RUTHLESS Nobody makes money like Apollo’s Leon Black 38 January 20, 2020 ● The sad state of global macro 20 ● Europe’s Brexit blues 8 ● After a trade deal, the hard part 25 PLEASE DRINK RESPONSIBLY. Imported Cognac Hennessy®, 40% Alc./Vol. (80˚). ©2020 Imported by Moët Hennessy USA, Inc., New York, NY. HENNESSY is a registered trademark. CELEBRATE THE NEW CYCLE WITH JOY AND RADIANCE SUMMIT Join leading business executives, top dealmakers and world-class athletes, the weekend of the big game, to discuss the future of the multi-billion dollar global sports industry. Candid conversations and exclusive Bloomberg data will provide fresh insight on the innovations and trends that will disrupt and dominate sports. EGISTE T BLOOMBERGLIVE.COM/POWERPLAYERS/BBW SPE KE S INCLU E J NU Y 3 2 2 | M MI Supporting Sponsor Presenting Partner K THY C RTE CEO U.S. Olympic and Paralympic Properties KIM EGUL Principal Owner Buffalo Bills and Buffalo Sabres STEPHEN R SS Owner Miami Dolphins 3 January 20, 2020 PHOTOGRAPH BY LORENZO TUGNOLI FOR BLOOMBERG BUSINESSWEEK FEATURES 38 NobodyMakesMoneyLikeLeonBlack One way or another, the fearsome Apollo Global founder always wins 46 Fast-FashionFlameout The singular practices and spectacular collapse of Forever 21 52 InsideCarlosGhosn’sEscapetoBeirut An elite extraction team spent months planning how to spring the former CEO ◀ Ghosn at his press conference in Beirut on Jan. 8 ◼ IN BRIEF 6 Putin 4ever? ● A record year for JPMorgan Chase ◼ AGENDA 7 The world heads to Davos ● Netflix’s earnings ◼ REMARKS 8 The EU is going to miss the U.K. 1 BUSINESS 12 A tenuous future for the Renault-Nissan alliance 14 Fears of the Big C slow the rollout of 5G in Europe 2 TECHNOLOGY 16 Microsoft’s millions haven’t eased Seattle’s housing crisis 18 A swarm of investors descends on biopesticide startups 3 FINANCE 20 After a decade of micro returns, a few macro funds rebound 21 Australia hopes competition will improve big banks’ behavior 23 Two Americans demand their day in a Mexican court ECONOMICS 25 Making a trade deal with China is easier than enforcing it 27 China’s citizens are freer to move about the country 29 ▼ The Netherlands risks losing its lead in weed POLITICS 30 A shaky economy could loosen Modi’s grip in India 31 Krakow takes to the sky to fight air pollution SOLUTIONS/ 34 All the climate talk in Davos can be more than hot air DAVOS 37 Pushing leaders to move beyond good intentions ◼ PURSUITS 59 It takes lots of greenbacks to run a backyard greenhouse 62 Stylish riffs on the old-fashioned watering can 64 Audi’s RS 6 Avant, the grocery-getting supercar 66 The humble wristband is no easy task for watchmakers 67 Put a spring in your winter step with ultralight snowshoes ◼ LAST THING 68 No nightmare before Christmas for FedEx and UPS 4 ◼ CONTENTS Bloomberg Businessweek January 20, 2020 Cover: Photograph by Michael Avedon for Bloomberg Businessweek POT: COURTESY PASCAL VAN OERS/PROJECT C How to Contact Bloomberg Businessweek EDITORIAL 212 617-8120 ● AD SALES 212 617-2900, 731 Lexington Ave. New York, NY 10022 ● EMAIL