October 1, 2018 / Fortune Asia / Volume 178 / Number 4 /
THE 50 MOST POWERFUL WOMEN 21ST EDITION
MOST POWERFUL WOMEN
50 Most Powerful Women
The 21st edition of Fortune’s annual list of the Most Powerful Women in Business.
PAGE NO. 30
Show of Strength
By JEN WIECZNER
U.S. defense companies are in the spotlight like never before-and more of them than ever are led by women.
The World According to Walmart
By BETH KOWITT
Before Judith McKenna took over, investors largely ignored Walmart’s international business. Then came its biggest deal of all time.
Rx for Renewal
By ERIKA FRY and CLAIRE ZILLMAN
Last year, Emma Walmsley took over a pharma giant and shook things up from the start. But will it be enough to make GSK an investor darling?
The International List
Our ranking of the most powerful businesswomen based outside the U.S.
6 Fortune’s Power Source
One of our oldest and proudest franchises reflects the changing times for women in business.
By CLIFTON LEAF
7 How to Spot the Next Financial Crisis
A decade after the last devastating crash, here’s a breakdown of the DNA all economic disasters share.
By GEOFF COLVIN
10 A Biotech Boom in China? Not Just Yet
Chinese biopharma stocks have lucrative potential, but realizing gains will involve some growing pains.
By SY MUKHERJEE
11 The Next Worry? A Frack Up
Investigative journalist Bethany McLean takes on the shale oil industry in her new book, Saudi America.
Interview by LEIGH GALLAGHER
12 Hold Your Horses
Don’t let a record-setting Ferrari fool you-the classic car market is (finally) slowing down.
By DANIEL BENTLEY
13 Retail Bricks Bring Online Bucks
Companies that resisted closing stores are growing online sales as a result.
By PHIL WAHBA
14 Promise and Peril in the Global War on Poverty
Gates Foundation CEO Dr. Sue Desmond-Hellmann on the state of world health and why the stakes for all of us are so high.
By CLIFTON LEAF
18 The 20 Best Workplaces for Manufacturing and Production
Fortune and research partner Great Place to Work surveyed thousands to determine 2018’s top firms.
By RADHIKA MARYA
19 Building With Bits and Bytes
The $10 trillion global construction industry is finally going digital-and experiencing a complete overhaul of the way it does business.
By CLAY DILLOW
21 The Authority on A.I.
How will artificial intelligence change the way we work? Researcher turned entrepreneur Andrew Ng dishes on the challenges that lie ahead.
Interview by VAUHINI VARA
23 A Q&A With Reid Hoffman
One of Silicon Valley’s most successful investors writes a playbook for explosive growth.
Interview by POLINA MARINOVA
25 A Formula for Better Returns
Changing corporate reporting rules could boost R&D spending-and make investors happier.
By RYAN DEROUSSEAU
27 Ring the Changes
A 181-year-old jeweler begins developing at the speed of now.
By PHIL WAHBA
68 Anatomy of a Bull Market
One-sixth of the S&P 500’s market cap growth came from four stocks. Guess which?
Text by CLIFTON LEAF; graphic by NICOLAS RAPP
”Dream Big” (Sept. 1) incorrectly identified Global Good, an arm of Intellectual Ventures, as a nonprofit.
In ”Turnover at the Top” (Sept. 1), we incorrectly said there were two black CEOs in the Fortune 500; in fact, there are three.
ON THE COVER: MARILLYN HEWSON PHOTOGRAPHED BY MACKENZIE STROH; COLLAGE BY HﾉLﾈNE BUILLY
CELESTE SLOMANAIRCRAFT PHOTOS: STEVE THORNE-GETTY IMAGES
ｩ Time Inc.