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December 1, 2016 / Fortune Asia / Volume 174 / Number 7 / Businessperson of the Year

SECTION

FEATURES

THE 2016 BUSINESSPERSON OF THE YEAR

NO.1 Facebook CEO Mark Zuckerberg
By ADAM LASHINSKY
How to lead like Zuck: The Facebook founder has built his social network into a global phenomenon and a growth powerhouse. Here’s what you can learn from how he manages.
PAGE NO. 25

NO. 5 Microsoft CEO Satya Nadella
By ANDREW NUSCA
Nadella’s traveling revival show: on the road with the man who is quietly transforming a fading legacy software operation into a hungry cloud-computing comer.
PAGE NO. 36

2016’s Top People in Business
The rest of the best: The standout executives on this year’s list have wildly varying styles and approaches, but just one thing in common葉hey deliver, big-time.
34

NO. 20 United CEO Oscar Munoz
By SHAWN TULLY
A miracle comeback: Munoz returned to the helm of United Continental soon after a heart transplant. How he bounced back預nd why the company is starting to soar again.
50

It Isn’t Easy Being Green
By BETH KOWITT
Seventh Generation-acquired by Unilever this fall-is cracking the code on how to make eco-friendly cleaning products. The challenge now? Selling them to the masses.
58

DEPARTMENTS

FOREWORD

6 Editor’s Desk
The moral imperative for today’s business leaders.
By ALAN MURRAY

FORTUNE + TIME GLOBAL FORUM
8 Forging a New Social Compact
At our joint conference in Rome, more than 100 corporate bosses will address the challenges of creating a more inclusive and humane economy.
By CLIFTON LEAF

BRIEFING
9 The 2017 Fortune Crystal Ball
The future, in seven pages: our forecast for the year ahead in business, politics, and technology.

FOCUS

TECH
18 Business in the Cloud
Amazon eliminates wrapping paper ahead of the holidays in an attempt to accelerate fulfillment and advance its sustainability strategy.
By LEENA RAO

20 Fortune Brainstorm Health 2016
Highlights from our inaugural conference on the tech-fueled revolution in health care.

INVEST

22 Play Your Cards Right
Stronger consumer spending has generated big profits for the credit card industry. But investors should tread carefully.
By MATT HEIMER

FORUM
24 Disrupted
How to master change: Chipmaker Nvidia can teach us a few things about corporate transformation.
By DAN LYONS

BACK PAGE
LAST BYTE
64 Cash Hoarders
A graphic breakdown of this year’s mounting U.S. corporate cash stockpile.
Text by BRIAN O’KEEFE; graphics by NICOLAS RAPP

ON THE COVER: PHOTOGRAPH BY DAVID PAUL MORRIS唯LOOMBERG VIA GETTY IMAGES
[IMAGES]
COURTESY OF FACEBOOK

Deepak Chopra, cofounder of the Chopra Center.









ｩ Time Inc.

November 1, 2016 / Fortune Asia / Volume 174 / Number 6

SECTION

FEATURES

The Red Tape Conundrum
by BRIAN O’KEEFE
How the wrong kind of regulation is strangling business-and what to do about it. Fortune takes a deep dive.
PAGE NO. 24

Steve Cohen Has Nothing to Prove
by JEN WIECZNER
But he’s going to prove it anyway. In 2013 an insider-trading scandal ended his reign as one of Wall Street’s top hedge fund managers. Today he’s unapologetic and on the verge of returning to the industry, to his critics’ dismay.
38

THE 21ST-CENTURY CORPORATION
The Great Rocket Race
by CLAY DILLOW
Elon Musk’s SpaceX is jousting with a Boeing-Lockheed joint venture for the lucrative business of sending satellites into space. The incumbent faces a daunting two-pronged challenge: Can it slash prices while overhauling a key part of its technology?
46

The PGA Tour Takes on China
by SCOTT CENDROWSKI
Canceled tournaments, bad luck, and so much promise: inside the golf industry’s star-crossed struggle to get Chinese consumers to hit the links.
PAGE NO. 54

How Steve Jobs Became a Billionaire
by LAWRENCE LEVY
Though Jobs’ name is forever tied to Apple, it’s easy to forget that it was Pixar that made him his first billion. In this excerpt from To Pixar and Beyond, we learn more from the man whom Jobs hired as CFO, with the mission to take the scrappy company public.
60

DEPARTMENTS

BRIEFING

9 CLOSER LOOK
Most Americans don’t actually hate trade, business, or globalization. But this campaign season’s tide of populist outrage will last long past November.
By TORY NEWMYER

12 CANADA’S BRAIN GAIN STRATEGY
The U.S. should refashion its immigration laws to look like its northern neighbor’s.
By CHRIS MATTHEWS

13 THE RISE OF THE AILMENT SHOPPER
Beset by health problems, consumers are turning to food as treatment-and spending billions.
By BETH KOWITT

14 WIND ENERGY IS REALLY CHEAP
The first offshore wind farm in the U.S. marks a turning point for the industry.
By KATIE FEHRENBACHER

16 EXECUTIVE READ
Three major releases this fall will help you elevate your thinking, motivation, and creativity in work and in life.

FOCUS

TECH

17 PERSON OF INTEREST
Meet Toni Reid, director of product for Amazon’s Echo devices and Alexa unit.
By LEENA RAO

19 A BOOM WITH A VIEW
Consumer packaged-goods startups are styling themselves like tech companies to fuel growth. They don’t need to.
By ERIN GRIFFITH

20 WATSON: NOT SO ELEMENTARY
A Q&A with David Kenny, general manager of IBM’s cognitive computing system.

Interview by CLIFTON LEAF

EDITOR’S DESK

FOREWORD

6 HOPE FOR THE DAY AFTER
The cloudy political outlook reinforces the need for business leaders to take a larger role in addressing the issues that face our society.
By ALAN MURRAY

PASSIONS

22 10-HOUR LAYOVER? LUCKY YOU
How Icelandair made waiting for connecting flights a thing of beauty.
By ANNE VANDERMEY

BACK PAGE

LAST BYTE

68 TRADING WITH AMERICA
Charting U.S. imports and exports.
Text by TORY NEWMYER; graphic by NICOLAS RAPP

CORRECTION

In ”The Deep-Learning Revolution” (Oct. 1), we incorrectly wrote that Geoffrey Hinton was invited to Microsoft in 2009 by research cohead Peter Lee. In fact, Hinton was invited by Microsoft principal researcher Li Deng, whose group then experimented with neural nets for speech recognition. Lee did not join the company until 2010. Fortune regrets the error.

ON THE COVER: PHOTOGRAPH BY THE VOORHES

[IMAGES]

KENNY: WINNI WINTERMEYER

ｩ Time Inc.

October 1, 2016 / Fortune Asia / Volume 174 / Number 5 / 40 UNDER 40

FEATURES

27 FORTUNE’S ALL-NEW 40 UNDER 40
These are the young stars taking us into the future熔ur 2016 list of the 40 most influential people in business under the age of 40.

38 DRIVEN IN THE VALLEY
Kyle Vogt and Daniel Kan just sold Cruise Automation to GM for $1 billion. But there’s no time to enjoy the windfall: They’re under crazy pressure as they race to bring a self-driving car to the masses.
BY ERIN GRIFFITH

46 HAMILTON, NONSTOP
Lin-Manuel Miranda, the 36-year-old creator of the hit musical, talks about trusting his instincts and how he accidentally married the oldest form of entertainment with the newest: social media.

INTERVIEW BY KIA KOKALITCHEVA

48 MEET ACTIVISM’S NEW FACE
Dianne McKeever’s hedge fund just won its first fight. The next targets are in her sights. CEOs, beware Ides Capital.
BY JEN WIECZNER

50 CAN THIS 22-YEAR-OLD CODER OUT-BITCOIN BITCOIN?
Russian-born wunderkind Vitalik Buterin, the creator of Ether, a new cryptocurrency, aims to unleash the power of his blockchain technology to spur radical change in finance, social networks, and even government.
BY ROBERT HACKETT

58 THE DEEP-LEARNING REVOLUTION
Why decades-old discoveries are suddenly changing your life and electrifying the computing industry預nd why they’ll soon transform corporate America.
BY ROGER PARLOFF

DEPARTMENTS

MACRO

8 Closer Look
The European honeymoon is over: EU regulators are escalating their battle against American business.
BY VIVIENNE WALT

10 Power to the People
This Election Day, some states are putting key policy decisions directly in voters’ hands.
BY TORY NEWMYER

12 Mouthwatering Returns
Aggressive investors are increasingly going after food-chain laggards.
BY JOHN KELL

13 I Know What You Watched Last Summer
In an otherwise humdrum season, scary movies had a strong showing.
BY MICHAL LEV-RAM

14 Calm and Carrying On
The Brexit crisis that wasn’t.
BY GEOFFREY SMITH

PASSIONS & PERKS

16 A Visit to the Homeland
Infiniti chief designer Alfonso Albaisa goes to Cuba, his parents’ birthplace, and finds inspiration.
BY SUE CALLAWAY

19 Black Book
An insider’s guide to Mumbai, India’s bustling metropolis.
BY ADAM ERACE

TECH

22 Business in the Cloud
California utility PG&E thinks virtual-reality technology may make inspecting equipment faster and safer.
BY JONATHAN VANIAN

23 A Boom With a View
Google’s parent company loved sci-fi research, until it didn’t.
BY ERIN GRIFFITH

INVEST

24 Stocks and the Art Market
Why investors are rooting for a rebound for art sales and one of the top auctioneers.
BY MICHELLE CELARIER

68 BING!

CORRECTION

In ”A Drone for Every Job Site” (Sept. 15, 2016), we misstated the value of the global construction industry. It is $8.5 trillion. Fortune regrets the error.

ON THE COVER: PHOTOGRAPHS COURTESY OF THE SUBJECTS

[IMAGES]

Cruise Automation cofounders Daniel Kan (left) and Kyle Vogt.
ART STREIBER

APPLE: DAVID PAUL MORRIS唯LOOMBERG VIA GETTY IMAGES

MATT CHASE

DOLLAR SIGN: MARY TURNER宥ETTY IMAGES

ｩ Time Inc.

September 15, 2016 / Fortune Asia / Volume 174 / Number 4 / 50 MOST POWERFUL WOMEN

FEATURES

50 MOST POWERFUL WOMEN

34 INTRODUCTION
Fortune's 19th annual compendium of the Most Powerful Women in Business reveals how female executives are transforming corporate America.

36 HAIL, MARY
General Motors CEO Mary Barra has led the carmaker on an epic comeback ride. But it might take more than a miracle worker to lift the company's stock.
BY PAUL INGRASSIA
Plus: Barra talks with Fortune editor-at-large JENNIFER REINGOLD about what has changed at GM—and what's next.

42 THE LIST
BY KRISTEN BELLSTROM, ERIKA FRY, BETH KOWITT, MICHAL LEV-RAM, LEENA RAO, JENNIFER REINGOLD, ANNE VANDERMEY, PHIL WAHBA, JEN WIECZNER, AND VALENTINA ZARYA

52 THE DISAPPEARED
Despite progress, the number of women Fortune 500 CEOs remains tiny. Many female C-suite stars don't get second opportunities, ending up in an invisible corporate purgatory. Why is business still underutilizing one of its most valuable assets?
BY JENNIFER REINGOLD

60 ANN-MARIE CAMPBELL BELIEVES IN YOU
As Home Depot looks to the web to help it squeeze more sales out of its stores, the 400,000 associates who work in the retailer's 2,276 locations look to one of their own to lead them.
BY ELLEN MCGIRT

66 LIGHTING UP GE
Vice chair Beth Comstock has an ungainly portfolio but a simple mission: infusing the future into a venerable company.
BY GEOFF COLVIN

70 MORE THAN SKIN DEEP
Ulta Beauty has built a fast-growing hair and cosmetics empire in America's strip malls. Can it go toe-to-toe with much bigger competitors? That's up to CEO Mary Dillon.
BY PHIL WAHBA

78 THE SMART STING OF SAM BEE
The Canadian comedian has replaced Jon Stewart as America's most trenchant political commentator. Her secret? Not hiding her frustration.
BY ERIN GRIFFITH

82 GOOGLE GETS DISCIPLINED
The search-engine behemoth has spent billions in the quest for its next hit. Now Wall Street veteran Ruth Porat has come aboard to help Google—and its parent company, Alphabet—get more bang for the buck. Can she get their "smart creatives" to fall in line?
BY LEENA RAO

89 MOST POWERFUL WOMEN: INTERNATIONAL
Our rankings of the most powerful businesswomen based outside the U.S.
BY RUPALI ARORA, ERIKA FRY, AUDREY SHI, AND CLAIRE ZILLMAN

92 LEADING THROUGH CHAOS
Turkey's aborted coup is only the latest challenge for Güler Sabanci, the woman behind one of the country's largest conglomerates.
BY ERIKA FRY

94 MPW CHARTIST
The share of women CEOs is still minuscule, but in the boardroom there's increasing cause for optimism.

26 IS HILLARY GOOD FOR BUSINESS?
To win the nomination, Clinton tacked way left on trade and ratcheted up her anti--Wall Street rhetoric. But insiders and experts say her policies are pro-growth. A clear-eyed look at her plan.
BY TORY NEWMYER

95 FORTUNE'S 100 FASTEST-GROWING COMPANIES
Too fast to be stopped: 2016's top three-year performers in revenue, profits, and stock returns.
BY SCOTT DECARLO, DOUGLAS G. ELAM, VIVIAN GIANG, KATRINA KAUFMAN, AND KATHLEEN SMYTH

102 30 YEARS OF FASTEST-GROWING COMPANIES
As our list reaches the three-decade milestone, we highlight some of the highs ... and lows along the way.

104 SWIMMING UPSTREAM
Can a Bible-studying, love-peddling showman save SeaWorld ... from itself?
BY ERIKA FRY

112 IT'S JEFFREY KATZENBERG'S FUTURE
His career as a studio mogul just ended with the sale of DreamWorks Animation. But Katzenberg has shaped some of the most important changes in the movie industry over the past two decades—and he's not done yet.
BY MICHAL LEV-RAM
DEPARTMENTS
MACRO

6 Closer Look
The rise of nationalism and protectionism has villainized free trade, but the global economic future hinges on its rehabilitation.
BY CHRIS MATTHEWS

10 The People vs. the Pill Pushers
Big Pharma has been hiking prices with impunity for years. Come November, that could change.
BY SY MUKHERJEE

11 Trend Tracking
Our educated guesses for which crazes are fizzling and which are picking up steam.

12 Sequel-itis
Why does Hollywood make bad movies? People keep paying to see enough of them.
BY MICHAL LEV-RAM

14 Fair Trade
China's currency falls. The world shrugs.
BY SCOTT CENDROWSKI

PASSIONS & PERKS
15 Vintage Gems
No longer considered Grandma's leftovers, estate jewelry is in high demand.
BY STACY PERMAN

TECH
17 Person of Interest
Meet Belinda Johnson, chief business affairs and legal officer of Airbnb.
BY LEIGH GALLAGHER

18 The Future Is Now
As techies dream of delivery drones, the construction industry eyes the devices as a tool to save billions of dollars.
BY CLAY DILLOW

INVEST
21 Auto Stocks
Why self-driving cars could help the industry's stocks do a U-turn.
BY RYAN DEROUSSEAU

24 THE BIG THINK
How to get on the right side of the digital divide.
BY JOHN CHAMBERS, EXECUTIVE CHAIRMAN, CISCO

120 BING!
CORRECTIONS
Fortune's Change the World list (Sept. 1, 2016) incorrectly stated that Brazilian forestry company Fibria operates in the Amazon. In the same article, the company AdvisorShares is incorrectly identified as Advisory Shares. Fortune regrets the errors.

[IMAGES]
MICHAEL LEWIS
EPIPEN: DREW ANGERER—GETTY IMAGES
JOHNSON: KEVIN MALONEY—FORTUNE BRAINSTORM TECH
TESLA: COURTESY OF TESLA MOTORS
© Time Inc.

September 1, 2016 / Fortune Asia / Volume 174 / Number 3

FEATURES

CHANGE THE WORLD

24 POSITIVELY PROFITABLE
Turns out, there’s an awfully good market these days for helping others.
BY CLIFTON LEAF

27 THE LIST
More businesses are taking on society’s biggest problems預nd making money doing so. Here’s our look at 50 companies that do well by doing good.
BY ERIKA FRY AND THE FORTUNE STAFF

PLUS

New trends in socially conscious investing.

40 FREE BIRD
To win back customers, McDonald’s is changing how it raises its poultry. Will offering cage-free eggs and antibiotic-free chickens revive the fast-food giant?
BY BETH KOWITT

50 OVERTURNED
Hedge fund manager Todd Newman’s successful career was upended when he was prosecuted for insider trading. After his conviction was thrown out on appeal, the case became a landmark in Wall Street regulation. An inside look at what it’s like to be stalked by the feds預nd not back down.
BY WILLIAM D. COHAN

DEPARTMENTS

MACRO

4 Closer Look
How we feel about the economy, vs. how it’s actually doing.
BY TORY NEWMYER AND CHRIS MATTHEWS

7 Forget Brexit. What’s Nextit?
It’s time to start worrying about a Frexit預nd a world-economy meltdown.
BY GEOFFREY SMITH

8 Got Lactose Intolerance?
How to make sense of the explosion of dairy alternatives in the refrigerated aisle.
BY BETH KOWITT

9 Big Food Goes Snacking
Industry giants are making small bets in companies that just might be the next big thing.
BY JOHN KELL

10 Star Trek: Tech Incubator
Some whiz-bang gadgetry that appeared in the franchise, long before it materialized in real life.
BY TOM HUDDLESTON JR.

PURSUITS

14 Black Book
An insider’s guide to San Diego, where the sun always shines.
BY ADAM ERACE

TECH

15 Person of Interest
Laura Weidman Powers, CEO of Code2040, is taking her Silicon Valley movement to the White House.
BY GRACE DONNELLY

16 The Breakdown
Elon Musk is trying to reimagine the factory as a product. It’s not unlike how Henry Ford changed manufacturing.
BY KATIE FEHRENBACHER

17 Zeroing In
The dramatic makeover of Apple’s retail stores features entertainment, relaxation, and a few iPhone sales too.
BY DON REISINGER

18 A Boom With a View
Once a bastion of democratizing free speech, the Internet in 2016 is more of a toxic wasteland.
BY ERIN GRIFFITH

19 Business in the Cloud
By collecting data from millions of acres of farmland, a California startup wants to help farmers make smarter business decisions.
BY JONATHAN VANIAN

INVEST

21 Northern Exposure
Canadian stocks have lagged U.S. equities for five years. But strong banks, a gradual oil rebound, and遥es優onald Trump are making the country look attractive to investors again.
BY CHRIS TAYLOR

60 BING!
ON THE COVER: ILLUSTRATION BY PAUL MARTINEZ

[IMAGES]

MARK MAWSON

MUSK: JAMES GLOVER由EUTERS/ZUMA PRESS

ｩ Time Inc.

August 1, 2016 / Fortune Asia / Volume 174 / Number 2 / GLOBAL 500

features

Fortune Global 500

40 Beware the Almighty Dollar
A historic surge in the value of the greenback had a profound impact on this year’s Global 500 list. Its continued strength could prove to be a huge drag on the U.S. economy.
By Shawn Tully

44 Can Big Still Be Beautiful?
In an era when ”conglomerate” has become a dirty word, Johnson & Johnson is making the case that heft and breadth can be virtues. Here’s how a 130-year-old heavyweight is learning to defy gravity.
By Erika Fry

54 Glencore Digs Out of the Abyss
The commodities behemoth faced a crisis last year as prices of metals, grains, and petroleum products・as well as the company’s stock price用lummeted. A rare inside look at how the secretive Swiss giant survived and how it plans to thrive again in a post-boom world.
By Vivienne Walt

64 The AIDS Activist and the Banker
Brothers Jes and Peter Staley worked together at J.P. Morgan. One rose to become a top executive and is now the CEO of Barclays. The other became an AIDS activist who changed his brother-and then the world.
By Patricia Sellers

F-1 The List

The world’s 500 largest corporations.

F-11 Winners and Losers

F-12 Notes

F-13 How the Companies Stack Up

F-15 Ranked Within Countries

F-21 Index

departments

MACRO

4 Closer Look
Hosting the Olympics is a terrible deal. Which raises the question for more cities: Why bother?
By Ryan Bradley

7 Lone Star Blues
The oil bust has Texas luxury retailers feeling the pain.
By Phil Wahba

9 Silicon Desert
America’s hottest new automotive city is ... Phoenix?
By Sue Callaway

10 The 21st-Century Corporation
To expand their reach, today’s biggest companies rely on connections more than industrial production.
By Joshua Cooper Ramo

TECH

12 Person of Interest
Meet Grab CEO Anthony Tan, the Southeast Asian ride-hailing king.
By Kia Kokalitcheva

INVEST

13 Global Stocks
Where to invest after Brexit.
By Lauren Silva Laughlin

17 THE BIG THINK
Britain’s decision was a setback for the global economic order. Here’s how GE plans to keep growing in a protectionist world.
By Jeff Immelt, chairman and CEO of GE

PURSUITS

19 The Road to Wellness
On your next trip, take your best habits with you and follow these 10 tips for healthier travel.
By Christopher Tkaczyk

20 Black Book
An insider’s guide to Miami, melting pot of the Americas.
By Adam Erace

96 BING!

CORRECTION

”Citigroup Does ’Fintech’ ” (July 1) said incorrectly that Microsoft bought Intuit. Microsoft had a deal to buy Intuit in 1994, but the acquisition was never completed.

ON THE COVER: ILLUSTRATION BY PAUL MARTINEZ

[IMAGES]

A copper sample from a Glencore-controlled mine in the Democratic Republic of the Congo
PER-ANDERS PETTERSSON

Miami’s Wynwood neighborhood has been revived by a burgeoning art scene. See Black Book, page 20.
RICHARD CUMMINS-GETTY IMAGES

ｩ Time Inc.

July 1, 2016 / Fortune Asia / Volume 174 / Number 1

features

BRAINSTORM TECH / 2016

20 Some Assembly Required
Automakers and tech companies are racing to build the next great car company for a driverless future. And for the first time ever, the car may take a backseat.
By Erin Griffith

30 Citigroup Does ’Fintech’
An explosion of new financial technology startups is threatening to usurp the multitrillion-dollar banking industry. Here, an inside look at how one global player is trying to ”fintegrate” fast enough to stay ahead of the revolution.
By Stephen Gandel

46 Xiaomi What You’ve Got
The runaway success of Xiaomi’s cheap, stylish smartphones helped the Chinese startup become one of the world’s most valuable private companies. Now its sales are sputtering. Can Xiaomi’s ”ecosystem” ever live up to its $45 billion hype?
By Scott Cendrowski

37 The Future of Work
Change is hard. The way you work today isn’t the way you’ll work tomorrow. Fortune asked people in a variety of industries how technology is changing their workplace. Here’s what they said.

54 Spy Tech That Reads Your Mind
Leaks, theft, and sabotage by employees have become a major cybersecurity problem. One company says it can spot ”insider threats” before they happen-by reading all your workers’ email.
By Roger Parloff

departments

MACRO

4 Closer Look
This year, the political conventions matter again. Here are the fights to watch in Cleveland and Philadelphia.
By Anne VanderMey

7 Blood Testing Is Booming
Companies are betting a ”liquid biopsy” can change cancer testing.
By Sy Mukherjee

8 The Weird World of Negative Interest Rates
Central banks are doing what was once unthinkable. Will it save their economies?
By Chris Matthews

9 Leadership
Some jobs must be automated; others need the human touch. Which are which? That’s your call.
By Geoff Colvin

10 Brain Health
The blood-brain barrier has long stymied drug development for brain disorders. Researchers have finally begun to break through it.
By Erika Fry

VENTURE

11 How I Got Started
Frank Yang has used creative design and gleaming stainless steel to make Simplehuman the Apple of housewares.

Interview by Dinah Eng

PURSUITS

13 Travel Tech
Personal valet app Dufl lets you pack luggage remotely in under a minute.
By Christopher Tkaczyk

14 Black Book
Washington, D.C., isn’t just for patriots-it’s also a must for aesthetes and foodies.
By Adam Erace

TECH

15 Person of Interest: Brainstorm Tech Edition
Meet Mikkel Svane, CEO of Zendesk, a cloud-based customer-service software company.
By Heather Clancy

16 The Age of Unicorns: Brainstorm Tech Edition
Well-funded cyber-security firms are waiting for the right market conditions for an IPO. It might be a while.
By Robert Hackett

17 A Boom With a View
Corporations desire to be nimble like startups at a time when startups crave profits like the big boys.
By Erin Griffith

INVEST

18 Pondering the Puzzle of IBM
The tech giant is stumbling through a painful turnaround. Is the stock a bargain or a trap?
By Ryan Derousseau

60 BING!

CORRECTIONS

In some editions of the June 15 issue, ”The Outsiders” noted that Netflix signed a deal with Disney in May; in fact the deal had been signed earlier, but its details were announced in May. ”Picturing the Fortune 500” (June 15) misstated how much Netflix is spending on programming in 2016. The correct figure is $5 billion. Fortune regrets the errors.

COVER ILLUSTRATION BY STEVEN WILSON

[IMAGES]

A fleet of self-driving Google prototype cars in Austin
COURTESY OF GOOGLE

DUFL: CHRIS HINKLE

WASHINGTON, D.C.: SEAN PAVONE-GETTY IMAGES

ｩ Time Inc.

June 15, 2016 / Fortune Asia / Volume 173 / Number 8 / FORTUNE 500

features

The Annual Fortune 500

30 CAN MONSANTO SAVE THE PLANET?
The world's most vilified company?now a takeover target-has a plan to feed us all. Will it work?
By Beth Kowitt

40 THE LAST STAND OF KEN CHENAULT
The longtime CEO of American Express was supposed to be cruising into retirement. Then his heir apparent died suddenly, Wall Street began to question his strategy, and the stock price tumbled. Can he win back investors and fix what ails AmEx before his time runs out?
By William D. Cohan

49 FORTUNE'S 21ST-CENTURY CORPORATION
Today's companies will be bigger, faster, and nimbler than their predecessors, and enabled by transformative new technologies. We imagined the perfect future corporation-then cracked it open to show how differently it operates.
By Clay Dillow and Andrew Nusca

58 MICROSOFT WILL SERVE YOU NOW
The newly customer-friendly tech giant is bulking up on data centers, betting its future on cloud computing, and learning to be agile again.
By Andrew Nusca

66 THE OUTSIDERS
Netflix's campaign to crank out original content is changing the way TV shows and movies get made-whether Hollywood likes it or not.
By Michal Lev-Ram

74 CAN P&G FIND ITS AIM AGAIN?
It's been a humbling decade for the consumer products giant. Now leaner and more focused, with its third CEO in three years, can the king of brands regain its relevance after years of subpar returns?
By Jennifer Reingold

82 PAYPAL PLAYS CATCH-UP
The company once dominated the online-payment world. But for years its technology languished as competitors gained ground. Can an independent PayPal get back on top?
By Leena Rao

90 HORMEL'S NEW RECIPE FOR SUCCESS
As it celebrates its 125th birthday, the old-school maker of processed meats is riding a wave of growth driven by product innovation, and boldly moving into the world of organic food and healthy snacks.
By Ken Otterbourg

100 PHOTO ESSAY: YOU DO WHAT?
Most people only talk about finding a dream job. Here are four employees of Fortune 500 companies with careers so engaging and unusual that it's hard to believe they call it work.

Photographs by Benjamin Rasmussen

109 THE LIST

F-1 The 500 Largest U.S. Corporations

F-23 Explanations and Notes

F-24 Index

departments

MACRO

8 Closer Look
Fortune 500 profits run out of gas.
By Scott DeCarlo, Nicolas Rapp, and Shawn Tully

11 Secret's Out
New disclosures show how digitized modern warfare has become.
By Robert Hackett

13 Beijing Climbing
Don't look now, but China's economy is doing pretty well.
By Chris Matthews

14 The 500's Food Fight
Walmart is rethinking groceries, its most important business. It's not alone.
By Phil Wahba

15 Leadership
The art of doing the unpopular.
By Geoff Colvin

VENTURE

16 Human Capital
Some Silicon Valley startups are turning to fasting to boost productivity. Is that better than a Snickers bar and a Red Bull?
By Jennifer Alsever

PASSIONS & PERKS

19 Working Out Smarter
Do fitness wearables really improve performance? Our writer puts Under Armour's gear to the test.
By John Kell

TECH

21 Person of Interest: Zeroing In
Meet Scot Drake, the Imagineer behind Shanghai Disney's most futuristic attraction.
By Michal Lev-Ram

24 Contents May Be Hot
Riding early success with its mobile app, Starbucks doubles down on extracting dollars from devices.
By Leena Rao

INVEST

25 Oil and Gas Stocks
Oil prices have risen sharply in 2016, but not all energy stocks will benefit from the rebound. Here's who is poised to win.
By Lauren Silva Laughlin

136 BING!

ON THE COVER: PHOTOGRAPH BY MICHAEL CLINARD

[IMAGES]

Consumer products giant Procter & Gamble (No. 34)has 21 billion-dollar brands, including Crest toothpaste.
PAWEL NOLBERT

Master clay modeler James Dunham of Ford Motor (No. 9)
BENJAMIN RASMUSSEN

NICOLAS RAPP

c Time Inc.

June 1, 2016 / Fortune Asia / Volume 173 / Number 7

THE 25 MOST IMPORTANT PRIVATE COMPANIES

features

21 Private Desires
More companies are forgoing the pressure of public markets for a friendlier and less scrutinized form of ownership. The amazing part of the story is how damn easy it is to go-and stay-private.
By Geoff Colvin

28 The List
Fortune’s compendium of the brawniest, the most influential, and the most disruptive nonpublic enterprises in the country.

40 The Master of Megaprojects
Global construction giant Bechtel has done more than any other company to change the face of the physical world. But today it’s facing fierce new competitors, slowing markets, and a leadership change at the top. A rare inside look at one of the world’s most influential private firms.
By Shawn Tully

MIDYEAR INVESTOR’S GUIDE

51 Why Hedge Funds Make Bad Neighbors
Some of this year’s most volatile stocks have a key factor in common: Hedge funds own a high percentage of their shares. Here’s why ”hedge fund hotels” can cause sleepless nights for other shareholders. Plus: seven promising stocks that most hedge funds are ignoring.
By Jen Wieczner and Scott DeCarlo

61 E*Trade Needs to Speak With You
E*Trade helped lead the online investing revolution-but day trading is so 1999. Now the former digital pioneer is betting its future on old-school person-to-person contact.
By Matt Heimer

departments

MACRO

4 Closer Look
The European Union is in jeopardy if the U.K. votes for a Brexit in June-and if it doesn’t.
By Shawn Tully

8 Making a Really (Really) Cheap MBA
The democratized business degree that could change the game.
By Vivienne Walt

9 Business’s Final Frontier
The cosmos is being commercialized.
By Dinah Eng

10 The 21st-Century Corporation
The data-obsessed digerati are finding there is key knowledge to be gained by embedding with clients.
By Jennifer Alsever

PASSIONS & PERKS

12 New Wave Watches
For the sartorially savvy set, there’s a whole new crop of stylish, direct-to-consumer timepieces.
By Stacy Perman

14 Black Book
Rent a convertible and enjoy the stunning vistas along California’s Highway 1.
By Adam Erace

TECH

16 Objects of Interest
Inside Google’s next ecosystem: virtual reality.
By Leena Rao

19 X Marks the Spot
Tesla’s Model X embodies the Silicon Valley spirit. But in spots, it’s still in beta.
By Sue Callaway

64 BING!
ON THE COVER: PHOTO ILLUSTRATION BY JUSTIN METZ

[IMAGES]

JUSTIN METZ

ｩ Time Inc.

May 1, 2016 / Fortune Asia / Volume 173 / Number 6

features

20 Hot Mess
Nestl・spent three decades building a beloved instant-noodle brand in India. Then the world’s largest food and beverage company stumbled into a public relations debacle that cost it half a billion dollars. A cautionary tale of mangled crisis management on an epic scale.
By Erika Fry

34 CAN SEAN PARKER HACK CANCER?
The Napster co-founder played a major role in some of tech’s biggest revolutions. Now he’s taking on medicine’s biggest challenge.
By Clifton Leaf

44 BUSINESS THE TRUMP WAY
He’s a billionaire (though maybe not as rich as he says). He claims he hates debt (but his casino companies went bust because of it). He craves press attention (but sues at the drop of a hat). What does Trump’s record tell us about how he’ll lead? Plus: A Q&A with the Donald.
By Shawn Tully and Roger Parloff

52
THE RACE TO MAKE VIRTUAL REALITY AN ACTUAL (BUSINESS) REALITY
Big corporations are investing billions・but the technology may not play out the way they expect.
By Jeffrey M. O’Brien

departments

MACRO

4 Closer Look
Corporate turnaround experts have some advice for the GOP.
By Tory Newmyer

6 After Dilma
The upside of Brazil’s political meltdown.
By Ian Bremmer

7 In Theaters This Spring ...
The seasonal creep of the modern big-budget action film.
By Tom Huddleston Jr.

8 Chartist
What the minimum wage might look like in 2022.
By Chris Matthews and Nicolas Rapp

VENTURE

9 Small Business, Big Idea
As dire sanctions are lifted, entrepreneurship is bursting out in Iran. Can it transform a nation still controlled by Islamic clerics?
By Vivienne Walt

PURSUITS

13 Black Book
Don’t miss these hidden gems of Sydney.
By Adam Erace

TECH

15 Object of Interest
A cultured meatball, fresh from San Francisco startup Memphis Meats.
By Andrew Zaleski

16 Frontiers
The new tourism market in Cuba is a test case預nd a PR coup庸or Airbnb.
By Erin Griffith

INVEST

18 The Fight to Dominate Big Pharma(cy)
Drugstore chains CVS and Walgreens are bigger than ever, thanks to an unprecedented string of acquisitions. But is all that growth the right prescription for shareholders?
By Chris Taylor

60 BING!

CORRECTIONS

”Bezos Prime” (April 1) incorrectly stated that contributors aren’t paid to write for the Washington Post’s PostEverything section. Some writers are paid. In our World’s 50 Greatest Leaders list (April 1), we incorrectly reported that Moncef Slaoui’s brother had died of whooping cough; it was his sister. Fortune regrets the errors.

COVER PHOTOGRAPH BY MIKE MCGREGOR佑ONTOUR BY GETTY IMAGES

[IMAGES]

THE VOORHES

Sydney’s Bronte Beach
BRONTE BEACH: GETTY IMAGES

ｩ Time Inc.

April 1, 2016 / Fortune Asia / Volume 173 / Number 5 / THE WORLD’S 50 GREATEST LEADERS

features

The World’s 50 Greatest Leaders

27 This election year has given us a taste of what leadership is, mostly through its absence. Demagoguery, pandering, even populism aren’t leadership. Here’s what is.
By Geoff Colvin

30 Bezos Prime
Amazon’s CEO has driven his company to all-consuming growth (and even, believe it or not, profits). Today, though, as he deepens his involvement in media and space ventures, Jeff Bezos is becoming a power beyond Amazon. That has forced him to become an even better leader.
By Adam Lashinsky

40 The List
By Jonathan Chew, Claire Groden, and the Fortune staff

52 I Will Follow
Irish rock icon Bono leads a widely acclaimed, data-driven, global organization that rallies governments and C-suites, raising millions for people in poverty. What’s his secret? An ability to convince others that they are the true leaders of change. Here’s what business can learn from a music legend.
By Ellen McGirt

62 Book Excerpt: My Year in Startup Hell
Hear the one about the unemployed middle-aged guy who tripped and fell into the new economy? An exclusive sneak peek at the book Disrupted.
By Dan Lyons

departments

MACRO

8 Closer Look
The IRS and the terrible, horrible, no good, very bad decade.
By Jen Wieczner

11 In Memoriam
A tribute to Andy Grove, Silicon Valley pioneer.
By Adam Lashinsky

12 Underdogs
How a small English soccer team is storming the big leagues.
By Geoffrey Smith

13 Keeping Up With the Kremlin
A new bus tour spotlights homes of the London kleptocracy.
By Linda Kinstler

14 Chasing Utopia
Inside the debate over the U.S. productivity slump.
By Erika Fry

16 World’s Most Admired Companies
Netflix is on a growth streak, but the stock has been volatile. Here’s why.
By Lauren Silva Laughlin

VENTURE

17 Bouncing Back
The unexpected payoff of entrepreneurial failure.
By Jennifer Alsever

PURSUITS

19 Smart Travel
The best apps for summer trips.
By Christopher Tkaczyk

20 Black Book
An insider’s guide to S縊 Paulo.
By Adam Erace

TECH

21 Person of Interest
McDonald’s chief digital officer, Atif Rafiq.
By Michal Lev-Ram

22 Business in the Cloud
Machine learning is turning commercial satellite imagery into an omnipresent source of business intelligence.
By Clay Dillow

INVEST

24 Restaurant Stocks
Not every company on the menu is an equally good deal.
By Chris Taylor

68 BING!

CORRECTION

In the intro to an excerpt from Bob Benmosche’s posthumous memoir, Good for the Money (March 15), we misstated the date of the author’s death. Benmosche died Feb. 27, 2015. Fortune regrets the error.

ON THE COVER: BONO PHOTOGRAPHED BY SAM JONES

[IMAGES]

GINSBURG: NIKKI KAHN裕HE WASHINGTON POST/GETTY IMAGES

KELLY AND KORNIENKO: NASA VIA AP

GATES AND DESMOND-HELLMANN: JOE PUGLIESE輸UGUST IMAGES

GRIEST AND HAVER: JESSICA MCGOWAN宥ETTY IMAGES

KEJRIWAL: PARTHA SARKAR郵INHUA PRESS/CORBIS

LEGEND: RYAN PFLUGER輸UGUST IMAGES

CULLORS, GARZA, AND TOMETI: BEN BAKER由EDUX

TRUDEAU: PATRICK AVENTURIER宥ETTY IMAGES

MERKEL: HANS CHRISTIAN PLAMBECK有AIF/REDUX

CHAI: TAO XIAOFANG悠MAGINECHINA

SABAN: CHRISTIAN PETERSEN宥ETTY IMAGES

BOOK: MANFRED KOH; BOOK IMAGE: COURTESY OF HACHETTE BOOKS

CONRADO TRAMONTINI宥ETTY IMAGES

KEITH NEGLEY

ｩ Time Inc.

March 15, 2016 / Fortune Asia / Volume 173 / Number 4 / The 100 Best Companies to Work For 2016

features

THE 100 BEST COMPANIES TO WORK FOR

CHAPTER I: INTRODUCTION AND THE LIST

71 The 2016 List
In our 19th ranking of America’s greatest workplaces, we honor the champions of corporate culture. Here’s how they measure up.
By Robert Levering, with additional reporting by Erin Bartulski, Jonathan Chew, Ed Frauenheim, Claire Groden, Milton Moskowitz, and Tabitha Russell

CHAPTER II: EMPOWERING EMPLOYEES

88 My Five Days of ”Bleeding Green”
A firsthand account of working at Publix, America’s happiest supermarket.
By Christopher Tkaczyk

CHAPTER III: THE NEW WORKFORCE

98 Five Things You Can Do to Attract Millennial Talent
Here, a few ways your company can compete for the best and brightest new stars.
By Claire Groden

100 Hot New Perk: Paying Down Student Loans
Business is trying to help solve the nation’s $1.2 trillion school debt problem, but one thing stands in the way: the law.
By Claire Zillman

CHAPTER IV: HOW TO GET HIRED
102 Tips From Recruiters at the 100 Best Companies
What talent seekers look for in a job candidate.
By Christopher Tkaczyk

104 The Health Care Hiring Boom
Here are this year’s best employers in medicine謡ith secrets from their recruiters.
By Laura Lorenzetti

CHAPTER V: LEADING CHANGE IN THE VALLEY
106 The Garden of Eden
VMware’s verdant California campus is a calm, eco-friendly respite. If only its business outlook were as serene.
By Michal Lev-Ram

109 Tech’s Diversity Fixer
Joelle Emerson, founder of Paradigm, is working to balance the talent distribution in America’s innovation capital.
By Leena Rao

CHAPTER VI: BALANCING WORK AND LIFE
110 At Ikea: No Ranks, No Rancor
The egalitarian ethos runs deep at the Swedish furnishings giant預 place where no one seems to be at the lowest rung on the corporate ladder.
By Beth Kowitt

58 Palantir Connects the Dots
The data analytics company has built a substantial mystique預nd a $20 billion valuation with investors預round its work for the intelligence community. Can it woo more corporate clients without giving away its secrets?
By Michal Lev-Ram

34 Hoaxwagen.
How the massive diesel fraud incinerated Volkswagen’s reputation預nd will hobble the company for years to come.
By Geoffrey Smith and Roger Parloff

50 Fixing Twitter
Breaking news, celebrity feuds, and political revolutions turned Twitter into a media juggernaut. Unfocused management turned it into a train wreck. On the company’s 10th birthday, here’s how returning CEO Jack Dorsey plans to get Twitter back on track.
By Erin Griffith

66 Building an Encryption Empire
Pavel Durov earned fame as ”Russia’s Mark Zuckerberg.” Now his Telegram messaging app has 100 million users and counting, and the reclusive entrepreneur finds himself back in the spotlight預nd at the center of a global debate.
By Vivienne Walt

112 The Zappos Experiment
The online shoe retailer has always focused on its people as much as its customers. But now a radical transition into ”self-management” has left it reeling. Can the company regain its mojo?
By Jennifer Reingold

departments

MACRO
6 Closer Look
Why people are worried we’re in a recession預nd why it’s too soon to panic.
By Stephen Gandel and Chris Matthews

9 Zen and the Art of Dealmaking
With enthusiastic C-suite support, mindfulness has become a big business of its own.
By Jen Wieczner

10 Movie Magic
Why Hollywood isn’t worried about China’s slowdown.
By Tom Huddleston Jr.

11 Betting on Your Neighbors
Insurance meets the sharing economy.
By Jennifer Alsever

12 The 21st-Century Corporation
Despite the likes of Facebook and Uber, startling new research finds that high-growth young U.S. firms are in decline.
By Geoff Colvin

14 Book Excerpt: Good for the Money
In a scene from this posthumous memoir, the late CEO of AIG recounts his battle for control of the insurance behemoth.
By Bob Benmosche

VENTURE

17 Human Capital
Is software better at managing people than you are?
By Jennifer Alsever

PASSIONS & PERKS
19 Silicon Beach Surfers
These L.A. techies are socializing, networking, and having fun by riding the waves.
By Scott Gummer

21 Supercar
The 2017 Bugatti Chiron: A toy for billionaires, yes. But we can fantasize, right?
By Sue Callaway

23 Craft Beer
Dogfish Head brewery finds success by appealing to adventurous palates.
By John Kell

TECH
25 Object of Interest
Samsung unveils its Gear 360 virtual-reality camera. Here’s what it could do for business.
By Don Reisinger

26 Cybersecurity
Banks are using new biometric technologies to detect scammers.
By Jeff John Roberts

27 The Future Is Now
Artificial intelligence, analyzed謡ith insights from Nvidia CEO Jen-Hsun Huang.
By Andrew Nusca

28 Zeroing In
SoFi aims to be the bank of choice for millennials.
By Leena Rao

29 Chartist
How long it takes to break a passcode.
By Robert Hackett and Nicolas Rapp

30 A Boom With a View
Business realities rain on the parade of on-demand startups.
By Erin Griffith

INVEST
31 The Return of the Big Shorts
The recent market correction has made some bearish investors look like geniuses. Others are learning that even short-sellers need a good long game.
By Michelle Celarier

120 BING!
ON THE COVER: PHOTO ILLUSTRATION BY JUSTIN METZ

[IMAGES]

Our inside man at Publix: No. 67 on this year’s list
PUBLIX: PATRICK JAMES MILLER

Hunting for patterns at Palantir’s Palo Alto headquarters
BRAD WENNER

Directors of boards: a Silicon Beach Surfers crew
SURFERS: BRYCE DUFFY

ｩ Time Inc.

March 1, 2016 / Fortune Asia / Volume 173 / Number 3

features

SPECIAL REPORT

20 Bitter Sweets
For a decade and a half, the big chocolate makers have promised to end child labor in their industry-and have spent tens of millions of dollars in the effort. But as of the latest estimate, 2.1 million West African children still do the dangerous and physically taxing work of harvesting cocoa. What will it take to fix the problem?
By Brian O’Keefe

34 Boom! Goes the Hoverboard Fad
Chinese factories created the hoverboard industry-then made it go up in smoke. Inside the trillion-dollar world of copycat manufacturing.
By Scott Cendrowski

40 The Fortune Entrepreneurs
Meet 15 founders who are disrupting their industries in novel ways. (One of those industries might be yours.)
By the Fortune staff

THE WORLD’S MOST ADMIRED COMPANIES

47 Our All-Star List and Industry Standouts
The results are in! Thousands of insiders, directors, executives, and analysts pick the most respected names in global business.
By Christopher Tkaczyk

53 Exclusive Q&A: Apple CEO Tim Cook
On Apple’s down-cycle strategy, its evolving mind-set, and that rumored car.
By Adam Lashinsky

56 The Ultimate Driving Machine Prepares for a Driverless World
How 100-year-old BMW is racing toward automated driving, electric cars, and ride sharing.
By Brian Dumaine

departments

Macro

6 Closer Look
In one of the most tumultuous U.S. campaigns on record, does the establishment have a prayer?
By Tory Newmyer

9 Man vs. Nature
How to stop the Zika virus.
By Laura Lorenzetti

10 A View From the Alps
The CEOs at Davos foresee sweeping changes to the world of work.
By Alan Murray

Pursuits

12 Executive Travel
The best way to do business in Singapore.
By Sanjay Surana and Janet Libert

Passions & Perks

13 Luxe SUVs
Automakers have raised their game when it comes to high-end sport-utility vehicles.
By David Kiley

Tech

15 Location of Interest
The old tobacco town of Durham, N.C., is now ablaze with tech savvy.
By Richard Morgan

16 A Boom With a View
Facebook keeps raking in the dough, but its streak can’t last forever. Right?
By Erin Griffith

Invest

17 Infrastructure Stocks
Congress is steering money to highway projects again. Here’s how investors can turn a construction boom into concrete gains.
By Ryan Derousseau

64 BING!

ON THE COVER: PHOTOGRAPH BY ADAM LEVEY

[IMAGES]

Cocoa farming in Ivory Coast
BENJAMIN LOWY

A public construction renaissance is good news for investors.

ｩ Time Inc.

February 1, 2016 / Fortune Asia / Volume 173 / Number 2

features

38 Pharmageddon?
Billionaire Stefano Pessina cannily took control of Walgreens using the chain’s own money. Now he’s squaring off with CVS Health for drugstore domination. Can a brilliant dealmaker become a killer retailer?
By Jennifer Reingold with Marty Jones

28 Good Luck Getting Out!
Private investors have put $362 billion into startups over the past five years, pumping up the paper value of so-called unicorns. Now the broken tech IPO market is cratering. Who will survive the reckoning?
By William D. Cohan

46 SPECIAL REPORT
Leading While Black
An inside look at what’s keeping black men out of the executive suite.
By Ellen McGirt

54 Big Agriculture Gets Its Sh*t Together
One of the nation’s biggest dairy owners is reducing his farms’ carbon footprint by converting cow manure into fuel. He just might help commercial farmers solve their pollution problem預nd their image problem.
By Beth Kowitt

departments

Macro

4 Closer Look
Terrified by China’s slowdown? Blame its leaders.
By Scott Cendrowski

6 Bottoms Up, Sales Down
Big Beer’s M&A bender.
By John Kell

7 Utopia Dismantles Itself
The American left has idealized Scandinavia’s social-welfare policies. But now the region is scaling back.
By Chris Matthews

8 The Cord Cutter’s Dilemma
Fans of streaming video find that ditching cable doesn’t always lower their bills.
By Tom Huddleston Jr.

9 Chartist
Tracking oil’s collapse.
By Claire Groden, Matt Heimer, and Nicolas Rapp

10 Pursuits
Black Book: See Beijing like a local.
By Adam Erace

12 The 21st-Century Corporation
Why financial and physical capital don’t dominate like they used to.
By Geoff Colvin

Venture

14 How I Got Started
Sosi Setian grew up behind the Iron Curtain and translated language acumen and moxie into success for SOS International.

Interview by Dinah Eng

Tech

16 Person of Interest
Meet April Underwood, VP of product at Slack.
By Heather Clancy

17 Connected Company
What goes into a great bottle of wine? Sensors, software, scads of data analysis熔h, and drones, of course.
By Andrew Zaleski

18 Zeroing In
MasterCard’s marketing command center takes ”seeing is believing” to the extreme.
By Heather Clancy

19 Business in the Cloud
To keep production lines running smoothly, GM links its factory robots in the cloud.
By Jonathan Vanian

20 A Boom With a View
The problem with trendy e-commerce businesses? They go out of style.
By Erin Griffith

Invest

22 Hospitality Stocks
Hotel chains with staying power.
By Chris Taylor

24 Insight
The movie industry is undergoing a difficult transition. Here’s how it can survive and thrive.
By Michal Lev-Ram

60 BING!

CORRECTION

”Good Stocks for Bad Times” (Dec. 15, 2015) incorrectly stated that Virgin America shares pay a dividend that yields 4.9%. In fact, Virgin America shares do not pay a dividend. Fortune regrets the error.

ON THE COVER: ILLUSTRATION BY STEPHEN CHAN

[IMAGES]

Manufacturing pills in 1930 at a Boots factory. After its merger with Walgreens, is the chemistry still there?
DAILY MAIL/REX/SHUTTERSTOCK

Smarter than they look: Robots like this one will all connect to a ”mother brain” in the cloud.
ROBOT: COURTESY OF FANUC

CHINA: XAUME OLLEROS唯LOOMBERG VIA GETTY IMAGES

KYLO REN: COURTESY OF WALT DISNEY

ｩ Time Inc.

January 1, 2016 / Fortune Asia / Volume 173 / Number 1

features

Selling America

38 AMAZON INVADES INDIA
How Jeff Bezos aims to conquer the next ”trillion-dollar market.” The inside story.
By Vivienne Walt

48 THE LAST BRIC STANDING
Under the leadership of Prime Minister Narendra Modi, India is doing what its once-celebrated cohorts in the emerging-markets bloc can no longer seem to do: emerge.
By Ian Bremmer

50 ALIBABA’S NEW FAVORITE LABEL: ’MADE IN THE USA’
The Chinese e-commerce giant needs the sales-and prestige-that could come from bigger partnerships with American brands. U.S. companies are eager to reach Chinese consumers. Could this be the start of a beautiful friendship?
By Leena Rao

24 Business Gets Schooled
When Exxon Mobil, GE, Intel, and others pushed for the Common Core standards, they had no idea they would be incurring the wrath of Tea Party conservatives. They got a painful lesson in modern politics.
By Peter Elkind

56 A Millennial’s Field Guide to Mastering Your Career
Welcome to a world that doesn’t understand you and might not want to hire you. Still, there’s hope for the nation’s tech-savvy young workers. Here’s how to get the right job-and crush it.
By Claire Groden

departments

Macro

4 Closer Look
The death of American research and development.
By Chris Matthews

6 Sky-High Growth
There are more private satellites in orbit than ever預nd the data they deliver is out of this world.
By Jen Wieczner

8 Political Ammo
The partisan divide has pushed up sales for Smith & Wesson.
By Laura Lorenzetti

9 Great Workplaces
What business can learn from the Golden State Warriors.
By Ed Frauenheim

10 Executive Read
Want to make the new year superior to the one before? Here, some tips, tricks, and hacks from the best new business books.
By Jonathan Chew

Venture

13 Fair Trade 2.0
A new generation of coffee roasters is redefining ”fair trade” in an era of higher-priced artisanal beans.
By Jennifer Alsever

15 Human Capital
Selling with ”joy” at luxe kitchen and bath retailer Pirch.
By Dinah Eng

Tech

17 Idea of Interest
Connected gadgets reveal how disease spreads.
By Stacey Higginbotham

18 A Boom With a View
The once-fruitful relationship between Silicon Valley startups and Wall Street is unraveling.
By Erin Griffith

19 Business in the Cloud
Everyone is using peer-to-peer payment services. Now providers are trying to monetize them.
By Leena Rao

Invest

21 M&A Anxiety
Will a stock bust follow the merger boom?
By Joshua M. Brown

23 Global Stock Investing
BlackRock’s Dennis Stattman explains why he’s bullish on Japan.
Interview by Matt Heimer

3 EDITOR’S DESK

64 BING!

ON THE COVER: ILLUSTRATION BY NIGEL BUCHANAN

[IMAGES]

Amazon sponsors India Fashion Week in a bid for local brand-building.
BUSINESS GETS SCHOOLED: SAM KAPLAN

A fair-trade upgrade offers a dramatically better deal for coffee farmers.
COFFEE FARMERS: COURTESY OF THRIVE

Why gun sales soared in 2015

ｩ Time Inc.