彭博商业周刊Bloomberg_Businessweek_USA_－_25_July_2016

July 25 — July 31, 2016 | bloomberg.comThe New UnityInside the Republican National Convention p44“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Helping your business grow here and anywhere.bofaml.com/commercialPierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2016 Bank of America Corporation. ARDB495D 06-16-0024)'(-J8GJ<fiXeJ8GX]Ôc`Xk\ZfdgXep%8cci`^_kji\j\im\[%IT’S GOOD TO HAVE A FEWTRUSTEDPARTNERS.IT’S BETTERTO HAVE A FEWMILLION.PROCUREMENT IS LIVE. Secure and manage all your supplier relationships, for anyproduct or solution your business needs. With millions of proven partners. All on one live network that’s seamlessly integrated with the way your business runs. SAP® Ariba® solutions make procurement simple.sap.com/livebusiness“I presume the government tried to weigh various alternatives, and thiswas the least worst they could come up with” p21“Trump was the only one who made sense” p44“Before you spend an enormous amount of time and energy and money, and end up with nothing but a bucket of embarrassment, we would urge you to think of pulling out” p50“I wanted to get as far away as possible from binge drinking, the cult of the Red Sox, and North Face fleeces” p70PHOTOGRAPH BY JONNO RATTMAN FOR BLOOMBERG BUSINESSWEEK3Opening Remarks The probably unknowable but all-important “natural interest rate” 8Bloomberg View How to help South Sudan • Addressing the opioid crisis 10Movers SpaceX has its seventh successful launch this year Netflix shares tumble 13Global Economics To bring back Made in America, Walmart turns to an owl 14China tries to spend its way around a slump 15Unemployment is down, so wages should be up—and maybe they really are 16It may be a short trip from Brexit to Brecession …* 16Rio auctions off an island paradise 18Middle-class Russians are struggling 18Companies/Industries Big Oil is becoming Big Gas—but Big Renewables are just around the corner 20VW’s emissions settlement won’t settle everything 21Airlines in India are taking off. Place