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Bloomberg Markets Magazine

Bloomberg Markets Magazine November 2014

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Bloomberg Finance LP
Back issues only

in this issue

1 min
reinventing money

THE INTERNET HAS had a profound impact on consumer-facing industries, from shopping to communications to travel. One area that has been slow to innovate, though, is one that is the lifeblood of the rest: money. Most of us still get cash from ATMs (which were introduced in the 1960s) and charge purchases on credit cards (which have been around since the 1920s). If money were music, it would be a long-playing vinyl record. Things are starting to change—thanks to a torrent of entrepreneurial activity in places such as London and San Francisco. Kicking off our cover package this month, Reinventing Money, Edward Robinson reports on the peer-to-peer lending pioneers who have upended the way small business is financed in the U.K. (“BYPASSING THE BANKS,” page 32). Anthony Effinger sits down with…

2 min
bloomberg markets

EXECUTIVE EDITOR Ronald Henkoff MANAGING EDITOR Dan Ferrara CREATIVE DIRECTOR Siung Tjia ASSISTANT MANAGING EDITOR Michael S. Serrill DIRECTOR OF PHOTOGRAPHY Brenda Milis SENIOR EDITORS Robert S. Dieterich William Hawley Stryker McGuire (London) Jonathan Neumann Gail Connor Roche Joel Weber EDITOR-AT-LARGE Robert Friedman RANKINGS EDITOR Laurie Meisler SENIOR WRITERS Stephanie Baker (London) Anthony Effinger (Portland, Oregon) David Evans (Los Angeles) Jeremy Kahn (London) Yoolim Lee (Singapore) John Lippert (Chicago) William Mellor (Sydney) Edward Robinson (London) Michael Smith (Rio de Janeiro) DESIGN Lou Vega (Senior Art Director) John Genzo (Managing Art Director) Lily Chow (Graphics Director) PHOTOGRAPHY Lauren Winfield (Deputy Photo Editor, London) Manuela Oprea (Associate Photo Editor) COPY EDITORS Nicole Dekle Collins Joyce L. Kehl EDITORIAL ADMINISTRATOR Missy Levy STRATEGIES SECTION Jon Asmundsson (Strategies Editor) Rocky Swift (Associate Strategies Editor) STRATEGIES CONTRIBUTORS Devin Banerjee; Mary Childs; Anita Khalili; Joshua Litwack; Robert Peppler, FRM; Sabrina Willmer; Hui-yong Yu; Stephen Zhu PUBLISHER Michael Dukmejian 212-617-2653 ADVERTISING SALES DIRECTOR, AMERICAS Chris Kurtz 212-617-3087 ADVERTISING SALES DIRECTOR, EMEA Emma Winchurch-Beale 44-20-7392-0593 ADVERTISING SALES DIRECTOR, ASIA-PACIFIC Patrick Brownlow 65-6231-3486 FINANCIAL DIRECTOR John Maresca 212-617-4128 U.S. SALES Ted Dolan 212-617-2182 WEST COAST SALES DIRECTOR Rich Fimbres 323-782-4249 MIDWEST SALES DIRECTOR Paul Kissane 312-443-5924 DETROIT SALES Dan Flavin 248-515-8654 TEXAS SALES Carol Orr 214-521-6116 LUXURY SALES DIRECTOR David…

2 min
“drilling into debt”

OCTOBER 2014 “50 Most Influential: Jeffrey Ubben” OCTOBER 2014 Very nice work. You obviously did good research and covered ground as yet unearthed. TIM MEDLEY Managing partner Medley & Brown LLC Jackson, Mississippi UPDATES India Targeting Ponzi Schemers Just months after Bloomberg Markets reported on Sudipta Sen, chairman of Kolkata, India–based Saradha Group, the nation’s Supreme Court ordered the Central Bureau of Investigation to probe Saradha and others running Ponzi-like schemes in eastern India. In “Too Good to Be True” (February 2014), Bloomberg Markets chronicled the Saradha fiasco, which affected 1.74 million customers and prompted dozens of suicides. YOOLIM LEE Brothers Settle U.K. Lawsuit The U.K.’s Serious Fraud Office in July agreed to pay 4.5 million pounds ($7.3 million) and legal costs to settle a £300 million lawsuit brought against it by London property magnates Robert and Vincent Tchenguiz. In “Out for Vengeance”…

4 min
how apple ate japan

THE IMPACT of Apple Inc.’s iPhone is still being felt at Japan’s technology companies, seven years after the device’s introduction. Caught off guard by global consumers’ switch to smartphones, companies such as Canon Inc., JVC Kenwood Corp., Nikon Corp., Nintendo Co., Panasonic Corp., Sharp Corp. and Sony Corp.—once the heart of the country’s mighty consumer electronics export empire—are struggling to shape their own destiny. The hit they took is pushing Japan’s entire electrical machinery industry, which regularly generated trade surpluses of 7 trillion yen ($67 billion) until 2007, toward deficits that may emerge as soon as next year, UBS AG estimates. “This is a critical problem for Japan because such companies have been a driving force in the economy,” says Tomoko Takase, a research manager at the Japan Electronics and Information…

1 min
republican civil war

“PEOPLE WORK IN WASHINGTON, AND MAN, THEY HIT THAT REVOLVING DOOR WITH A SPEED THAT WOULD BLIND YOU.” –Democrat Elizabeth Warren on Republican Eric Cantor’s new job at investment bank Moelis & Co. Source: Yahoo! News WHETHER REPUBLICANS can take control of the U.S. Senate from Democrats won’t be known until the votes are cast on Nov. 4. A key battle within the Republican Party already has been decided: Backers of candidates who might be more willing to compromise and more likely to move legislation have fallen short. Ten of the 12 Republican House members who did not vote for John Boehner for speaker in January 2013 are cruising to re-election. Primary opponents, some of them well funded by pro-business groups such as the U.S. Chamber of Commerce, had zero success trying…

2 min
how women get sidetracked

BOYS’ CLUB In Silicon Valley, 65 of the top 150 companies by revenue don’t have a woman on their board of directors. Source: Fenwick & West MARY BARRA of General Motors Co. made corporate history when, in January, she became the first female chief executive officer of a major global carmaker. Yet data compiled by Bloomberg show most women aren’t following the career path of Barra, who has spent most of her time at GM in operational jobs, which produce revenue; before her appointment, she had been in charge of product development. Instead, they’re pursuing nonoperational careers—traditionally the wrong types of gigs for someday claiming the top job. “It’s very hard to move from a functional role to a CEO job,” says Dawn Lepore, formerly CEO of Drugstore.com Inc. Here’s a closer look…