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Bloomberg Businessweek-Europe Edition

Bloomberg Businessweek-Europe Edition January 13, 2020

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 Edities

in deze editie

3 min.
in brief

● Former U.S. national security adviser John Bolton said he’s willing to testify under subpoena in the Senate impeachment trial of President Trump. Republicans and Democrats are divided on how to proceed, with the GOP seeking a swift trial without witnesses. ● The first made-in-China Teslas began rolling out of a factory near Shanghai, which was built in less than a year. Elon Musk, betting on huge demand from the world’s biggest car market, has already cut prices on the Model 3 to win over buyers. ● In governments, two compromises and one deep divide ● Spain’s Socialist leader Pedro Sánchez won the narrowest of victories in parliament to take power for a second term with the backing of the anti-austerity party Podemos and a Catalan separatist group. ● Venezuelan President Nicolás Maduro ousted…

1 min.

▶ A Big Week for Banks America’s largest banks report earnings for the fourth quarter, starting with JPMorgan Chase and Citigroup on Jan. 14, Goldman Sachs and Bank of America on the 15th, and Morgan Stanley on the 16th. ▶ A Chinese government delegation plans to sign the so-called phase one of a trade agreement with the U.S. at a White House ceremony on Jan. 15. ▶ South Korea’s central bank sets its interest rates on Jan. 17. The bank cut borrowing costs twice last year to help prop up a slowing economy. ▶ China releases economic data on Jan. 17 that will help gauge the health of the second-largest economy, including fourth-quarter GDP and retail sales. ▶ Saudi Arabia hosts the International Petroleum Technology Conference Jan. 13–15. Participants will discuss the future of…

8 min.
chronicle of a fire foretold

Do you believe in prophecy? More than a dozen years ago, in a report released in July 2007, it was written: “An increase in fire danger in Australia is likely to be associated with a reduced interval between fires, increased fire intensity, a decrease in fire extinguishments and faster fire spread. … In south-east Australia, the frequency of very high and extreme fire danger days is likely to rise 4-25% by 2020.” That forecast of a potential effect of the proliferation of greenhouse gases around the world comes about midway through 976 dense pages of scientific citations and assessments by the United Nations’ Intergovernmental Panel on Climate Change. Given the countless other statistics and prognoses, you might be excused for overlooking the prediction when it was made. It’s impossible to ignore…

8 min.
carlos ghosn’s great escape

Throughout his career, Carlos Ghosn portrayed himself as a singular figure, the driving force behind the creation of one of the world’s largest automotive groups—and the only person capable of keeping it together. In recent years he was clearly in legacy mode, preparing the groundwork for a deal that would finally bring Nissan Motor Co. and Renault SA together under a single corporate umbrella. Had he achieved his larger goal of incorporating rival Fiat Chrysler Automobiles NV into that alliance, he would have created the world’s biggest carmaker and been remembered as one of the handful of business visionaries—such as Lee Iacocca, Jack Welch, or Gordon Moore—whose careers helped reshape their industries. For the foreseeable future, however, he will be known above all as something very different: a fugitive. Ghosn’s audacious…

7 min.
the big drug that couldn’t

For years, drug companies have enjoyed the freedom to charge high prices for their latest products. But when Sanofi and Amgen Inc. each marketed a powerful new cholesterol-lowering medicine, something surprising happened: High prices hurt sales. Sanofi’s experience has been especially painful. The French company spent more than five years developing Praluent with Regeneron Pharmaceuticals Inc. before its launch in 2015. But Praluent never caught on. Now Sanofi is cutting its losses, getting out of the U.S. market for the drug, and halting its heart disease research altogether in favor of more lucrative medicines for cancer and other diseases. “We’re proud of our past, but it shouldn’t dictate some poor investment decisions,” Paul Hudson, Sanofi’s new chief executive officer, told a group of investors last month. “We have to draw…

7 min.
mushroom medicine

Just a few years ago, if you wanted to hear about the benefits of psychedelic drugs, your best bet was to head over to the parking lot outside the local jam band concert and flag down the guy in the tie-dye selling “magic mushrooms.” Today there are better options. You could, for instance, fly down to the Waldorf Astoria’s gated beachside resort in Boca Raton, Fla., and—between spa appointments and rounds of golf—take in the keynote address at the CNS Summit, an annual Big Pharma conference. In November, that’s where you’d have found George Goldsmith and Ekaterina “Katya” Malievskaia, the conservatively dressed, middle-aged married couple running a mental-health-care company in London called Compass Pathways Ltd. Among other things, they were stumping for their answer to treatment-resistant clinical depression: synthetic doses of…