Bloomberg - Can Cool Clothes Get Any Cheaper Than This? 5-15min

Price tags are a consideration of titanic importance. They’re more important even than the ideal number of window displays (five, with two for women’s wear and one each for men, kids, and home), or whether jeans should be hanging or folded (hanging for more fashion-forward styles so you can see the detailing, folded for basics). ... Price is by far the biggest reason Primark is the undisputed victor in Britain’s cheap-fashion war. Secondary are its up-to-the-minute designs, jazzy stores, and tireless promotion on social media. Primark doesn’t sell online and barely advertises. Instead, customers advertise it for free, posting thousands of selfies with their latest outfits, using the #Primania hashtag to be rated and critiqued. The best images get cycled onto giant in-store LED screens to spur impulse buying. ... It’s a relentless curator and promoter of clothes so ridiculously cheap that buying them on a whim because you like someone’s outfit on Instagram is an entirely reasonable idea. ... The idea is to offer prices Americans are used to seeing on less-than-hip clothes from Kohl’s or Walmart on trendy pieces that change from day to day. ... If Primark has a father, it’s a man named Arthur Ryan, but he’s not easy to get to know. Having hardly ever given an interview or a speech, he’s the Keyser Söze of retail. ... Weston is emphatic that Primark’s prices don’t come from cutting corners on labor. “We buy clothes from the same factories that everyone else buys from,” he says. “Everyone.” Instead, he says, undercutting competitors is basically a matter of volume—selling low-margin items many, many more times. ... In an industry where retailers cancel orders that are already on freighters and force suppliers to take financial hits when product doesn’t sell, that edge gives suppliers the confidence to cut better deals for Primark

Bloomberg - Is Emirates Airline Running Out of Sky? 13min

For every flight departing Dubai, as cabin crew head to their airplanes, the last room they traverse is a hall with mirrors on one side and windows to the tarmac on the other. The space allows workers to inspect themselves for perfection against a backdrop of government-owned taxiways thick with Emirates jets. That’s the airline, in one image: glamour and ambition in a framework of absolute control. ... Out in the desert, a half-hour drive from the coast’s skyscrapers and malls, the government is building a $32 billion, five-runway megahub precisely to Emirates’ specifications. Its ambitions are consonant with its name: Dubai World Central. The project will have a capacity of 220 million passengers per year, four times the number that New York’s John F. Kennedy International Airport serves today. ... the airline is at risk if those emerging markets don’t, in fact, emerge. Emirates in May reported its first-ever annual revenue decline and is cutting some of its plans for growth amid slackening demand from sub-Saharan Africa, Turkey, and Brazil. The slump has industry analysts wondering how Emirates will fill the staggering number of planes it has on order. ... From a fuel and flight-time perspective, the Persian Gulf is the most efficient place on the planet to connect Europe with Southeast Asia and Australia, and the U.S. with India. Strikes and protests aren't an issue—unions are banned, and rights to free speech and assembly are severely limited.

Bloomberg - The Hijacking of the Brillante Virtuoso 20min

Barely seven hours had passed since the gunmen had taken the ship. But already an international cast was activating: salvors from the region’s cutthroat ports, to scavenge millions from the wreckage; U.S. military investigators, to determine if Somali pirates had adopted brutal new tactics; and most urgently of all, an operative from the stony world of London insurance, to discover what really happened aboard his clients’ $100 million liability. Because if the hijacking of the Brillante Virtuoso wasn’t a case of fumbled piracy, it would be the most spectacular fraud in shipping history. ... The events of July 6, 2011, set in motion a tangle of lawsuits and criminal investigations that are still nowhere near conclusion. Six years after it was abandoned, the Brillante Virtuoso is an epithet among shipping veterans, one that reveals their industry’s capacity for lawlessness, financial complexity, and violence. This account is based on court evidence, private and government records, and more than 60 interviews with people involved, almost all of whom asked not to be identified, citing the sensitivities of nine-figure litigation and, in some cases, concern for their own safety. Everyone at sea that night survived. But the danger was just getting started.