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Bloomberg Businessweek-Asia Edition

Bloomberg Businessweek-Asia Edition

January 27, 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.

Country:
China
Language:
English
Publisher:
Bloomberg Finance LP
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50 Issues

IN THIS ISSUE

3 min.
in brief

“A fair trial doesn’t matter to them.” Senator Elizabeth Warren, describing Republican votes against amendments calling for more evidence. UBS announced a surprise outflow of funds at its wealth management unit last quarter of $4.7b The setback underscores the challenges facing the Swiss company’s new star banker, Iqbal Khan, who joined from crosstown rival Credit Suisse last year to co-run that business. An outbreak of a coronavirus that originated in the poultry and fish markets of Wuhan, China, has spread person-to-person to other parts of the country and Hong Kong, as well as to Japan, South Korea, and Thailand. On Jan. 21 the first U.S. case was confirmed near Seattle. Democrats won some concessions in the trial to convict and remove President Trump, including extending the opening arguments to three days. But Republicans blocked…

1 min.
agenda

Boeing’s New Boss Tries a Reset The plane maker reports earnings on Jan. 29, the first time under CEO David Calhoun, who took over last month. The company is struggling to emerge from its biggest crisis, with no end in sight to the grounding of its 737 Max. Apple’s first-quarter earnings are due on Jan. 28. Its focus is shifting from the iPhone to the Apple Watch, AirPods earbuds, and other accessories, and services like streaming. The U.S. Federal Reserve sets interest rates on Jan. 29. Chairman Jerome Powell remains under relentless pressure from President Trump to cut borrowing costs. Deutsche Bank reports earnings for 2019 on Jan. 30. It was a brutal year for the lender, which has announced 18,000 job cuts and a retreat from some businesses. Facebook reports earnings on Jan.…

9 min.
fin

At age 85, Jagdish Bhagwati has defended free trade for decades. The professor of economics and law at Columbia University even wrote a 2004 book called In Defense of Globalization. He doesn’t like the way things have gone lately. “My worry is basically that around the world, there are very different reasons why people are beginning to despair about free trade,” he says. As economists such as Bhagwati never tire of saying, international trade lowers prices and increases variety by allowing producers in different nations to specialize in what they do best. It promotes productivity and innovation. The entry of China and India into the world trading system has lifted hundreds of millions of people from destitution. But free trade has always faced a chorus of critics ranging from labor unions to…

8 min.
the protests’ collateral damage

Ho Siu-ying, 76, who’s been piloting her tire-ringed, wooden sampan to the iconic Jumbo Floating Restaurant in Hong Kong’s Aberdeen harbor for 35 years, has never seen such hard times. Normally, ferrying diners back and forth nets her $13 to $26 for a day’s work—enough to live modestly in public housing with her daughter and even take an occasional leisure trip to the Chinese mainland. But with a catastrophic drop in tourism caused by seven months of civil unrest, she frequently goes home empty-handed. “A lot of days I’m working for no pay,” she says, with an unusually cheerful laugh that causes the wrinkles around her eyes to crease and conceals her concern, which she shares in a quieter voice. “I’m honestly very worried right now because I’m using up…

5 min.
hong kong’s retail gloss is fading

When tourists come to Hong Kong to shop, they head for a six-block stretch of Nathan Road in the Mong Kok neighborhood. There they can find more than 30 high-end jewelry stores, including 10 outposts of Chow Tai Fook, the world’s second-biggest jeweler after Tiffany & Co. That’s not counting almost a dozen standalone watch stores, which include Rolex, Tissot, and Longines. And global luxury retailers such as Chanel and Louis Vuitton operate boutiques farther up the merchant-lined thoroughfare. Nathan Road is much quieter than usual these days. The anti-Beijing protests have scared off tourists from around the world—particularly Chinese mainlanders, who’re especially important to Hong Kong’s retailers. Compared with tourists from other places, Chinese spend more money on shopping; they’re also more likely to buy high-end goods. They make up…

3 min.
cheap internet, anywhere

For years, parades of companies have been trying to create an all-encompassing global wireless network that would have the power to connect every imaginable object to the internet, reaching places impervious to cell towers and fiber-optic cables. Silicon Valley startup Skylo Technologies Inc. says it’s come the closest so far. The San Mateo company’s small but powerful antenna, which it unveiled on Jan. 21 after three years of development in secrecy, can connect to pricey satellite-based internet services and relay their bandwidth to hundreds of other devices. Similar technology is already on the market, but Skylo’s founders say theirs does the job way better for way less. “If this type of connection was available for a few dollars per month, it would open up entirely new markets for people who are…