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Bloomberg Businessweek

Bloomberg Businessweek 6/19/2017

Each issue of Businessweek features in-depth perspectives on the financial markets, industries, trends, technology and people guiding the economy. Get the digital magazine subscription today and draw upon Businessweek's timely incisive analysis to help you make better decisions about your career, your business, and your personal investments.

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United States
Bloomberg Finance LP
50 Issues

in this issue

3 min
hong kong and shenzhen band together to lure startups

Once there was an obscure fishing village that grew to become one of the world’s most vibrant economic centers. Then about a century later, just upriver, came competition: an even more obscure fishing village that grew to become one of the world’s most vibrant economic centers. The first was Hong Kong, which prospered after Britain seized it from imperial China and turned it into a free port in the mid-19th century. Across the Sham Chun River, Shenzhen boomed after Beijing in 1980 conferred on it the title of Special Economic Zone—China’s first. Hong Kong officials are championing a proposal to link the two via a technology park on a marshy area whose only inhabitants are otters and migratory birds. Tenants of the proposed 87-hectare (215-acre) park, called the Lok Ma Chau Loop,…

4 min
when bad things happen to rich people

It’s that time of year when talk turns to beach reads, those narratives appropriate for a vacationer’s seaside repose. The greatest such book is Tender Is the Night, F. Scott Fitzgerald’s fourth and (no arguing) best novel. It’s set on a beach, first of all, deploying the French Riviera as a stage on which we witness, with sympathy and delight, the misfortunes of the very fortunate. Its excellence resides in Fitzgerald’s eye for trampled glamour, his ear for voices full of money, and his penetrating wit, as when he describes a woman’s shadowy social position “as the wife of an arriviste who had not arrived.” The glitziest exemplars from this season’s mailbag include Rich People Problems, the latest installment of Kevin Kwan’s franchise exploring the shopaholic progeny of East Asian tycoons,…

4 min
a solar trade case tailor-made for trump

Ten years ago an engineering professor at Georgia Tech started a company outside Atlanta with the hope of manufacturing solar panels in America. And for a while it worked. The company, Suniva, grew into one of the largest panel makers in the U.S., with 350 employees. But it was always dwarfed by rivals in Asia, which have flooded the U.S. with cheap panels, driving prices down 60 percent over the past five years. By 2014, Suniva was outsourcing some of its assembly work to federal prisons to cut costs. In 2015 it sold a 64 percent stake in itself to a solar company in Hong Kong, Shunfeng International Clean Energy Ltd., for $57.8 million. The money was supposed to fund an aggressive expansion, but it didn’t last long. Last year,…

7 min
where buffett failed

The morning of the job fair was frigid even for Dexter, a town of fewer than 4,000 people in central Maine: –17F. Dick Hall, a co-founder of MaineSole and one of the event’s organizers, arrived a few minutes early to find a crowd waiting on the snow-covered sidewalk in front of the municipal building. “I said, ‘Holy smokes! It’s cold out there. Let them in,’ ” he recalls. “It became very clear that we not only had the people, we had an obligation to put them back to work” It was January 2014, two decades since Dexter Shoe Co., once the town’s main employer, had been acquired by Warren Buffett for $433 million. At the time, the business was churning out 7.5 million pairs of modestly priced wingtips, boat shoes, and other…

4 min
magic greens

Yes, there’s a world where people pay almost $50 a pound for tiny lettuces. They assemble religiously in the crowded northwest corner of Manhattan’s Union Square Greenmarket, where the eerily perfect Windfall Farms stall appears on Saturdays and Wednesdays. While some stands radiate a hippie-casual vibe, at Windfall the exquisite, vibrantly colored vegetables are treated with the care one sees in a Madison Avenue boutique. Signs caution customers against touching the greens, because they’ve already been hand-washed several times. That care, systematic throughout the life cycle of these little lettuces, doesn’t come cheap. Most of the baby greens—the baby mesclun mix, the wasabi-like green wave mustard—cost $12 for 4 ounces, or $48 a pound. Red amaranth sprouts are the priciest, at $64 a pound. Windfall is exponentially more expensive than its competitors.…

2 min
‘pharma bro’ on trial

The U.S. Attorney’s Office for the Eastern District of New York VS Martin Shkreli Former drug executive Notorious for raising the price of a life-saving drug 5,000 percent, Shkreli faces a June 26 trial on charges that he defrauded investors in hedge funds he managed and misappropriated assets belonging to a drug company he started. Shkreli’s lawyers are expected to argue that while his business dealings may seem unconventional, he lacked criminal intent and at all times relied on the advice of his corporate attorney. What’s at stake Will the biotech entrepreneur face a karmic reckoning? Since his arrest in December 2015, Shkreli has gone out of his way to draw attention to himself. He feuded with the rapper Ghostface Killah, was banned from Twitter for harassing a female journalist, and invoked his…