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Bloomberg Businessweek

Bloomberg Businessweek 5/7/2018

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

2 min
in brief

● Marathon Petroleum agreed to buy Andeavor for $23.3b The combined companies would become America’s largest oil refiner. ● Of the 100 or so Central Americans whose caravan arrived in Tijuana, Mexico, in late April, only 28 have been accepted for processing by the U.S. Typically, fewer than 1 in 4 Central Americans receive asylum. ● President Trump met with Nigerian President Muhammadu Buhari on April 30 at the White House. Among the topics the pair discussed was the sale of U.S. helicopters and other military equipment to the sub-Saharan nation. Not discussed, according to Trump: his reported use of the word “shithole” to describe Nigeria earlier this year. ● T-Mobile US agreed to buy Sprint in a stock swap valuing the latter at $26b The tieup, if approved, would combine the No. 3…

1 min

▶ Mickey Feels the Force Walt Disney reports second-quarter earnings on May 8. Its movie business is boffo—Star Wars: The Last Jedi was the top-grossing film of 2017, and Black Panther made $689 million in the first three months of 2018—but its TV channels are struggling as more viewers cut the cord. ▶ May 12 is the deadline for President Trump to recertify the Iran nuclear deal. Pessimism in Tehran has led to a slump in the value of the rial. ▶ The White House has delayed its decision on steel and aluminum tariffs for Canada, Mexico, and the EU until June 1. ▶ Google’s developer conference, on May 8-10, is expected to focus on the company’s digital assistant as well as the next version of Android. ▶ Japan, China, and South Korea will…

2 min
don’t pick on tourists!

Donald Trump has made clear his view that the U.S. doesn’t need any more immigrants. The mystery is: Why would a veteran of the hospitality business be so inhospitable to tourists, traveling executives, students, and other visitors? Consider the U.S. Department of State’s ill-advised plan to impose new screening requirements on the roughly 14 million people who apply each year for a temporary visa. It would require every visa seeker to disclose five years’ worth of social media profiles, travel histories, email addresses, phone numbers, and other information. This would do nothing to make the U.S. more secure. Post-Sept. 11 vetting procedures have greatly reduced the risk of a terrorist getting a visa, and U.S. officials can request additional information from an applicant as needed. From 2002 to 2016, the rate for…

9 min
the future of news subscribe

On April 28, I spent an interesting evening not sitting next to Donald Trump. Normally, the president comes to the annual White House Correspondents’ Association dinner—and sits beside the editor-in-chief of the organization whose reporter is the association’s chair. That honor would have been mine, but sadly Trump, for the second year in a row, declined, making clear his disdain for the established media. I spent most of the evening looking down from the dais at the ranks of American journalism, gathered around their pennanted tables like a slightly drunken medieval army. A 2006 cover of the Economist came to mind. It appeared shortly after I became that magazine’s editor and used fonts from familiar mastheads to spell out, like a ransom demand, “Who killed the newspaper?” For better or worse, the…

7 min
what will be left of hna?

As HNA Group Co. rose from provincial obscurity to becoming perhaps China’s most acquisitive global company, its executives made no secret of their desire to play in the big leagues. It appears they got their wish—just not in the way they wanted. An annual report released in late April revealed that HNA spent more on interest than any nonfinancial company in Asia last year, a $5 billion bill that represented a more than 50 percent increase from the year before. A sprawling conglomerate with roots in a middling regional airline that was founded on China’s sleepy, tropical Hainan Island, HNA carried a total of $94 billion in debt at the end of 2017, a hangover from a dizzying global acquisition spree that made it the proud owner of a huge trove…

5 min
the greening of throwaway stuff

In a factory the size of an airport terminal, laser cutters zip across long sheets of cotton, slicing out sleeves for Zara jackets. Until last year, the scraps that spill out into wire baskets were repurposed into stuffing for furniture or hauled off to a landfill near the plant in the northern Spanish town of Arteixo. Now they’re chemically reduced to cellulose, which is mixed with wood fibers and spun into a textile called Refibra that’s used in more than a dozen items such as T-shirts, trousers, and tops. The initiative by Inditex SA, the company that owns Zara and seven other brands, highlights a shift in an industry known for churning out supercheap stuff that fills closets for just a few months before being tossed into the used-clothing bin. Gap…