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category_outlined / Business & Finance
Forbes AsiaForbes Asia

Forbes Asia July/August 2019

Forbes Asia chronicles entrepreneurs, executives and companies throughout Asia.

Country:
United States
Language:
English
Publisher:
Forbes Media LLC
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13 Issues

IN THIS ISSUE

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forbes asia

CEO William Adamopoulos Senior Vice President Tina Wee Executive Directors Eugene Wong, Aarin Chan, Janelle Kuah, James Sundram Director, Circulation Eunice Soo Sales Directors Michelle Ong, Lindsay Williams, Janice Ang Deputy Director, Marketing & Research Joan Low Deputy Director, Circulation Pavan Kumar Deputy Director, Events & Communications Audra Ruyters Deputy Director, Conferences Jolynn Chua Senior Manager, Events & Communications Melissa Ng Senior Manager, Ad Services – Digital Keiko Wong Senior Manager, Marketing & Research Chow Sin Yee Office Manager/Assistant to the CEO Jennifer Chung Ad Services Manager Fiona Carvalho Conference Managers Clarabelle Chaw, Cherie Wong Assistant Manager, Marketing & Research Gwynneth Chan Assistant Manager, Conferences Peh Ying Si, Fiona Yim Advertising Executives Angelia Ang, Sharon Joseph, Sabrina Cheung Circulation Services Taynmoli Karuppiah Sannassy, Jennifer Yim CHAIRMAN/EDITOR-IN-CHIEF Steve Forbes FORBES MEDIA Chief Executive Officer Michael Federle Chief Financial Officer Michael York Chief Revenue Officer Mark Howard Chief Growth Officer Tom Davis Chief Sales Officer Jessica Sibley Chief…

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korea’s quandary

This issue’s cover story profiles Kim Jungwoong, founder and CEO of Korean cosmetics firm GP Club. Kim started modestly as the owner of a single small videogame store, then pivoted into cosmetics and focused on selling into the China market. He benefited from the popularity of Korean products in China, such as K-Pop and K-Beauty, finding a way to profit off it. In so doing, he was able to grow GP Club into a major cosmetics firm—largely on the sales of his facial masks, of which he sold one billion units in about two years. Though his might seem an overnight success, it took years for Kim to achieve, including learning to speak Mandarin, studying the buying habits of Chinese consumers, and astute networking with the mainland influencers who helped build…

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what experts miss about power

HISTORIANS AND PUNDITS routinely overlook the fundamental importance of monetary policy and taxation in the rise and fall of great powers. They churn out countless books on strategy, growing or declining economic strength, weapons systems, diplomatic machinations and the like. But rarely do they examine the critical role of money and taxes in the fate of nations. Proposed appointments to the Federal Reserve and the Treasury Department, for instance, never prompt the media to elicit comments from national security experts. Keep this basic truth about money and taxes in mind as the White House focuses on the necessity of rebuilding our rundown military and countering the aggressive, anti-American thrusts of Russia, China and Iran. If the U.S. is to constructively play a keep-the-worldstable role, it must have a sound dollar and a…

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restaurants: go, consider, stop

• MAMO 323 West Broadway, between Grand & Canal streets (Tel.: 646-964-4641) Executive chef Salvatore Marcello’s delicious and unique creations make this Italian and Provençal restaurant a place to go. Start with the roasted cauliflower Romanesco, the endive salad tossed with seared tuna or the fried artichoke cacioepepe. Perfect mid-course choices: crispy-crusted pizze focaccia al tartufo with Parmesan and fresh truffles or the MAMO meatball served on polenta. For pasta try the capelli d’angelo tossed with tiny shrimp and dusted with pistachios, or for lighter fare there’s a seared cod in a lemon caper butter sauce. For dessert choose the rich chocolate mousse or the creamy panna cotta. • Bistro Pierre Lapin 99 Bank St. (Tel.: 212-858-6600) Peter Rabbit would feel right at home in this new, cozy French bistro with its bold cabbage rose…

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ai superpowers

Artificial intelligence is the most transformative business trend in the world today. Hold on, you say—AI is not a new idea. In the 1940s the great mathematician and code breaker Alan Turing predicted that digital computers in the future would be capable of logical reasoning. Commercial interest in AI began in the 1960s and waxed and waned over the next several decades. Why is AI a big deal now? Partly, it’s because of the rapid advances in computer and communications hardware, says Pat Gelsinger, CEO of VMware, a provider of cloud computing solutions based in Palo Alto, California. Gelsinger knows hardware. In the 2000s he was the chief technology officer at Intel. “The faster pace of change in AI today is because you now have data at scale and computing at scale,”…

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a debt-buyback albatross

While unemployment is at a record low, the number of jobs being created in the U.S. economy varies widely from month to month. And much of the decline in unemployment, according to the U.S. Dept. of Labor, is the result of people dropping out of the labor force and thus reducing the labor force par ticipation rate. Wage growth, meanwhile, has remained stubbornly flat, meaning household incomes haven’t improved much despite the tightening labor market. That has made the U.S. economy surprisingly fragile. High debt and low investment are an albatross around the U.S. economy’s neck. Corporate debt in the U.S. has reached $9.4 trillion—equivalent to 46% of GDP, according to the Federal Reserve, which matches the previous peak set in 2007 just before the global financial crisis erupted. Business investment,…

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