November 1, 2015 / Fortune Asia / Volume 172 / Number 6

features

THE 21[superscript ST] CENTURY CORPORATION

38 Why Your Business Is About to Change
Imagine an economy without friction-a new world in which labor, information, and money move easily, cheaply, and almost instantly. Psst擁t’s here. Is your company ready?
By Geoff Colvin

48 Uber’s Tax Shell Game
The car-hailing phenom is viewed by many as the model for the 21st-century corporation. What’s less known is how state of the art Uber is when it comes to minimizing its tax bill. Here, Fortune’s in-depth analysis.
By Brian O’Keefe and Marty Jones

58 First Data’s Counter Attack
After surviving a star-crossed buyout, the financial giant has rebounded and gone public in the year’s biggest IPO. Now CEO Frank Bisignano is staking First Data’s comeback on a bold tech bet-enticing millions of small businesses to buy apps and big-data services through its countertop credit card terminals.
By Shawn Tully

66 Is Silicon Valley Bad for Your Health?
Grueling hours. Stress. Junk food and Red Bull. Obesity is rising in America’s economic frontier, and the health consequences could be dire.
By Jeffrey M. O’Brien

departments

Macro

10 Closer Look
The U.S. has the highest drug prices in the world-with no cure in sight.
By Laura Lorenzetti

14 Indicators
How to tell what’s going on in China’s economy.
By Scott Cendrowski

16 Most Powerful Women
A roundup of standout moments from this year’s MPW Summit.
By Patricia Sellers

18 Changing Course
Why big business loves marathons.
By Phil Wahba

20 Executive Read
Business lessons from Manchester United’s legendary coach.
By Geoffrey Smith

22 Global Power Profile
Meet Google’s artificial intelligence chief, John Giannandrea.
By Leena Rao

Venture

24 Great Workplaces
The 50 best small and medium-size companies to work for.
By Stacey Higginbotham and Claire Zillman

Passions & Perks

31 Luxury Watches
The latest in haute horlogerie.
By Colleen Kane

Tech

34 Persons of Interest
The trio of women mastering big data at Box.
By Michal Lev-Ram

35 The Future of Work
What’s the latest tech-industry perk? Internet-connected windows that may boost productivity.
By Erin Griffith

Invest

36 Energy Stocks
Pipeline-company shares could be a smart way for investors to refuel.
By Ryan Derousseau

7 EDITOR’S DESK
Our walk-up to the Fortune Global Forum.
By Alan Murray

76 BING!

ON THE COVER: ILLUSTRATION BY KYLE WILKINSON

[IMAGES]

ADAM LEVEY

A glimpse of Etsy’s Brooklyn offices: No. 6 on the list of the best medium-size workplaces

From left: Megyn Kelly, Ginni Rometty, and Michelle Obama

A tank being built at pipeline and storage giant Kinder Morgan

ｩ Time Inc.