March 1, 2015 / Fortune Asia / Volume 171 / Number 3

20 Oil’s New Math
After crude’s dramatic fall, even the world’s foremost experts are wondering if the energy equation has changed for good. Here, a primer on the new calculus.
By Brian O’Keefe

24 Why Aren’t Airfares Falling?
The major carriers are saving billions on rock-bottom oil prices. Shouldn’t some of those savings be passed on to passengers?
By John Cassidy

28 Waiting for the Reckoning
Inside the heart of fracking country in the boomtowns of North Dakota, fear is only just beginning to replace optimism.
By Jennifer Reingold

40 Back on Target?
The discounter has seen its cool cachet wane, endured a calamitous hacking, and vaporized $5.4 billion in a failed Canadian expansion. New CEO Brian Cornell is decisive and energetic. Will that be enough to revitalize the retail giant?
By Phil Wahba

47 The World’s Most Admired Companies
Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these.
By Christopher Tkaczyk

54 Enter the Dragons
Almost overnight China’s phonemakers came to dominate their own market. Now they’re looking further afield-with claws out.
By Scott Cendrowski

60 How Big Business Lost Its Voice in Washington
Even with 16 million employees and $7.2 trillion in revenue behind them, the 203 CEOs of the Business Roundtable can’t get politicians to take them seriously.
By Tory Newmyer

4 MACRO
Closer Look
How secure is the Middle East for big companies?
By Erika Fry and Vivienne Walt

8 MACRO
Briefing
China censors TV shows online. Plus: Albert Podell travels the world.

10 PURSUITS
Cuba Opens Up
America is ready for Cuba. Are Cuban hotels ready for Americans?
By Anne VanderMey

12 TECH
Rivals
A tale of two IPOs: lessons from Facebook’s and Twitter’s diverging roads.
By Erin Griffith

14 TECH
The Fortune 500 Series
With machine-learning smarts, Citibank’s email promotions leave no noun or verb unturned.
By Robert Hackett

16 INVEST
Mark Mobius Q&A
For the veteran emerging-markets investor, fear means opportunity.
By Stephen Gandel

68 BING!
ON THE COVER: ILLUSTRATION BY LEONELLO CALVETTI

[IMAGES]

The shale oil boom has transformed North Dakota’s landscape. This hub near Williston collects oil by pipeline and exports it by train.
GEORGE STEINMETZ

10 New rules have made it easier for Americans to travel to Cuba, but luxury hotels like the Meli・Cohiba in Havana are rare on the island.
COURTESY OF MELIﾁ HOTELS INTERNATIONAL

ｩ Time Inc.