Business & Finance
Bloomberg Businessweek-Asia Edition

Bloomberg Businessweek-Asia Edition July 15, 2019

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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50 Issues

In this issue

3 min.
in brief

● Kim Darroch, Britain’s ambassador to the U.S., resigned. Leaked comments of Darroch’s referring to the Trump administration as “inept” and “uniquely dysfunctional” prompted President Trump to describe the ambassador as “a pompous fool” and sparked a diplomatic row between the allies. ● Kentucky Democrat Amy McGrath, a former Marine fighter pilot, announced plans to challenge Senator Mitch McConnell. She raised $2.5m in the first 24 hours of her campaign. ● African leaders launched a continentwide free-trade zone on July 7. The 54-member African Continental Free Trade Area, the largest free-trade zone since the creation of the World Trade Organization in 1994, will be headquartered in Ghana. If successful, the bloc could represent a $3.4 trillion market. ● The U.S. State Department approved the possible sale of tanks, Stinger missiles, and other arms worth about…

1 min.

▶ 50 Years Since Apollo 11 Christie’s, on July 18, and Sotheby’s, on July 20, will mark the landing of the first two humans on the moon with sales of space artifacts and memorabilia. Christie’s centerpiece is the Apollo 11 Lunar Module Timeline Book, the manual used by Neil Armstrong and Buzz Aldrin to land the Eagle. ▶ One of the most intense shopping days of the year will now be two. Amazon Prime Day takes place on July 15 and 16. ▶ The European Parliament will vote the week of July 15 on Ursula von der Leyen’s nomination as president of the European Commission. ▶ On July 15, Cory Booker and Joe Biden will be among the Democrats taking part in the first of several Des Moines Register/AARP candidate forums in Iowa. ▶…

2 min.
the vaping epidemic

Teen vaping has skyrocketed in just a few years: From 2017 to 2018, the share of high school students using e-cigarettes rose 78%, to 1 in 5. Unlike other tobacco products, e-cigarettes haven’t been subjected to a health and safety review because of delays by the U.S. Food and Drug Administration. The FDA now says it wants to end this regulatory limbo and move up a deadline for manufacturers to show their products meet basic standards by two years—requiring action in 10 months, rather than by 2022. Even that is too long a wait. When the FDA assumed oversight of e-cigarettes in 2016, it gave manufacturers until 2018 to apply for review, at which point the agency would evaluate the products’ design, ingredients, health risks, and impact on young people. Shortly after…

8 min.
deutsche bank waves the white flag

For decades, Deutsche Bank AG had one predominant aspiration: to compete with Wall Street. In abandoning global stock trading, Germany’s biggest bank is giving up on that ambition. No financial company has exited the equities business of this scale before. As Chief Executive Officer Christian Sewing put it in announcing the company’s restructuring on July 7, Deutsche Bank’s “North Star” will now be closer to its Frankfurt headquarters. It’s a return to its 150-year-old corporate and trade-finance roots. The sweeping and costly rethink hasn’t come soon enough. Years of mismanagement, multibillion-dollar fines, and declining revenue have eroded the company’s profitability. What was once a powerhouse of global finance has been crippled and left with an uncertain future. Nowhere has the lack of confidence in Deutsche Bank’s ability to survive—let alone thrive—been…

5 min.
chevron’s long game in venezuela

Donald Trump may have slammed Venezuela with sanctions in an effort to change the regime of President Nicolás Maduro, but the country’s energy industry has an unlikely ally: Chevron Corp. Despite the U.S. administration’s push to disrupt the financial resources available to Venezuela’s leadership, the second-biggest U.S. oil company is working to bolster one of the Maduro government’s chief economic pillars—its ability to produce crude oil. Chevron is helping tap four fields in the country while testing new injection technologies to maximize production in one, says a person familiar with the operations who asked not to be named because he wasn’t authorized to discuss the matter. Chevron is also helping pay for supplies, expenses, and even health care for workers at state-owned oil producer Petróleos de Venezuela SA (PDVSA) to keep…

4 min.
beauty houses’ next step: men’s makeup

When Yota Nakamura’s girlfriend said he should spruce up his look, he went shopping. The 22-year-old university student in Osaka purchased toner, moisturizer, and a tinted face primer—yes, makeup—made by a Japanese brand called Fiveism x Three. Now Nakamura, a neuroscience student, is thinking ahead to next year, when he’ll start a job as a consultant in Tokyo. He wants to make sure he has the right foundation and concealer lined up. “When I start working, I’ll be meeting with clients a lot, so I think I would like to use makeup,” he says. “Maybe it would be embarrassing to say you’re using lipstick, but things like face primer or foundation? No one would think anything of it.” Nakamura is on the leading edge of Generation Z, the postmillennial cohort that’s…