Business & Finance

Fortune November 1, 2017

FORTUNE covers the entire field of business, including specific companies and business trends, tech innovation prominent business leaders, and new ideas shaping the global marketplace. FORTUNE is particularly well known for its exceptionally reliable annual rankings of companies. FORTUNE furthers understanding of the economy, provides implementable business strategy, and gives you the practical knowledge you need to maximize your own success. Fortune currently publishes 3 double issues. Each count as two of 12 issues in an annual subscription.

United States
Meredith Corporation
Read More
12 Issues

in this issue

3 min.
vital signs

IN THE SUMMER OF 2016, Intuit CEO Brad Smith was on a cross-country flight reading an issue of Fortune when he found himself transfixed by a particular story. Its lead sentence: “Why isn’t Intuit dead?” Rather than be offended, Smith read the article, written by veteran Fortune scribe Geoff Colvin, and found that it was actually about the rare, valuable ability of Intuit and a few other firms to repeatedly reinvent themselves. As he mulled the piece, Smith realized: Intuit needed to reinvent itself once more. It wasn’t just Geoff’s cogent writing that convinced him; he’d long been contemplating the transformative changes that were sweeping through society and the business world. But only weeks later, in September of last year, Smith shared his new corporate vision with employees: Intuit, he said, would…

3 min.
the people vs. the credit oligarchs

REFORM EVEN IN AN ERA when cyberattacks are commonplace, it’s hard to think of one that made bigger fools of consumers and lawmakers alike than the Equifax breach. The credit-reporting agency, which keeps dossiers full of background check–worthy personal information on nearly all American adults, exposed the data of more than 145 million people. That’s nearly half the U.S. population— at least one person in every family, it’s estimated—who are now at greater risk of having their identities stolen, their financial accounts broken into, their credit ruined. What’s even more infuriating is that Equifax could have averted the disaster just by patching a known vulnerability in its software. Instead, the company dithered for months, allowing hackers to strip-mine Social Security numbers, addresses, credit card numbers, and more from mid-May through July,…

1 min.
rotten credit

145.5 MILLION PEOPLE Number of U.S. consumers who had their personal data stolen by hackers in the Equifax breach—nearly half the country’s population. $9.4 BILLION Combined annual revenue of the three big credit bureaus— Equifax, Experian, and TransUnion— who together control consumer credit scores. $16 BILLION Money stolen as a result of identity theft last year in the U.S., according to Javelin Strategy & Research. That’s up 5% from 2015 and poised to rise further. 24% Amount Equifax’s shares have fallen since the hack. That relatively modest loss suggests investors don’t expect the stock price to go to zero.…

1 min.

SOURCE: IMF. MOST RECENT ESTIMATES. DEBT CALCULATED WITH ONE DOLLAR EQUIVALENT TO 1.18 EUROS, 1.47 CANADIAN DOLLARS, 132 JAPANESE YEN, 0.89 BRITISH POUND TAX REFORM REMEMBERTHEDEFICIT? The federal debt, for years a bogeyman for business leaders and politicians alike, has lately felt curiously absent from the national conversation. But the country still owes plenty. The U.S. has the largest debt in the world and one of the largest as a share of GDP. That’s likely to emerge as a key sticking point in the debate over President Trump’s proposed tax plan—which is looking increasingly like a budget-buster. Republicans’ tax-cut wish list exceeds $5trillion, according to multiple estimates, and many experts doubt that the economy would get enough of a boost from the proposed cuts to make up the shortfall. 401(K) THE IMPRESSIVE RISE OF THE…

1 min.
we’re having an oil rally. absolutely no one is enjoying it

ENERGY WORLD OIL PRICES hit their highest level in more than two years at the end of September. The international Brent blend even briefly surpassed $59 a barrel—more than double its price in the dark days of 2016. The cause: The global glut is finally being absorbed as the world economy enjoys the most broad-based period of growth in a decade. OPEC’s agreement on output restraint has already been extended through March 2018. And after ballooning in 2016, the developed world’s crude stocks are now—almost—back in their historical range (OPEC’s goal). Yet the rally remains unloved, and for good reason. Recent highs were driven partly by speculative buying. Hurricane Harvey, which took one-third of U.S. refining capacity off-line, was only a temporary hiccup. And above all, major improvements in efficiency now…

1 min.
the iphone x’s no good very bad launch

SUMMER 2017 Apple reportedly has problems getting enough OLED screens for the iPhone X from manufacturer Samsung. SEPT. 8, 2017 The title (“X” not “Pro” or “Ten”) leaks a few days before launch. SEPT. 12, 2017 Apple unveils the iPhone X, but preorders won’t start until late October. The stock falls. SEPT. 20, 2017 Further production delays, which could lead to shortages for early orders. SEPT. 27, 2017 Suppliers reportedly have trouble making enough of two key modules for facial recognition. NOV. 3, 2017 First deliveries expected. Likely outcome? Apple still makes a bunch of money.…