July 21, 2014 / Fortune Asia / Volume 170 / Number 1 / THE GLOBAL 500

30 Positively Un-American
Bigtime companies are moving their ”headquarters” overseas to dodge billions in taxes ... That means the rest of us pay their share.
By Allan Sloan

38 Instagram Is Ready to Take Its Shot
The photo-sharing social media service has a fast-growing, hyper-engaged user base that advertisers love. Now it just needs to figure out how to make money for corporate parent Facebook.
By Jessi Hempel

46 The Secretive Billionaire Who Built Silicon Valley
How John Arrillaga Sr. transformed California fruit orchards into high-priced office space for the likes of Google, Apple, and Cisco.
By JP Mangalindan

53 Fortune Global 500
After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013.

F--1 The List

The world’s 500 largest corporations.

F--11 Arrivals and Departures

F--12 Notes

F--13 How the Companies Stack Up

F--15 Ranked Within Countries

F--21 Index

77 China’s Baddest Billionaire Builder
Yan Jiehe has no problem trash--talking Mao, playing hardball with Communist Party--led competitors, or knocking down a few mountains擁f that’s what it takes to build a new city. In China there’s simply no one like him in business.
By Scott Cendrowski

84 The $4.3 Trillion Force
Larry Fink has spent 26 years building BlackRock into the manager of the most assets on the planet. Now he’s finding that size (and power) can be a mixed blessing.
By Carol J. Loomis

10 MACRO
Closer Look
The great coal migration: China’s solution to pollution?
By Richard Martin

13 INVEST
Q&A
For Todd Ahlsten of Parnassus Investments, success starts with understanding risk.
By Jen Wieczner

28 INVEST
Wealth Adviser
The European Central Bank wants to drive down the value of its currency. Here’s how to profit.
By Janice Revell

96 WHILE BING WAS OUT
A Return to Hieroglyphics
A new catalogue of emoji threatens to change business correspondence forever. Possibly.
By Erin Griffith

INSIGHTS

29 Nina Easton
Stealing back the story line on China cyber theft.

CORRECTIONS
”Is Tony Fadell the Next Steve Jobs or ... the Next Larry Page?” (June 30) incorrectly stated that the Nest Protect smoke detector speaks in a computerized voice. It talks in a recorded human’s voice. The article also said the Consumer Product Safety Commission determined that a defect in the smoke detector required a recall. In fact, Nest initiated the recall, repaired the defect, and notified the CPSC.

In ”This Is Your Brain on ... Surgical Sound Waves” (June 30) we misspelled the name of the founder of the Focused Ultrasound Foundation. It is Neal Kassell.

In ”How to Build a Great American City” (June 30), we incorrectly stated that MD Anderson Cancer Center has a facility at Lake Nona Medical City. Anderson operated such a facility in partnership with Orlando Health beginning in 2009. But earlier this year, Anderson terminated its lease and left Lake Nona.

ON THE COVER ILLUSTRATION BY BRIAN LEVY

[IMAGES]

Tech sprawl: John Arrillaga Sr. helped build Silicon Valley from the ground up. Here, Palo Alto in 1948.
SILICON VALLEY HISTORICAL ASSOCIATION

77 Pacific Construction, which is razing mountaintops in Lanzhou, China, to make room for a new town, is No. 166 on Fortune’s Global 500.
CHINAFOTOPRESS/ZUMA PRESS

ｩ Time Inc.