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Bloomberg Businessweek 3/19/2018

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United States
Bloomberg Finance LP
50 Issues

in this issue

6 min
clean heating

The release of Yanlong, a heating solution that harnesses heat generated by a small nuclear reactor, has made headlines. The pool-type low-temperature heating reactor, unveiled by the China National Nuclear Corp. (CNNC), operated safely for over 168 hours in November 2017, heralding a new era for heating in China. “A 400-megawatt Yanlong, also known as the DHR-400, is expected to be the source of indoor heating for a maximum area of 20 million square meters. According to these calculations, it can supply heating for nearly 500,000 residents, roughly the average population of a Chinese county,” Ke Guotu, Chief Designer of the reactor, told Beijing Review. A milestone The launch of Yanlong is the first step of CNNC’s ambitious plan to boost nuclear heating in north China over the next few years. The company…

3 min
in brief

Asia ● China has created a new environmental agency, the Ministry of Ecology and Environment. Beijing enjoyed its cleanest winter air in years as China worked to reduce its carbon dioxide intensity by 18 percent before 2020. ● The Philippines said it would withdraw from the International Criminal Court a few weeks after the judicial body began an inquiry into the country’s war on drugs. Earlier this month, President Rodrigo Duterte ordered police not to cooperate with United Nations officials investigating human rights violations. ● Coincheck, a Japanese platform for trading cryptocurrency, paid out to customers whose assets $435m were stolen in a Jan. 26 cyberattack. The sum values the currency that was taken at more than its current level but less than it was worth when the company was hacked. ● A favoritism scandal…

6 min
globalization isn’t going away

Globalization seemed to be on the ropes. Nationalist politicians had maligned it as the source of closed factories, stagnant wages, and unwanted migrants. Washington had pulled out of international pacts on climate change and trade. The British were abandoning Europe’s grand experiment in peaceful integration. Recent weeks brought more body blows. The White House turned darkly protectionist, threatening the global trading system. China’s leadership—which sees itself as the patron of globalization—put it at risk by promoting the very industrial policies that fostered anti-trade sentiment in the U.S. and Europe. Italian voters flocked to political parties that rail against immigrants and the euro. Globalization, which helped to flatten the world’s economic playing field, seemed about to be flattened itself. But the dramatic events of the past several weeks don’t show how weak the…

2 min
a stronger stand for peace

After almost 17 years of fighting, it’s clear the war in Afghanistan has no military solution at a price either the country or its partners is willing to pay. So President Ashraf Ghani is right to have made a far-reaching peace offer to the Taliban. That said, if this latest effort is to avoid the sorry fates of preceding agreements, Ghani has work to do. The main task for him and Abdullah Abdullah, the chief executive in Afghanistan’s shaky unity government, is to bolster the legitimacy of the country’s democracy by setting a firm (and realistic) date for long-delayed parliamentary and local council elections. Afghanistan’s partners can support this move by pushing (and helping to pay for) fixes to the country’s voter registry, which is also essential for next year’s presidential…

6 min
no deal

Broadcom Ltd. is “doing something great. I appreciate it,” said President Donald Trump in November when he announced the Singapore-based chipmaker’s planned relocation to the U.S. It was certainly great for Trump, bolstering the argument that his policies were making America more hospitable to business. Broadcom’s chief executive officer, Hock Tan, on the other hand, doesn’t seem to have gotten as much out of that White House photo op. Trump on March 12 took the unprecedented step of swatting down a potential Broadcom takeover of U.S. chipmaker Qualcomm Inc. before the companies even agreed on a deal. He followed the recommendation of the Committee on Foreign Investment in the U.S.—the regulatory body led by the secretary of the Treasury charged with reviewing foreign takeovers—and cited “credible evidence” that Broadcom may take…

6 min
north korea’s chinese lifeline

Sun Hongtao, the youthful-looking president of Sino-Mining International Ltd., is in a funk, sitting in a cold, empty office in the Chinese town of Changbai in Jilin province. Two miles from where he sits, across the border in North Korea, is the huge Hyesan Youth Copper Mine. Sun’s company has invested more than $123 million in upgrading equipment at the mine with the aim of tapping its rich reserves. But for more than a year, because of United Nations sanctions imposed in 2016 targeting North Korean minerals, all production at the mine has stopped. “What can we do?” Sun asks. “We can’t just leave all our equipment and the money we’ve invested behind in North Korea.” President Trump and North Korea’s Kim Jong Un are considering holding what would be an…