Forbes Asia June 2021

Forbes Asia chronicles entrepreneurs, executives and companies throughout Asia.

United States
Forbes Media LLC
13 Issues

in this issue

1 min
rising to the top

This month’s Korea’s 50 Richest list is historic. For the first time since its launch in 2005, the No. 1 spot is held by an entrepreneur with a self-made fortune: Seo Jung-jin, cofounder of pharmaceutical firm Celltrion. Joining him in the top ten are four others who built their wealth within one lifetime from relatively nothing. In contrast, many others on the list, though they may have added significant value to their companies, started with the advantage of inherited wealth. Malaysia is a variation of that theme. While the top ten richest have long been a mix of self-made and inherited wealth, this elite group doesn’t change much—Robert Kuok was No. 1 in the first list of 2006 and today. Ananda Krishnan was No. 2 and now No. 4 (both self-made…

2 min
recklessly endangering our health

At a time when Washington routinely complains about China stealing our intellectual property, the Biden Administration has announced that it supports what would be one of the most destructive thefts of intellectual property in U.S. history. President Biden has declared that the U.S. is endorsing a World Trade Organization scheme to force pharmaceutical companies to turn over American Covid-19 vaccine technology to any country or company that wants it. This, after these drug companies have spent billions of dollars and devoted immense brainpower and time to develop these vaccines in record time, thereby saving millions of lives. The implications of the Biden move are ghastly. Washington is about to smash up one of our most innovative industries—and for no good reason. To start with, such a theft won’t increase the output and availability…

3 min
bust up this bad monopoly

The behavior of the teachers’ unions and public-school bureaucracies in much of the country has been a disgrace. They have repeatedly and unnecessarily kept kids out of the classroom. Their unconscionable actions will, over time, lead to radical changes in how American children are educated. The traditional public-school system will be going the way of landline telephones, fax machines and typewriters. A year ago it was clear that there was no science-based reason not to resume in-classroom teaching, as kids are highly unlikely to get Covid-19 or to pass it on. Experience in Europe, Japan and elsewhere demonstrated that schools—by taking proper precautions—could safely reopen. The damage done by keeping children at home, in terms of lost learning, depression and the hit to family earnings because of parents having to stay at…

2 min
taxpayers of the world, beware!

Tax collectors are coming after you as never before. This is bad news for a sustainable global economic recovery from the pandemic. U.S. Treasury Secretary Janet Yellen is proposing that countries around the world enact a global minimum corporate tax rate—and this idea is just for starters. Plans are being developed to have global tax laws for individuals as well. No matter where you live or have a business, politicians want more money from you. Yellen says a global minimum corporate rate is needed because there is, as she puts it, a destructive race to the bottom. To hear her tell it, governments won’t be able to get any taxes at all unless drastic steps are taken. Our Treasury chief is spouting nonsense. Countries have been tweaking corporate tax rates for years to…

3 min
the other virus

On May 7, a hacker’s note was discovered on a control room computer at Colonial Pipeline. The hackers had swiped 100 gigabytes of Colonial’s data and threatened to make it available to hackers around the world unless paid a ransom of $5 million in bitcoin. Colonial responded by shutting down its core asset, an oil and gas pipeline that travels 5,550 miles from Texas to New Jersey and transports more than 100 million gallons a day. It is the largest pipeline in the U.S. The shutdown’s effect on By Rich Karlgaard TECH CONNECTOR Here are the industries that Perlroth thinks are most vulnerable to ransomware attacks: banking, electric power, healthcare, military, oil and gas, transportation, and water supply. Her top worry? “When I began my research, my own fear was water…

7 min
scene stealer

Seven years ago, Vimeo had Hollywood dreams. The internet video outfit—owned by Barry Diller’s IAC—had found a niche hosting flicks for artsy filmmakers who didn’t want their works to be tossed into YouTube’s unruly, addriven stew. But it was a tiny, money-losing business with annual revenue under $40 million. Vimeo was pinning its hopes on the booming streaming business, betting it could leverage its relationship with creatives to build a subscription service to rival Netflix, Amazon Prime and HBO. It hired studio execs from Para mount and Hulu and signed distribution deals with Lionsgate, CBS Interactive and Spike Lee for content to stock the new service. But Anjali Sud, then Vimeo’s 31-year-old director of marketing, had a hunch the company’s future was not in Hollywood hits but Silicon Valley plumbing. Her…