh Ilmu Universiti Malaysia Perlis (Unimop) Kdi ke-I3 ke Kazakhstan don Azerbaijan) Oleh: Ahmad Hifzurrahman Ridzuan

2 DEWAR MASTARAKATBL 32018

Oleh: Chan! Wariya

JENDELA ORANG MUDA MEMILIH GURU YANG BETUL Oleh: Ayda Roslan

BACA DAN FIKIR 63 Oleh: Zaidi Saad

61-62

Don't panic over plastic

The Economist

Hollywood after Weinstein Povera Italia: a dismal choice A special report on autonomous vehicles

MARCH 3RD-9TH 2018

How the West got China wrong

330.9 ECO AS



3

1111111:11

14 8 6 02674

An>0eW Ilanslash Cambodia China

AS1211m.GST7 None Kong 7‘550 India 71338.00 Indonetia 04880 Moan

HK$90 050 Malaysia.. 1000000 VI.259•ax Naval

Won 12.000 Ntw Zealand NZ515.00 Sri Woke .. R1410.00 q4 Man 17800 Taiwan Milippint. _.11558.00 1,045450 Thailand NR700 5513.5011w.0311 Vietnam

211400

4"";0

M1275 UM 300

"

The Economist March 3rd 2018 3

Contents 6 The world this week

31 Managing spies Spooks for hire . 32 The Velvet Hammer Michael Madigan

Leaders

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

Briefing

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

shortage

Europe 41 Italy's election The right road is wholly lost and gone

Wiped out

42 Germany Succession planning

China

43 Turkey Muzzling the fourth estate

25 The reign of Xi Jinping For ever and ever? United States 27 Schools Portfolio theory

Pubh,hed >ince S.ptembergle snve :cc test Oetxtten mtengente. nnret•prcs us Poore. oed on unnonfri, orbirotonct ottnecting Our fOrefs.

28 Veterans' affairs

Uttorteloacesin London nr1 abm

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

V strange

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

4 Contents

The Economist March 3rd 2018

International

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

69 Psychology

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

Gene machines

68 Agricultural chemicals For better or worse 68 The limits of biology

Authoritarianism

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

57 Comcast

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

60 Schumpeter

73 Johnson

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

Subscription service For our full range of subscrtptlon offers. including digital only or pont ar4 Mogul tombincchisit Economrst.com/offers You can subscribe or renewyour subsuiption try mail, telephone or las at the details below: Tettphone: .65 6534 5166 Facsimile: .65 6514 5066 tconomist.com/offers Web: Email: Asiaci'subsui$lons.rcmomN.m' Post: The Economist Subscription Centre, Tanjong Pager Post Office PO Boo 671 SingeTtOle 910817 Subscription for 1 year (51 issues)Printonty Australia A1465 China WY 2,300 Hong Kong & Macau HK$2,300 T10,000 India Yen 44,500 Japan Korea KEW 375,000 101780 Halagt 114 Nese:Wand 112$530 Singapore & Brune 55425 Nein /1119.000 Thailand 1155300 Coning us as abut* Other countries

64 Asia's stockmarkets Duelling exchanges

64 Tax and the dollar Green-backs back

65 Trade and the dollar Push me pull you

66 Free exchange Driving productivity

Principal commercial offices: Inn A4eiphr Building. 1-11John Man. 5yeet, London W02116HT Tel:444 (020 78307000

Ruede l'Athknit 32 1206Geneva, Switzerland Te1:•41 22 506 2470 750 3rd Avenue. 5th HOOK New York. HY 10017 Tel: •1 212 541050D 1301 Cityplaza four. 02 TaikooVian Road, Milton Shims, Hong Kong Tel: .852 2585 3888

Other commertiatoffices: Chicago. Dubai. Frankfurt. Los Angeles. Paris. San Fra ncisco and Singapore

Robotic DNA The design of synthetic lifeforms could become a new industry, page 67

PIK Certified

tAS

on••cr

PEFC

:e•tiber

mvicptfc.ofg

0 recycle LIC PT ..... I

North Korea wants to talk

The

Russian spies and the assassin's creed

Economist

Warren Buffett loses his touch TECHNOLOGY QUARTERLY: The ocean

MARCH 10TH-16TH 2013

The threat to world trade

j1111)111111 1 161 14 1111

AusuSW Itangladesh Cambodia Olin

ASI2CInt4ST) 111550 US5I1.00 RN 880

Nang Kong India Indonesia Japan

IIK590 • SSO 100.000 91.259.7a.

Noma Nelaysla Mamma! Plopat

Won 12.000 91410.00 USS8.00 NR700

Now Zealand NI5I5.00 tabittan 11.800 PhilipplO•S Petet4S0 Singapore SS13.50iInt.07)

Al Lanka Taiwan !avant; Vietnam

b1.100 N1SZ7S Uhl 100 USS8 00

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

ECOttomiSLCOm

E-mail• newsletters and

mobile edition ECOnomiSt.COM/emall

Print edition: available online by

7pm London time each Thursday Economist.com/printedition

Audio edition: available online

to download each Friday Economist.com/audioedition

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

The

Economist

China

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

Asia

Daily analysis and opinion to supplement the print edition. plus audio and video, and a daily chart

44 Infrastructure Coming unstuck

46 Bello

27 Malaysian politics The Economist online

The Americas

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

51 Italy's election Populist discontent 52 German politics Mrs Merkel goes fourth

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

United States

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

8 Contents

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

Subscription service

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

rig our Mt range of subscipton often.

Books and arts 81 Weimar Germany A respectable man 82 Virtual reality A literary metamorphosis 83 Footballers in Africa Fields of dreams

including digital only or peint and digital recabined visit Economist.com/ollers Ycw can Sub...OW*01 renew your subscripttOo by mail. telephone or fax at the details below: Telephone: .65 6534 5166 Facsimile: .65 6514 5066 Web: tonomist.com/offers Asia.,subscriptions.*::nomitt.con Post:

83 Companies and the law Friends in high places 84 New American fiction A gun on every wall 88 Economic and financial indicators Statistics on 42 economies, plus our monthly poll of forecasters Obituary 90 Sridevi Bewitching India

The Economist Subscription Centre. Tanjong Pala, Post Office PO Box 671 Singapore 910817

Subscription For 1 year (51 Issue$)pim only Australia Ina Off 2,300 Hoeg Kong & Maui. HK$2,300 India (10,000 Japan Yen 44,300 KRW 375,000 Korea RH 780 Malaysia NIS530 Nen Zealand Singapore 8 Some' 58425 Taiwan lly, 4110

NT$9,000 US$300

Other °Juniors

Contact us as above

PrincipalcommercIaloffices: 11, e Ade.ptil I-31 jonn Adam Street. London K2& Egli Tel: s44 (C) 2078307000 Rue de l'Athenie 32 1206 Genre. Switzerland Tel:41 225662470 750 3rd Avenue, 5th Floor, NewYork. NY 33017 Tel o 212 5410500 1301Cityptaza Foul, 12 Mike° Wan Road, laikoo String. Hong Kong Tel: 452 2585 3888 Othorcommordaloffices: Chicago, Cuba& Franklyn, Los Angeles, Paris, San Francisco and Singapore

73 Monetary policy Taxis and the New York Fed

,----"Illk ttA I‘

PM certified this copy on a wfroaarist in waited on p souk...! twin untainatW managed

P E FC

«ruffs. reused and «midi« sources ternfied by PM

IIKT:-Ti.inT

nw.pelt.otti

°recycle 2..». The tesenrt xe.scaprIlallet AL rtietsrgwrvo. Nctivit,It Moot*. no. IN pal 01 nr, be reptokotd.slorvitn • to salrptwr.o. tunsuitts] Jo try1/44.ot Wevyaws. gate**. net/Yr/cat ph3t*Cfpplotte
PTC.: (a) awownoWTinT PIS 511,i4q01.:(0:1141)

American foreign policy after Rexit

The

How to deal with Vladimir Putin

Economist

Grow me a coral reef A SPECIAL REPORT ON ENERGY GEOPOLITICS

MARCH 17TH-23RD 2018

o111111.111! 121,6 71,111,11ii i

Anshan' Ilanall4MS Candiadb Cliaa

11SISI1oc.651) Tk$50 UM.00

OM SO

Sag Kong India ladootsla

faIda

Ht$10 <350 11*10.01:10

yufl.Ta.

Kole. Malaysia Olyaamat

Nepal

Wen12.000 11430.00 US$t00 NI1700

Km Zealand ... .Nntue Pakistan 11000 PailippIne Pena4S0 Slowed ..T113.70(Inc.“11

SA Lan; Talmo

mars Iflabua

11sI.200 117$775 IS 330 USS0.00

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

E-mail: newsletters and mobile edition Ec onomist.com/email

Print edition: available online by 7pm London time each Thursday Economist.com/printedition Audio edition: available online to download each friday Economist.com/audioedition

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

Hornswoggled

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

United States

The

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

6



Britain

la •

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

Subscription service for our NU range of subscripbon offers. including digital only or print and 090 1 combined t Econoonst.com/offers You can subscnba or ranee yam stanospraon by mail telephone of fax at the details below: Telephone: *65 6514 5166 Facsimile: .65 6534 5066 Eronomist.com/oft Web: (retain Ass atsutrunterent.ermomrsuor Host:

The Economist Sobun piton Centre, Tanjong Mboar Post Office PO Box 671 Singapore 910817

Subsaiption for 1year (51 issues)PrInt Doh A$snalla

A$46'

China Hong Kong 8 Macau India 3apan

(NY 2,345 H132.301 610,001 Yen 44.301 KRW 375,00( Rig 781 NZ5531 55421 NTS9.OcC

el$

Obituary 82 Stephen Hawking The cosmos from a wheelchair

Malaysia New Zealand Singapore 8 Brunei Taman Thailand Other countries

USSIN Cornea us as Awn

PrIncipalcommercialoffices: The Adelphi Building, I-11 John Adam Street. London Wt. OH let:444 (0) 207830 7003 Rue de tAthinee 32 5206Gerleva,SMUerWM Tel: .41 22 566 2470 750 3rd Avenue, 5th Floor, Ne*York, HEY 33017 Tel: .1 212 5410500 1301Cityplan Four, 12 Taikoo Wan Road. Tarte° Shing,14ong Kong Tel .852 2585 3888

Other commerdaleflices: Chicago, Dubai. Frankfurt, Los Angeles, Paris, San Francisco and Singapore

PEI( certilled thiscopyof the (conning It printed or paper tourted Iron sustaina90 ennu9r1 forest., reens4d and conceded souron saint rid tee PM Ineve. pecan)

0 recycle I :o3 '. ee rent "...theen trend. A7 099..nsen44. 1.8461, twf Ornlerrtern en any Nn Mel nester reorareare a cerenrse.nerten.rtneneer per remora re Ina leonemstenempreereltnited.Rnlinednesyrne1.4eary In ayn. oIderunr Metlew:The Ceereneet. !MIS bylines 600.8704 90911918,7 M f.Lier Mor347/01/Zint PPS 677/W701410140/0

pewter:pre. recorthere nes. uptern.es Ir ~Said p/ rom ftIV,It. otar:ok. ntaarf f !mooing Ikeapteer tinted. ttcleonmen. is a PtclI4 ,t6t ■ erLIA of tn. rineornegnernsiser

PANERA founder: "I Should I The Creator of FRISBEE Have Fired More People". Pie I Is Making a Comeback/ p.44

March 2018

What's an INFLUENCER Worth? We Go Undercover,

ntrepreneur

ntrepreneur.com

P.52

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

ON THE COVER NO THIS PACE

WHAT'S SO FUNNY?

Photograph by DAVID YELLEN Grooming bY BRANDI LT E WE LYN

Jon Taller isn't a yeller in real life. He just plays one on TV.

2 I ENT REPRENEUR.COM / Much 2018

08

Contentstarch 2018 GUITAR HEROES

Inside the rockui Fen

20 Signing Ott

EDITOR'S NOTE

BUSINESS UNUSUAL

a sophisticated marketing tool.

10 What's Your Time Worth? Think of hours the way you think of money: You shouldn't spend them haphazardly .

Thm

your email signature into

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.

Wrong Message

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

More People"

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

4 ENTREPRENEUR

ELEVATOR PITCH Don't miss your chance to pitch your business to investors. APPLY FOR SEASON 2 HERE: MiTHAWEEPS2

44

FREE WEBINARS

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

FAMILY BUSINESS

Sisters Jessica and Andrea Perez with a bowl of their spicy hot wings.

Pee

Photograph / BOBBY FISHER

2,208 WORLD BILLIONAIRES, SPOTLIGHTING NO.19 MUKESH AMBANI MARCH 2018 • WWW FORBES.COM

IP*

Slh•

`WIN-WIN'

!PAWN*. BUILDS ON NAGA'S CAMBODIAN COMMITMENT

658

FOR

9 70015

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



PAGE 61

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

Al

standout.

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

6 declining.

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

11,1 11

LOVE WHERE YOU WORK!

28

AND THEY VE GOT

8

1 air EVERYTHIN YOU NEED TO K TO LAND YO DREAM JO

330 .9 FOR AS

T-MOBILE'S BIG, BRASH COMEBACK

P42

INSIDE UNCLE SAM'S BITCOIN HOARD P 54 .

ASIA PACIFIC EDITION NUMBER

FORTUNE

MARCH 1. 2018

THE 100 BEST COMPANIES TO WORK FOR

The 2018 List

TfoRTu

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

04

T-Mobile's Big, Brash Comeback

The Secrets of Activision Blizzard

The Accidental Guru

By AARON PRESSMAN

By ANDREW NUSC A

By ADAM LOESHINSFY

A.E_E.,

4110'

CE0John Legere's recipe for success at the wireless carrier includes a relentless focus on staff morale—and generous servings of confetti.

I i

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.

R INZ

FA

Eric Riess startup's thinking has inspired countless executives to become acolytes. Not bad for a guy who doesn't really like business.

!AGE •

1-12 FON T UN E .0 OM II

MAR I

10

FORTUNE

tAlUILUI`,



FOCUS IEVIL:PE

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.

0;PARTMENTS

FOREWORD 11 •



UCH

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

INOSI

15 • When a Blockchain

BRIEFING 5 • New Tax Cuts Will Save

PASSIONS

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

a

10 • Buckle Up, Volatility Is Back After years of shrugging off the news, Wall Street has regained its capacity for fear. By JEN WIECZNER

LAST BYTE



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)

2 FOPTYFI.0011

I I

WAX 1 :11

a

lead E

I larnessing Self-Belief PAGE 42

o t 306 REA AS

Amsterdam's Flower Auctions PAGE 90

9;

IMER'S IS PERSONAL

oman's Fight PAGE 106

Pet Pig That Grew and Grew

MARCH 20

PAGE 32 9

6

Reasons Why You're Always71mi

All in a Day's Work

16 Be

I

ISSN 0034 0383 JO 11 1 II 03

8

NGAPOR S9.90 MALAY ARM 5 PHILIPPINES P 199

Contents MARCH .2019

Heart

28 THE BEST BIRTHDAY PRESENT

With her mother's 90th birthday coming up, Emily Sims wanted to surprise her. CHRISTINA PFENNMG CRAIG

Animal Kingdom

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

Cover Story

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.

50

41 HOURS ALONE IN THE SNOW

The young snowboarder had to rely on his resourcefulness to survive. DANIEL J. SCHOZ FROM SONNTAGSZEI TONG

Health

58 GUT BACTERIA - THE NEW FRONTIER OF SCIENCE

The fascinating role that the gut microbiome plays in our lives. HELEN SIGNY •

Psychology

▪ 68 MYEXTREMELY POWERFUL MEMORY



Can you remember what you were doing on any given date ten years ago? CLAIRE NOWAK

LI

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

Investigation

78 HOUSE OF CARDS The whistle-blower who exposed cheating in pro bridge.

JOHN COLAPINTO FROM MARTY PAIR

Who Knew?

88 HERE'S WHY SEVEN IS MOST LIKELY YOUR FAVOURITE NUMBER And what makes it significant.

BRANDON

SPECKTOR



Culture

90 WALL STREET OF FLOWERS PH

78

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

• 90

THE DIGEST Health

16

Causes of fatigue, undetected high blood pressure, medical news update Travel

22

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,

22

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

P

2z a W

SEE PAGE 5

March.2018 I 3

www.smartinvestoncoM.M

MARCH 20181 ISSUE 335

IPA OPR HIKE

A BRILLIANT

How It Will Impact All Your Loans

INVESTMENT OUTLOOK

TWO MAGIC NUMBERS

AHEAD

But will the Tail Wag The Dog?

To Chart Your Retirement Plan

3s

Supporting Business with

'wed 332.6 SNIA MS

1.0

=1111M

/

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

I

it

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?