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Bloomberg Businessweek-Asia Edition

Bloomberg Businessweek-Asia Edition 2/5/2018

Each issue of Businessweek features in-depth perspectives on the financial markets, industries, trends, technology and people guiding the economy. 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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Bloomberg Finance LP
50 Issues

in this issue

3 min
the phantom apartments of india

Amit Khulve, a 34-year-old resident of the northern Indian city of Noida, is still paying off the mortgage on an apartment he’s never lived in. Khulve says he borrowed about 500,000 rupees ($8,000) in 2012 and pulled an additional 1 million rupees from his savings to reserve a flat in a building planned by property developer Unitech Ltd. Six years on, it hasn’t been built, and he’s among thousands fighting to recover their investments in Indian real estate projects. Across the metropolitan area that surrounds the capital, New Delhi, real estate developers have been dragged into court by irate homeowners who paid for apartments that have yet to be completed. Many of these companies took money from buyers when the market was red-hot, but when sales slowed, their businesses unraveled. Unitech, once…

5 min
a tale of two sanctuary states

As Republicans and Democrats in Washington battle over immigration, the real war is being waged at the state and local level, where police and politicians have to weigh the needs of their communities against President Trump’s agenda to crack down on undocumented immigrants. The country’s two most populous states, California and Texas, offer competing visions of how to deal with long-established immigrant communities in the Age of Trump. California’s Democratic governor, Jerry Brown, has given the entire state sanctuary status, blocking local officials from complying with federal immigration directives. His Republican counterpart in Texas, Governor Greg Abbott, has done the opposite—signing a law criminalizing local officials who shelter undocumented immigrants from deportation. While the laws are in line with the states’ different views on immigration, they illustrate the polarizing impact of…

1 min
top putin-era hopefuls

Maxim Oreshkin, 35 Economy minister, worked in banks before joining the government Dmitry Patrushev, 40 CEO of a state-owned bank; father runs the Kremlin Security Council Gleb Nikitin, 40 A technocrat who rose through the ranks to the deputy minister level Alexei Dyumin, 45 The ex-bodyguard says he once protected Putin from a bear Anton Vaino, 45 Putin’s chief of staff started out as a low-level protocol official in 2002 Dmitry Medvedev, 52 The prime minister spent four years as president, 2008-12 GETTY IMAGES (6); ALEXEI NIKOLSKY/TASS/GETTY IMAGES…

4 min
prepping saudi women for the driver’s seat

Careem Networks FZ LLC, a five-year-old ride-hailing company based in Dubai, operates in 80 cities across 13 countries from North Africa to Pakistan and leads the field in most of them. The company has done best in countries with scant public transport options where large swaths of the population can’t or don’t drive. Its biggest market is Saudi Arabia, where women aren’t yet allowed behind the wheel but are permitted to ride unaccompanied in cabs with male drivers. Those cabs can be pricey and aren’t always safe—two reasons, Careem says, why 4 in 5 Saudi women have used its service. One of the company’s principal goals is “to provide a safe, worry-free ride for women, especially in Saudi Arabia,” says Chief Executive Officer Mudassir Sheikha. Now, as the kingdom prepares to…

5 min
the money picks an air taxi

If you want to see JoeBen Bevirt’s flying car, you have to get in a helicopter. The engineer’s private airfield is nestled in a valley on the Northern California coast between Monterey and Santa Barbara, and it’s remote by design, out past a swirl of tan and green fields. Bevirt, a 44-year-old whose bursts of childlike delight punctuate his otherwise quiet intensity, bounds out to greet the chopper, then points the arriving pair of reporters to the prototype resting on the dirt runway nearby. It’s an exotic-looking white aircraft with numerous propellers. (Bevirt agreed to the visit only on the condition that physical specifics remain unpublished.) He calls it an air taxi. “This is what I have been dreaming about for 40 years,” he says. “It’s the culmination of my…

1 min
a few theoretical deals

A Big Takeover in Germany Italy’s UniCredit SpA and France’s BNP Paribas SA may want Germany’s Commerzbank AG’s small and medium-size business clients. Or Deutsche Bank AG could merge with it as a cost-cutting play, bringing together the banks’ German retail businesses. The snag is some analysts think Commerzbank stock is overvalued. Lloyds Buys in Europe The U.K. home market of Lloyds Banking Group is ultracompetitive, and British regulators are keen to break down the local dominance of large lenders. Expansion in the rest of the continent might be a way to grow as Brexit threatens to slow the U.K. economy. ABN Amro Sells In 2016, the Dutch state—which became a major shareholder after a 2008 bailout—held preliminary talks with Sweden’s Nordea Bank AB. The discussions failed, but some experts think the midscale bank would…