WHAT ISRAEL’S

HIGH-TECH SECURITY FAILURE

MEANS FOR THE U.S.
 N ov e m b e r 2 4 , 2 0 2 3 _ vo L . 1 8 1 _ N o. 1 6

FEATURES

16
Disaster at
the Border
Israel’s stunning failure to repel
the invasion along its Gaza
border has grave implications
for U.S. military security.
by DAVID H. FREEDMAN

26
The World’s Most
Trustworthy
Companies 2023
Newsweek and global data firm
Statista rank the firms that
inspire the most confidence.

STE ADY Trust is the essential

foundation of many important
choices—from what to buy, to
where to work, to how to invest.

COVER Illustration by
DIMIT R I OT I S /G E T T Y

Alex Fine for Newsweek

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D E PA RT M E N T S
▾ In Focus ▾ Periscope ▾ Culture

04 Miami 08 Climate 40 Books

GOP’s Global Gaze Five Tech Our Favorite
Innovations Reads of 2023

FROM LEF T: CELE STE SLOM AN; DENI S N OVI KOV/GE T T Y

06 New York City that Could Help
55 Talking Points
Ivanka’s Save the World
Björk, Ridley
Inquisition
14 Opinion Scott and More
Dhaka, My Life
56 Parting Shot
Bangladesh According to AI
Bethenny Frankel
Apparel Uproar
Nashville,
Tennessee
56 Country’s Best

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 In Focus
THE NEWS IN PICTURES

MIAMI

GOP’s Global Gaze

Five Republican presidential candidates face off
at the party’s third primary debate hosted by NBC
News on November 8, while the party’s front-runner,
former President Donald Trump, held a rally in nearby
Hialeah, Florida. After brief attacks on Trump, the
candidates—former New Jersey Gov. Chris Christie,
former U.N. Ambassador Nikki Haley, Florida Gov.
Ron DeSantis, Vivek Ramaswamy and South Carolina
Sen. Tim Scott (who subsequently withdrew from
the race, on November 12)—spent significant time
on foreign policy and funding. Only near the end
of the debate did the candidates get to abortion,
the economy and the future of Social Security.

▸ JOE RAEDLE

4 NE WSWEEK .COM
GE T T Y

November 24, 2023 NE WSWEEK .COM 5

In Focus

6 NE WSWEEK .COM NOVEMBER 24, 2023

 NEW YORK CITY
Ivanka’s Inquisition
FROM LE F T: GE T T Y; N URPHOTO/GE T T Y; WIRE IMAGE /G E T T Y
Ivanka Trump arrives at New
York State Supreme Court on
November 8 to testify. New
York Attorney General Letitia
James brought a $250 million
lawsuit against former President
Donald Trump and his company
for fraud and inflating assets
on financial statements. On
the stand, Ivanka said she
was not “privy to” her father’s
personal financial statements.
▸ DAV I D D E E D E L GA D O
DHAKA, BANGLADESH
Apparel Uproar
Garment workers on the outskirts
of Dhaka, on November 8. A day
earlier the government said the
minimum wage would increase by
over 50 percent in December, but
workers demanded more than
double that. Nearby, in the garment
hub of Gazipur, a demonstration of
hundreds of workers advocating for
higher pay became violent as police
used tear gas and rubber bullets
on protesters, killing one woman.
▸ KAZI SALAHUDDIN RAZU
NASHVILLE, TENNESSEE
Country’s Best
Jelly Roll accompanied by a choir
performs the opening song “Need a
Favor” at the 57th Annual Country
Music Association Awards at
Bridgestone Arena on November 8.
They were later joined by Wynonna
Judd. Jelly Roll was awarded New
Artist of the Year. The CMA’s
highest honor, Entertainer of the
Year, went to Lainey Wilson, who
said “It finally feels like country
music is starting to love me back.”
▸ A S T R I DA VA L I G O R S K Y
NE WSWEEK .COM 7
Periscope N E W S , O P I N I O N + A N A LY S I S

NE WSWEEK .COM NOVEMBER 24, 2023

 “There’s simply no economic reason
not to flood the internet with junk.” ▸ P.14

C LI M AT E

Innovations
That Could Help
Save the Planet
Breakthrough green tech ideas can take a long time to
become reality. Here are five that will be ready soon

EntrEprEnEurs around thE world arE similar to other white paints, the new ultra-white
trying to turn green tech ideas into viable reflects up to 98.1 percent of sunlight, which means
businesses. Many are working with technology that unlike most paints, which warm buildings, this one
has been proven to work, but is too expensive for can cool them down.
widespread use. The challenge is finding ways to According to a Purdue study published in the
bring the costs down enough so that their solutions Journal of the American Chemical Society, the new
GE T T Y; TOP RIGHT: SIMP LE HU MA N ICON /U GUI S U/G E T T Y

can be scaled up to effect real change. paint can lower surface temperatures 8 degrees
Here is a collection of innovative companies and Fahrenheit by day and 19 degrees by night. Less
inventors who believe they are close to hitting that heat means lower energy usage and lower green-
mark with products ranging from the world’s whit- house gas emissions. A compound called barium
est paint to high-efficiency electric batteries made sulfate is what makes the paint so reflective. Dif-
from one of the most plentiful elements on Earth. ferent sized particles of the chemical scatter dif-
ferent wavelengths of light. The Purdue team used
1 _ Earth-Cooling Paint particles of many various sizes to reflect as much
In 2020, a team of graduate students led light as possible.
by Purdue University mechanical engi- “Products like this ultra-white paint
neering professor Xiulin Ruan came up by
have the potential to make a real differ-
with a formula for what Guinness World ence,” says Karema Seliem, associate direc-
MEGHAN
Records later recognized as the world’s GUNN tor of LEED technical development at the
whitest paint. While it looks pretty U.S. Green Building Council.

Photo-illustration by ANAND PUROHIT NE WSWEEK .COM 9

Periscope
While Purdue’s Ruan says the
paint was originally intended as a
roof coating, he’s been approached
by companies in industries ranging
from textiles to spacecraft. A new
iteration of the paint, developed last
year using a different reflective chem-
ical, is lighter and thinner than the
original (although slightly less reflec-
tive), which could make it a practical
coating for cars, trains and airplanes.
According to a Purdue spokesper-
son, Ruan and his team have part-
nered with an unnamed company to
manufacture super-reflective paint
commercially. The spokesperson,
however, declined to say when it
might hit the market.
2 _ Taking Carbon
Out of the Air
Direct air capture (DAC) is a green
technology whose time hasn’t quite
come, but it seems to be getting closer.
Chemical filters in DAC units trap
CO2 out of the air. The captured CO2
can be used to make eco-friendly
products like fertilizer or fuel, or it
can be pumped underground, where
it is trapped permanently in rock.
While the technology is proven, it
C L I M AT E
now costs between $600 to $1,000 to
get a metric ton of carbon out of the
air via DAC, and green tech experts
think a large market for the process
won’t spring up until somebody gets
the price under $100. Several com-
panies around the world are com-
peting to be first.
Arguably, the leader in that race is
a Swiss company called Climeworks,
whose approach mixes trapped CO2
with water and pumps it under-
ground. The company has attracted
big name investors and clients, includ-
ing the band Coldplay, which hired
Climeworks to take an amount of CO2
out of the air equal to what the band’s
current world tour is generating.
Climeworks’ strategy has been to
sign up customers willing to bank-
roll its efforts to get near the magic
$100 mark. Earlier this year, the
company said its Orca plant near
Reykjavík, Iceland, which can extract
4,000 tons of carbon, had become
the first in the world to achieve
“large-scale capture” of CO2. The
NOT PETROLEUM The “plastic” packaging
for these items is made from seawood
by a Bay Area start-up called Sway.
work was done for Microsoft, Stripe
and Spotify. Climeworks didn’t say
how much CO2 it had captured
or at what price, citing confidenti-
ality agreements with its custom-
ers, but DNV, a risk management
and certification company, said it
had independently confirmed the
company’s claim.
At a conference this year, Clime-
works co-founder Jan Wurzbacher,
who has expressed confidence his
company can at least get the price
down to $200, wasn’t specific about
the current total cost, except to say
that it was less than $1,000 per ton.
Meanwhile, the company is press-
ing ahead. In June, Climeworks
announced a second Icelandic facil-
ity, Mammoth, slated to open early
next year, which will have the abil-
ity to capture 36,000 tons of CO2.
Co-founder Christoph Gebald says
the company’s new goal is global
expansion, beginning with a project
in Kenya. “As we look toward 2024,
we remain committed to making a
climate impact at scale with our nec-
essary DAC technology.”
3 _ A Very Old Technology,
Repurposed
When biomass—agricultural waste
like plant husks, stalks and wood—
is burned, or even when it simply
decomposes, it releases CO2 and
other climate-changing gases like
LEF T: SWAY; JOHN UN DE RWOOD/PURD UE UN I VE R SIT Y
methane and nitrous oxide into the
atmosphere. But if biomass is heated
without oxygen, those substances
are trapped in a black ashy sub-
stance called biochar.
Farmers have known for thou-
sands of years that biochar makes
good fertilizer. More recently, scien-
tists and entrepreneurs have gotten
excited about it as a way to keep CO2
out of the atmosphere. In addition
to fertilizer, biochar has a range of
NOVEMBER 24, 2023

commercial uses, including as animal
feed, a source of alternative fuel and
an additive to concrete.
Biochar manufacturing company
Biochar Now, for instance, uses a
“slow pyrolysis” kiln technology at
its Colorado plant to make biochar,
which it packages in different sizes—
from particle to chip, depending on
intended use—and sells. “We created
a patented technology that is easily
scalable,” says Biochar Now founder
and CEO James Gaspard. Biochar’s
massive kilns, he says, can produce
biochar at industrial scale.
Biochar Now is currently part-
nering with corporations across
“We need new,
industries and with government;
last December, Boulder County gave
Biochar Now a $100,000 grant to
take portable biochar kilns to remote
parts of the country where there are
large amounts of waste wood, among
them wildfire sites. The waste wood
will be turned into biochar to be sold
to farmers, keeping it out of landfills
where it would generate methane.
4 _ Shopping Bags
Made of Seaweed
Almost all plastics are made from fos-
sil fuels, so manufacturing them con-
tributes to climate change. And once
plastic objects have been used and
discarded, they sit around the envi-
ronment virtually forever. According
to the nonprofit Plastic Oceans Inter-
national, 50 percent of all plastic pro-
duced is for single-use purposes. The
Ellen MacArthur Foundation, which
promotes a “circular economy,” in
which things are recycled rather than
transformative
energy storage
technologies capable
of cost-effectively
storing electricity
for multiple days.”
COOL COLOR Purdue University
mechanical engineering professor
Xiulin Ruan with samples of
his ultra-white paint.
trashed, says there will be more plas-
tic in our oceans than fish by 2050.
For years, entrepreneurs have been
trying to come up with commercially
viable, environmentally friendly
alternatives to plastics but with only
limited success. Corn-based plastics,
for instance, are land-intensive and
difficult to compost. Other alterna-
tives are expensive to manufacture.
Sway, a small Bay Area-based
startup, sees an opportunity in sea-
weed—a plant that doesn’t take up
land or use fertilizer and naturally
removes a significant amount of
CO2 from the atmosphere. The com-
pany extracts the naturally occurring
cellulose from seaweed and turns it
into a substance with the lightness,
strength and flexibility of plastic.
Sway says this can be used in existing
plastics manufacturing equipment
and biodegrades quickly. At commer-
cial volumes, the company says, its
seaweed materials are only margin-
ally more expensive than traditional,
petroleum-based packaging.
Sway’s first project was a plastic
substitute that can be used in shop-
ping bags and the thin wrapping used
in the packaging that comes with
online clothing orders. This year, the
company was named a winner of the
Tom Ford Plastic Innovation Prize, a
global competition that awards cre-
ators of scalable, biologically degrad-
able alternatives to plastic polybags
a $1.2 million cash prize. The money
was split among three winners,
with Sway receiving the majority.
Among the categories judged were
cost, performance, scale and social
impact. Sway CEO and co-founder
Julia Marsh says the recognition
NE WSWEEK .COM 11
Periscope C L I M AT E

“proved that mainstream brands
are hungrily seeking solutions that
replenish the planet.”
Since then, Sway has entered into
partnerships with home and lifestyle
goods retailer Graf Lantz and foot-
wear brand Ales Grey. Marsh says the
company is now scaling up produc-
tion to commercialize wrappers and
pouches for food and beauty. “We see
the massive demand for Sway sea-
weed packaging as an opportunity to
help promote regenerative practices,
interlinking our success with the
health of oceans, communities, and
land,” she says.
5 _ Rust-Powered Batteries
an electric current to rust and it
turns back into iron, trapping energy.
Form’s batteries are charged by this
“reverse rusting.” They discharge when
air is pumped in: The iron turns to
rust and the stored energy is released.
The idea of iron batteries isn’t
new, but they’ve never been practical
for small devices or vehicles because
they are so heavy. Weight would be
much less of an issue, though, for
large and permanent iron battery
facilities meant for storing large
amounts of energy from a power
plant. And iron, unlike lithium, is
“enhancing grid resilience and security,
cheap, plentiful and non-explosive.
Form says its technology can store
energy much longer than existing
technology—up to 100 hours—and
can bring the price of storing electric-
ity down from the current $50 to $80
per kilowatt-hour, to less than $20.
Jaramillo says that’s because these
batteries rely only on abundant, safe,
low-cost materials that can be fully
sourced in North America.
With $760 million from investors,
Form is building a manufacturing
facility in West Virginia that’s set
to begin operating in mid-to-late
2024. Jaramillo says Form’s goals are
increasing grid reliability and safety,

“Mainstream
One of the biggest challenges to creating good-paying jobs and eco-
replacing fossil fuels with renewable nomically benefiting local commu-
sources like solar and wind is how to
brands are hungrily nities and ensuring the inventions

seeking solutions
store energy for long periods of time. that secure our energy future are built
What do you do for electricity on right here in the United States.”
days when the sun isn’t shining, and
that replenish ▸ Meghan Gunn is a writer in New
the planet.”
the wind isn’t blowing? Lithium-ion
batteries like those in cell phones and York City. Follow her on X @95gunn
electric cars are expensive to make,
not good at storing energy for a long
time—and sometimes they explode.
“Recent severe weather events,
ranging from heatwaves to cold
snaps to thousand-year rains, have
highlighted the weakness of our
electric grid,” says Mateo Jaramillo,
co-founder and CEO of a Somerville,
Massachusetts, startup called Form
Energy. “We need new, transformative
energy storage technologies capable
of cost-effectively storing electricity
for multiple days.”
Form’s solution: batteries that store
energy using iron and air. When iron
and air combine, they form rust, a
process that releases energy. Apply
FORM EN ERGY

HEAVY METAL At work at Form

Energy, a Somerville, Massachusetts
startup that is developing electric
batteries made from iron.

12 NE WSWEEK .COM NOVEMBER 24, 2023

 A frontline look
at America’s border
crisis from former
U.S. Border Patrol agent

VINCENT
VARGAS
Featuring a Foreword by
#1 New York Times bestselling
author Jocko Willink

“People serve and sacrifice every day. These people are our
Border Patrol—and Borderline is their story.”
—JOCKO WILLINK, #1 bestselling author

“Powerful, insightful, and thought-provoking . . .

a must-read for every American.”
—JACK CARR, #1 bestselling author

AVA I L A B L E W H E R E V E R B O O K S A N D A U D I O B O O K S A R E S O L D
Periscope

OPINION

My Life
According to AI
My 12-year-old son is a great kid, except
for one thing—he doesn’t exist

“Why haven’t I met tommy?”
That’s what my girlfriend
w a n t e d t o k n o w, a s s h e f o r- “content spinners” have beenhired by
warded me a weblink.
The article in question—a
biographical recounting of my life—
revealed a litany of fascinating facts.
I’m a “world class” singer who has
opened for folk-rocker Joan Osborne
in Nashville. I’m a passionate adher-
ent of Transcendental Meditation,
which I was introduced to by my
mentor, the filmmaker David Lynch.
I’m a former executive director of the
Connecticut Humanities Council.
And—most salient to
my girlfriend—I’m also
apparently the mother of by
a 12-year-old son who likes DORIE
basketball and comedy (and CLARK
whom she’d never met).
Of course, none of it was true.
Artificial intelligence—and its
potential ability to destroy human-
ity—has been in the headlines for
years, accelerated by the break-
through introduction of ChatGPT
last November. World domination
may eventually be the on the hori- “gist” of my life without much spe-
zon, but for now, the more immedi-
ate AI-based threat is both banal and
cuttingly personal: SEO link farms
are now using generative AI to create
(invented) content at scale, attempt-
ing to make money by driving clicks.
And sometimes that content is about…
people like me. Or, perhaps, you.
Since the earliest days of the inter-
net, poorly paid “article spinners” or
shady companies to create articles—
much of them recycled or stolen
from other sites, and sloppily reas-
sembled—for the express purpose
of driving web traffic to the links
they embed. But actual humans are
becoming less necessary as genera-
tive AI exponentially ratches up the
speed at which content, whatever its
level of accuracy, can be created.
Indeed, the article chronicling
my life—which was recently taken
down, upon my request—
seemed to be a classic “con-
tent farm” piece, touching
on keywords that Google to report inaccuracies and demand
has identifie d as com- content removal.)
monly associated with The article had some things down
me, and filled with links to not-ex- correctly: my profession as a busi-
actly-germane websites focused on ness author and speaker, my alma
the comparative virtues of various mater. It knows I have something
HVAC systems and the exchange to do with the arts and humanities
rate of the Singaporean dollar. It (I write musical theater and have a
also bears the creative marks of AI, graduate degree in theology), but
which seems to have picked up the its grasp is vague (thus, opening for
Joan Osborne and running the Con-
cific concern for the facts. Indeed, necticut nonprofit). It correctly notes
the site elsewhere notes that “A por- that I’ve directed a documentary film,
tion of our articles are written by AI but has decided it’s about the future
under human supervision. We fact- of the gaming industry. Not terrible
check the articles and update them guesses, but also untrue.
periodically.” (Though perhaps not Most strangely, and egregiously,
very well, as the site’s contact page was my 12-year-old, Tommy. Because
directly links to a complaint form of a popular TED.com talk I’d given

14 NE WSWEEK .COM NOVEMBER 24, 2023


in which I reference the death of my
cat, the search term “Dorie Clark
son” became popular—and appar-
ently, AI took the ball and ran with
it, creating a “a talented and witty
young man who shows exceptional
promise both on and off the basket-
ball court.” Rather impressively for a
12-year-old, the site reports that “In
his recent game against a fierce rival,
Tommy used a trick he learned from
reading one of his mother’s books
on leadership and teamwork, and
led his team to victory.” I’ve never
wanted kids, but—sorry, bragging
is a mother’s prerogative—Tommy
UG UI SU/G E T T Y
sounds pretty terrific.
The presence of the article was
a fairly minor inconvenience. It’s
Illustration by SIMPLE HUMAN ICON
unlikely, though not impossible, that
someone might have been fooled by
the incorrect information. Though
if it were picked up on other sites—
or webcrawled, as fact, into future
versions of AI—it might ultimately
become a problem.
AI may take over the
world eventually but
one of its main uses
now is making up
bogus biographies
of actual people.
GARBAGE OUT Shady website operators
chase clicks by using AI to cheaply
produce junk content at large scale.
But the real concern is that I’m a
civilian, not a celebrity. My life isn’t
anonymous, but it’s a far cry from
Taylor Swift or the Kardashians.
When human labor was required
to create random, clickbait articles,
there were limits on how much
could be created. It simply wasn’t
worth it to write lengthy, detailed
articles about private citizens in
hopes of generating a few extra clicks
for an HVAC comparison site. But
now, thanks to AI, the marginal cost
is zero. There’s simply no economic
reason not to flood the internet with
junk articles, replete with invented
facts about any of us.
I’m lucky AI decided to paint a flat-
tering picture. (Though it inflated my
age, it also authoritatively declared,
“some say that she looks even younger
than people in their 30s.”) But we
might not all be so fortunate.
The existential threat of AI—
according to everyone from Elon
Musk to thousands of high-level
researchers—may indeed be real.
But for the near-term, the funda-
mental challenge is what it’s always
been with new technologies: huck-
sters leveraging a new angle to make
more money, regardless of the con-
sequences to society or the individ-
uals they use to generate more clicks.
Tommy would be appalled.
▸ Dorie Clark teaches executive edu-
cation at Columbia Business School
and her latest book is the long game:
how to be a long-term thinker in
a short-term world (Harvard Busi-
ness Review Press). You can download
her free Long Game strategic thinking
self-assessment at dorieclark.com/
thelonggame.
NE WSWEEK .COM 15
 by
DAVID H.
FREEDMAN

Israel’s stunning failure to repel

the invasion along its Gaza
border has grave implications
for U.S. military security.
G ALLO IMAGE S /ORBITAL HORIZON /GE T T Y

VIEW FROM ON HIGH

A satellite image of the
Gaza-Israel border on
October 7. The image is
a combination of natural
and infrared light.

NOVEMBER 24, 2023 NE WSWEEK .COM 17

 srael’s 40-mile-long chain of walls and
fences at its Gaza border teems with sensors
and automated weapons. It is supported by an
electronic intelligence network that monitors
every phone call, text message and email in the terri-
tory. A large, well-trained military stands ready with
state-of-the-art weaponry to respond rapidly to threats.
These defenses were built upon much the same
technology that the U.S. military uses to keep its
citizens safe and watch over its interests around the
world and NATO armies use to monitor the border
with Russia and the Middle East. So when thousands
of Hamas militants slipped through Israel’s defenses
on October 7, killing 1,200 Israelis and taking about
240 hostages, what presumed to be a vast technolog-
ical advantage suddenly seemed deeply flawed.
The attack left Israelis, both citizens and military
experts, deeply shocked at the country’s vulnerability.
It has also reverberated through the halls of the Pen-
tagon and the military establishments in many coun-
tries. Military experts are worrying about what some
see as an overreliance on high-tech security to keep
installations and homelands safe from attack. If Israeli
security can’t protect against a relatively low-tech ter-
rorist organization like Hamas, what havoc could Rus- The Smart Border
sia, China or some other advanced adversary deliver? israel’s sprawling array of state-of-the-art
“The lessons for the Pentagon are huge,” says Amy defenses at the Gaza border were supposed to have
Nelson, a foreign policy fellow at the Brookings Insti- left the country nearly invulnerable to anything
tution. “The countries with the highest tech defenses Hamas was capable of throwing at them.

and the most modern militaries won’t necessarily
win the battle. Surprise attacks can still get through.”
For the United States, the biggest lesson may be
that relying on sophisticated technology is not al-
ways a good substitute for what people can do, even
if it avoids putting them in harm’s way. For this
reason, military and security officials are studying
Israel’s disastrous showing in three essential areas:
repelling intruders, deterring missiles and eaves-
dropping on its enemies.
“The Israeli military is the most powerful and tech-
nologically capable power in the Middle East, hands
down,” says Bradley Bowman, senior director of the
Center on Military and Political Power at the Foun-
dation for Defense of Democracies, and a former U.S.
Army pilot who later worked in the U.S. Senate as an
expert on anti-terrorism technology. “Now they’re
trying to understand how a barbaric adversary was
able kill more Jews in a single day than at any time
since the Holocaust.”
FROM TOP : THOMA S COE X/AFP/G E T T Y; A HM E D ZA KOT/S OPA IMAGE S /LIGHTROCKE T/GE T T Y
Instead, the October 7 attack was the deadliest
day in Israel’s history. Over 2,500 Hamas militants
freely streamed over, through and under Israel’s
border walls and fences, encountering little resis-
tance. For hours, the attackers rampaged through
Israeli villages, a handful of military outposts and
a music festival, slaughtering about 1,200 people,
mostly civilians. Most of the attackers escaped back
into Gaza, dragging with them about 240 mostly
civilian hostages.
“Israel has what was supposed to be one of the
premier intelligence systems in the world,” says Iain
THE WAY IN
Above: A broken gate
Boyd, Director of the Center for National Security
to the Israeli kibbutz Initiatives at the University of Colorado. “But they
of Kfar Aza, through seem to have been hit completely cold.”
which Palestinian Israel had sunk more than a billion dollars into
militants entered from
its high-tech border barrier along Gaza, which was
Gaza. Right: Palestinians
at a northern border
completed in 2021. The so-called Iron Wall consists
of Gaza after the of walls and fencing that not only rise as much as
attack from Hamas. 20 feet above the ground, but also sink deeply into

18 NE WSWEEK .COM NOVEMBER 24, 2023


it, to make it harder to tunnel beneath. The bound-
ary boasts a staggering array of sophisticated equip-
ment, including hundreds of night-vision cameras,
seismic sensors to pick up tunneling sounds from
deep below, thermal sensors to detect body or
vehicle heat and radar to spot flying threats. Mo-
bile robots sometimes patrol the perimeter. Small
blimps and drones often look down from above.
And automated machine guns on top of the walls
can be fired from remote installations or triggered
by sensor alerts to fire on their own, with AI doing
the aiming.
The idea that thousands of assailants would be
able to use explosives and heavy equipment to vi-
olently burst through these defenses without trig-
gering a massive alert would have seemed absurd
only a few weeks ago. This system was supposed to
immediately alert the military to small incursions,
preventing even a single assailant from quietly
breaching the wall, let alone hundreds of militants
intent on mass carnage.
In theory, virtually every sensor on or near the
“The lessons for the Pentagon are huge. The countries with
the highest tech defenses and the most modern militaries won’t
necessarily win the battle. Surprise attacks can still get through.”
TECHNOLOGY
wall should have blasted out alerts to nearby Israeli
military outposts, sending soldiers rushing to con-
trol panels to call up live video feeds from cameras,
thermal imagers, drones and autonomous patrol
vehicles. In addition to sending whatever troops,
tanks, aircraft and other fighting vehicles and weap-
onry were on hand, the outposts would have sent
out broader alerts for reinforcements, which could
have brought in a massive response. Soldiers in the
outposts, meanwhile, would have taken control of
the wall-mounted machine guns, firing everything
from bullets to grenades to small missiles at the in-
coming militants—though by that time the guns
should have been firing on them autonomously.
Experts stress that many details of how the at-
tackers foiled Israel’s defenses are still unknown;
so far Israel has revealed little publicly. Still, a
number of key points about the attack have
emerged, shedding some light on the shocking
failures of Israeli’s defense. But with the benefit
of several week’s hindsight, what follows is a best
guess as to what may have happened, according to
experts interviewed by Newsweek.
In the early hours of October 7, Hamas militants
used bulldozers and bombs to breach the barriers
in about 30 places, many driving through the gap-
ing holes on motorcycles and in cars. Some sailed
over the barrier in paragliders.
The first wave of attackers started with a few sim-
ple tactics to defeat the smart defenses and keep
the alarms from sounding and the guns from firing.
First, they fired on the easily identifiable cameras
and other sensors and automated machine guns,
disabling them. They blew up the three prominent
command and communications towers built into
the wall with explosives launched on small projec-
tiles or dropped from drones. If any alerts were
triggered, they apparently didn’t make it to a major
military command center.
Nor, apparently, were local military outposts
NE WSWEEK .COM 19

warned; many soldiers at the outposts were killed in
their beds, presumably oblivious to the attack. Warn-
ing calls probably never reached them or other Is-
raeli outposts and command centers because Hamas
be one of the premier intelligence
was jamming cellphone communications coming
out of the border area. The militants may well have
used commercial handheld jammers, available on-
line for as little as $800. These devices use a simple
technique to disrupt signals: Blasting out electronic
noise on the frequencies used by cellphone carriers.
“It’s one of the first rules of warfare,” says Brookings’
Nelson. “Take out the enemy’s communications.”
Once the militants passed through the barriers,
there would be little need to worry about trigger-
ing other sensors or automated weapons—all the
defenses were aimed at the Gaza side of the border.
Overcoming Missile Defenses
It wasn’t just Hamas fIgHters comIng unIm-
peded across the border. A barrage of as many as 5,000
missiles fired from Gaza came, too, overwhelming Is-
rael’s “Iron Dome”—a missile defense system the coun-
try trusted to fend off serious damage from Hamas’
arsenal. Dozens of rockets broke through and struck
20 NE WSWEEK .COM
Israeli cities and villages, killing at least five people.
The Iron Dome missile defense system is de-
signed to pick up any incoming missile on radar,
use AI to determine by its trajectory if it constitutes
a threat to a populated area and, if so, launch an
interceptor missile to blow it out of the sky. The $1.5
billion system has worked well for Israel since it
was completed in 2011, taking out about 95 percent
of incoming rockets.
Hamas used a simple tactic to beat the Iron
Dome: it simply overwhelmed the missle defense
system with sheer numbers. Hamas fired between
3,000 and 5,000 rockets on the day of attack. Israel
had only about 1,000 interceptors in the field, and
couldn’t reload fast enough to keep up with the bar-
rage. It may seem surprising that Hamas had far
more rockets than Israel had missiles, but rockets
are cheap, so the economics worked in Hamas’ fa-
vor. “Israel’s interceptors cost more than $50,000
apiece,” says the University of Colorado’s Boyd.
“That’s 100 times more than the cost of a Hamas
rocket. It allowed Hamas to overwhelm the system.”
The third bulwark to fail during the Hamas
“Israel has what was supposed to
FROM TOP LE F T: BA SHA R TALE B /AFP/G E T T Y; JACK GUE Z /AFP/G E T T Y; YA SSER QUDIH/XINHUA /GE T T Y
systems in the world. But they seem
to have been hit completely cold.”
attack was Israel’s signals surveillance—that is, the
ability to listen in on every phone call made in Gaza,
and monitor all forms of electronic communica-
tions. Israel counted on that eavesdropping to pro-
vide an early warning of a potential attack, on the
assumption there would be telltale chatter between
militants. Hamas apparently turned that capability
against the Israelis by not only relying strictly on
face-to-face communications to plan the attack, but
by purposely making comments in phone calls sug-
gesting little appetite for confrontation.
With its nearby bases overrun by Hamas, its elec-
tronic eyes blinded, and its local communications cut
off, the Israeli military offered little by way of coun-
terattack. It wasn’t aware of the invasion for nearly
NOVEMBER 24, 2023

two hours, and six hours passed before an alert was
issued that a major crisis was taking place.
At some point in the early hours of the attack, a sin-
gle Israeli Merkava tank showed up to confront a group
of Hamas militants. It should have been a lopsided bat-
tle; the Merkava is one of the world’s most advanced
tanks, bristling with powerful guns, sophisticated
targeting electronics and the latest in defensive armor.
But the militants quickly blew up the tank, enlist-
ing the same trick that Ukrainian forces have used
against Russian tanks: Grenades dropped down from
small, commercially available drones. The second
Merkava to take on the attackers quickly met the
same fate. (Within days, the Israelis would take a
page from the Russians’ book and tack on improvised
THE BATTLE
slat roofs sitting on poles above the Merkava’s turret,
Left: Israel’s Iron Dome in the hope that grenades would bounce off them.)
air defense system Essentially, every component of Israel’s celebrat-
intercepts rockets ed high-tech defense capabilities failed, amounting
launched from Gaza.
to a total system collapse. But more than anything,
Below: Palestinians
with an Israeli tank
it is the hours-long delay in responding that raises
near the border with questions about the effectiveness of the country’s
Gaza on October 7. defenses. It took about eight hours for the first
TECHNOLOGY
significant Israeli military forces to arrive and begin
to drive the militants back, and as many as 20 hours
for the army to confront the last of the attackers.
“Success in future battlefield engagement is going
to be a function of who can close the ‘kill chain’ the
quickest,” says Bowman. “That means being fast at
detecting what your adversary is doing, deciding
how to respond and delivering that response. Life
and death will be a matter of seconds and minutes.”
By that critical measure, he adds, Israel’s high-tech
defenses performed dismally. In fact, the number
of minutes it took the military to fully quell the at-
tack—about 1200—roughly equals the number of
Israeli civilians slaughtered.
Vulnerability Abroad
The increasing reliance on Technology has
long seemed like a winning strategy for the U.S. In
the Gulf Wars in 1991–1992 and 2003, high-tech air
defense systems and stealth bombers contributed to
the “overwhelming force” that became a catchword
of the U.S. military effort. In the past 20 years, the
U.S. military has continued to increase its use of
THE WALL
The U.S.-Mexico
border fence in San
Luis, Arizona.

RE BECC A N OBLE /A FP/GE T T Y

22 NE WSWEEK .COM NOVEMBER 24, 2023


“The Pentagon is watching what’s happening in
“Hamas did what it did with
comparatively low-tech tools.
They used commercially available
technologies to go up against sensors
and tanks that cost millions.”
TECHNOLOGY
high-tech gear. Among the technologies that have
reached advanced testing are autonomous missiles
able to find their targets without having to be aimed
at them, self-driving armored vehicles, energy beams
that can disable enemy weapons and “exoskeletons”
that surround a warfighter with power-tool-like me-
tallic struts to amplify their strength.
Now, however, that technological advantage is
beginning to succumb to the law of diminishing
returns. Two decades of combat in Afghanistan
proved that the most advanced weaponry and
spy gear can be stymied by a low-tech adversary
willing to hide among civilians, live in mountain
caves, avoid electronic communications and sac-
rifice their lives to get at the enemy. And while it
has been decades since the U.S. has been at war
with an advanced nation, its major rivals today
can largely match the U.S. military weapon for
weapon—and, critically, exceed the U.S. military
in sheer number of troops. “Technology is a force
multiplier, but it’s not the Holy Grail,” says Boyd.
Israel, and it has to be making them think about
our own vulnerabilities.”
They need to think fast, says Bowman. “What
happened in Israel is a version of what we might be
encountering at any time,” he explains. “With Russia
in Ukraine, China threatening Taiwan, Iran edging
toward nuclear capability as it threatens Israel and
the North Korea threat, we’re in the most daunting
security environment I’ve seen in my lifetime.”
One reason the U.S. and its allies are concerned
is that the U.S. relies on similar—and in many cas-
es, the same—high-tech security as Israel. The Iron
Wall defense system at the Gaza border, the Iron
Dome missile defense and other Israeli defense
technologies were jointly developed with the U.S.
under agreements going back to the Obama admin-
istration. The Iron Wall became a particular favor-
ite of the Trump administration, which planned
to build its own version along the Mexico border.
Today many of those technologies, or systems
similar to them, are deployed on U.S. borders. Isra-
el, in fact, provided many of the drones that the U.S.
depends on to spot illegal border crossings and oth-
er threats at the southern border—the same drones
Israel uses at its own borders. The Department of
Homeland Security’s Science and Technology Di-
vision has publicly talked up its efforts to deploy
NE WSWEEK .COM 23

new imaging and radar sensors in “autonomous
surveillance towers” at the border, drones to pa-
trol the border and tunnel-detection sensors simi-
lar to Israel’s. U.S. Customs and Border Protection
(CBP) is even testing autonomous robot dogs. All
told, nearly a billion dollars has been earmarked
specifically for high-tech upgrades to Customs and
Border Protection’s technology arsenal since 2017.
Security at the U.S. border doesn’t current-
ly include remote-control or autonomous ma-
chine guns. But the U.S. military uses them to
protect military bases and Navy ships. Specif-
ically, the U.S. has fielded about 100 of Israel’s
Samson Remote Controlled Weapon Stations,
the same ones deployed at Israel’s Gaza bor-
der. The U.S. Army has also purchased the Israe-
li-made Skylark ultra-portable surveillance drone.
That’s just a few of the many high-tech defense
systems developed by, or jointly with, Israel, and
which are deployed by the U.S. military to protect
cities and military bases around the world. The
Iron Dome interceptor missiles are largely made
in America; the U.S. Marine Corps has 2,000 of
them on order. The Iron Dome launch platform
is Israeli-made. The U.S. has two of them—both of
which are soon to be shipped to Israel to bolster its
post-October-7 defenses. The U.S. Army and Israel
both also field the more powerful “David’s Sling”
high-tech anti-missile system, developed jointly by
the two countries.
Like Israel’s Merkava tanks, the U.S. M1 Abrams
tank and other armored vehicles are protected by
several high-tech systems, some of them shared
with Israel. These include the Trophy system, which
detects incoming missiles or other projectiles and
automatically fires its own small missile to blow
them up, and the Iron Fist system, which electron-
ically confuses the GPS signals of incoming missiles
and can trigger a blast whose shockwave can fur-
ther knock them off course. Israel also provides the
U.S. with “reactive armor tiles” that are mounted
on the outside of tanks, exploding outwards when
struck by a projectile to protect the tank’s interior.
On top of these technologies, more than a bil-
lion dollars a year from the Pentagon’s budget is
going to AI. Some of that spending will produce
more military vehicles and weapons that have the
capability to work autonomously—which means
less involvement by human soldiers. Autonomous
24 NE WSWEEK .COM
TECHNOLOGY
sub-hunting ships and tank-seeking missiles are
already far along in testing.
If a group as poorly resourced as Hamas was able
to blow past Israel’s highly regarded technological
defenses, imagine what these vastly more advanced
potential adversaries might be able to do to chal-
lenge the U.S. defense-tech edge. “These countries
and their terror proxies are gaining more and more
capabilities, and accessing incredibly impressive
technological capabilities,” says Bowman.
China and Russia have become expert in cy-
berwarfare and AI. They field their own stealth
bombers and “hypersonic” missiles that move too
fast for existing missile-defense systems to target.
Iran is one of the world-leading fielders of bomb-
equipped drones and North Korea can launch as
many as 60 nuclear missiles on rockets that can
travel with fair accuracy up to 10,000 miles.
Lessons Learned
Israel Itself, of course, wIll be fIrst In lIne to
reassess its reliance on high-tech security and learn
what lessons can be gleaned from the October 7
horror. And that terrible experience offers one les-
son above all others, asserts Yossi Kuperwasser, di-
rector of research at IDSF, an Israeli defense think “SucceSS
tank with close ties to the military. That lesson: a function of who
Don’t be overly reliant on technology alone. “When life and
you start to feel that you can control the situation
from afar and don’t need to be right there on the
ground, you are making a big mistake,” he says.
FROM LE F T: UR IE L SINA I/GE T T Y; A XE L HE I M KE N/A FP/GE T T Y
NOVEMBER 24, 2023

in future battlefield engagement is going to be
can close the ‘kill chain’ the quickest.
death will be a matter of seconds and minutes.”
Kuperwasser can speak from experience. He is
a general in the Israeli army reserve and a former
head of research for the Israeli army’s Intelligence
Corps, served in Israel’s last two wars and was an
intelligence attache to the U.S. That perspective has
made him adamant about the limits of technology.
“No technology can replace the soldier on the bat-
tlefield,” he says.
What’s seductive about technology, Kuperwasser
explains, is that it’s less costly than troops on the
ground—both in financial terms, and because of a
country’s understandable aversion to casualties. Tech-
nology can work tirelessly without food, water or pay;
catch what human eyes might miss; and strike faster,
more accurately and over greater distances than hu-
mans can. No one weeps when a machine is taken out.
Still, Kuperwasser maintains that it’s the combi-
nation of the technology and people that will pro-
tect civilians and win battles. “AI and state-of-the-
art technology can assist humans, in ways that are
constantly improving,” he says. “But you can’t avoid
the need to keep people in the loop. If you depend
too much on the technology, you get surprised, the
way we were. Every time you put a technology solu-
tion in place to deter an enemy, the enemy comes
up with a new way to overcome it.”
Adversaries are becoming good at disabling
sophisticated, costly technologies with simple,
crude techniques. “Hamas did what it did with
comparatively low-tech tools,” says Nelson. “They
used commercially available technologies to go
up against sensors and tanks that cost millions.”
And making technology vulnerabilities much
worse, she adds, is that they tend to come to light
only when the enemy suddenly exploits them, as
happened in Israel. “High-tech weapons and de-
fenses are brittle, and often untested in combat
conditions.” The result, she says, are ugly surprises
when they can least be afforded.
Troops remain the ultimate weapon, says Boyd,
and to a large extent success in warfare and defense
all comes down to how many are deployed. It was
the sheer number of militants swarming into Israel
that ultimately proved to be so deadly. It’s sober-
ing to consider that North Korea’s military troop
count is about three times as large as the U.S. “If
North Korea invades South Korea, even with the
U.S.’ help they are likely to overwhelm defenses with
the sheer number of people they deploy,” he says.
When it comes to deploying troops, both the U.S.
and Israel, along with many of their allies, share
a sort of disadvantage: They are less willing to ac-
cept casualties than many of their adversaries. Lit-
tle mentioned in the river of shocking news that
came out of Israel at the time of the attacks is that
ultimately more Hamas militants were killed in the
October 7 attack—about 1500—than Israelis. But
Hamas celebrated, while Israel mourned. “When
HIGH-TECH TOOLS
Military experts worry
you’re more prepared to sustain casualties, as many
about an overreliance adversaries are, you’re going to be more reliant on
on tech. Above: technology,” says Boyd. “That’s more politically ac-
German soldiers watch ceptable in the U.S. today.”
a multifunctional
The horrors that fell out of Israel’s overreliance on
robot last year. Left:
Israeli soldiers with a
high-tech defenses will provide crucial lessons to Isra-
Skylark drone during el and others, says Kupperwasser. “The only problem,”
a drill in 2012. he says, “is that we pay such a heavy price for them.”
NE WSWEEK .COM 25
 World’s
Most
CoMpanie s
- 2023 -
rust is at the core of so many decisions
that we make every day. From shopping and
investing to where we choose to work, it is an
essential measurement for the important choic-
es we make. According to a 2023 PWC survey,
58 percent of consumers have recommended a
company they trust to friends and family. But
executives overestimate how trusted their com-
pany is by 57 percent, compared to consumers.
To find the most trustworthy companies in the
world, Newsweek and global data research firm
Statista completed an extensive survey of over
70,000 participants, gathering 269,000 evalua-
tions of companies that people trust as custom-
26 NE WSWEEK .COM
ers, investors and and employees. We are proud
to introduce our first listing of the World’s Most
Trustworthy Companies. We’ve listed 1,000 com-
panies in 21 countries and 23 industries.
Companies like Samsung, Howdens, Transalta,
Nintendo and Brembo are some of the notable
brands leading their categories. Consumers eval-
uated companies on statements such as, “I trust in
this company to treat me fairly as its customer,” “I
trust that this company is competently led” and “I
believe this company treats its employees fairly.”
We hope you find our ranking helpful and
informative as you shop, invest and look for a
GE T T Y
new job. Nancy Cooper, Global Editor in Chief
NE WSWEEK .COM 27
METHODOLOGY appliances & electronics 13 Winia
south Korea
1 Samsung 14 Panasonic
south Korea Japan
For the First time, Newsweek, in uation was carried out by the statis- 2 LG 15 ABB
collaboration with market research tics and market research company south Korea switzerland
partner Statista, recognizes the Statista. Newsweek and Statista
3 Garmin 16 Kyocera
World’s Most Trustworthy Companies make no claim to the completeness switzerland Japan
in 23 industries from 21 countries. of the companies examined.
The World’s Most Trustworthy
4 Breville 17 Lowe’s
australia united states
Companies have been chosen The ranking is comprised exclu-
based on a holistic approach to sively of companies that are eligible 5 Legrand 18 V-Zug
France switzerland
evaluating trust. The three main regarding the criteria described
public pillars of trust were consid- here. A position in the ranking is 6 JB Hi-Fi 19 Groupe LDLC
ered: customer trust, investor trust a positive recognition based on an australia France
and employee trust. The analysis extensive consumer survey and the 7 Sony 20 Daikin
followed a three-step process: research at the time. Events follow- Japan Japan
ing July 19, 2023, were not a subject
8 Groupe SEB 21 Landis+Gyr
1 _ longlist creation: All of this survey and the analysis. As France switzerland
stock-listed companies headquar- such, the results of this ranking
tered in one of the target countries should not be used as the sole
9 Siemens 22 KyungDong Navien
Germany south Korea
with a revenue over $500 million source of information for future de-
were considered in the study. liberations. The information provid- 10 Fujifilm 23 Makita
Japan Japan
ed in this ranking should be con-
2 _ extensive survey: The basis sidered in conjunction with other 11 Schneider Electric 24 Roland
of the analysis was an independent available information. The quality France Japan
survey from a sample of more of companies that are not included 12 Philips 25 Voltas
than 70,000 participants from the in the ranking is not disputed. netherlands india
target countries. The participants
26 Whirlpool
rated companies they knew and united states
that were headquartered in the Garmin
respective country in terms of
27 GoPro
united states
all three touchpoints of trust. A
total of 269,000 evaluations of 28 Action
poland
companies were submitted.
29 De’Longhi
3 _ social listening: For each italy
company that received a sufficient
30 Havells
number of evaluations, a social india
listening analysis was conducted.
This phase of the project involved
31 Blue Star India
india
a sentiment analysis of the com-
panies on several media segments 32 Sonos
united states
of the internet and evaluating the
mentions as either positive, neutral 33 Ariston Group
or negative. In total, over 975,000 italy
mentions were gathered. In addi- 34 American Woodmark
tion to this, companies were vetted united states
for any recent scandals or litigation
35 iRobot
that would be relevant and of
MICHA EL ROBIN SON; VIRGI N MONE Y

united states
significance to taint their trust
image and lead to automatically
36 Bajaj Electricals
india
being excluded from the analysis.
37 Varta
Germany
The selection of the companies and
the definition of the evaluation 38 Hamilton Beach Brands
criteria were carried out according united states
to independent journalistic criteria 39 Vizio
of Newsweek and Statista. The eval- united states

28 NE WSWEEK .COM NOVEMBER 24, 2023

40 TomTom 26 Trustmark
netherlandS UnIted StateS
banks 27 Barclays
UnIted KIngdom
1 BCA 28 Santander
IndoneSIa SpaIn
2 Luzerner Kantonalbank 29 BRI
SwItzerland IndoneSIa
3 Lloyds Banking Group 30 CWB
UnIted KIngdom Canada
4 Swiss National Bank 31 Banner Bank
SwItzerland UnIted StateS
5 Banorte 32 ING
mexICo netherlandS
6 State Bank of India (SBI) 33 Hancock Whitney
IndIa UnIted StateS
7 Scotiabank 34 National Bank of Belgium
Canada BelgIUm
8 Nedbank 35 RBL Bank
SoUth aFrICa IndIa
9 Banco do Brasil 36 Truist Virgin Money
BrazIl UnIted StateS
10 Standard Bank 37 Bank bjb
SoUth aFrICa IndoneSIa
53 FinecoBank business &
11 Bank Mandiri 38 U.S. Bancorp Italy professional services
IndoneSIa UnIted StateS
54 Citizens
12 Itaú 39 Old National Bank UnIted StateS 1 Adtalem Global Education
BrazIl UnIted StateS UnIted StateS
55 First Citizens Bank
13 Virgin Money 40 Bradesco UnIted StateS 2 Wolters Kluwer
UnIted KIngdom BrazIl netherlandS
56 BankUnited
14 RBC 41 Metro Bank UnIted StateS 3 Infosys
Canada UnIted KIngdom IndIa
57 HSBC
15 Investec 42 Kotak Mahindra Bank UnIted KIngdom 4 Tech Mahindra
SoUth aFrICa IndIa IndIa
58 Community Bank, N.A.
16 TD Bank 43 Banca Mediolanum UnIted StateS 5 Dignity
Canada Italy UnIted KIngdom
59 CaixaBank
17 Nu 44 PNC SpaIn 6 Moneysupermarket House
BrazIl UnIted StateS UnIted KIngdom
60 Western Union Company
18 mBank 45 Bank of India 7 Johnson Service Group
UnIted StateS
poland IndIa UnIted KIngdom
19 United Bank 46 CIBC 61 FirstBank 8 Prosegur
UnIted StateS Canada UnIted StateS SpaIn
20 IndusInd Bank 47 CommBank 62 Bank Pekao 9 Digital Realty
IndIa aUStralIa poland UnIted StateS
21 United Community Bank 48 Permata Bank 63 Associated Bank 10 CAE
UnIted StateS IndoneSIa UnIted StateS Canada
22 Axos Bank 49 BMO 64 Berkshire Bank 11 De La Rue
UnIted StateS Canada UnIted StateS UnIted KIngdom
23 Banco BPM 50 Ameris Bank 65 Huntington 12 Birlasoft
Italy UnIted StateS UnIted StateS IndIa
24 Bank of Hawaii 51 Discover Bank 66 Close Brothers 13 HSS Hire
UnIted StateS UnIted StateS UnIted KIngdom UnIted KIngdom
25 Bank Millennium 52 Webster Bank 67 Regions Financial 14 Edenred
poland UnIted StateS UnIted StateS FranCe

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15 Agrogalaxy 13 Birla Corporation 13 LGI Homes 5 Exacompta Clairefontaine
Brazil iNdia UNited states FraNce
16 Fugro 14 ITC Limited 14 Budimex 6 Bath & Body Works
NetherlaNds iNdia polaNd UNited states
17 Crawford & Company 15 Grupo Carso 15 Armstrong World 7 Toto
UNited states mexico Industries JapaN
UNited states
18 Advantage Solutions construction 8 Technogym
UNited states 16 Jasa Marga italy
iNdoNesia
19 Dun & Bradstreet 1 Etex 9 LX Hausys
UNited states BelGiUm 17 JELD-WEN soUth Korea
20 Randstad UNited states
2 Taylor Wimpey 10 Natura &Co
NetherlaNds UNited KiNGdom 18 Beazer Homes Brazil
21 Iron Mountain UNited states
3 Implenia 11 Jakks Pacific
UNited states switzerlaNd 19 Eiffage UNited states
22 Booz Allen Hamilton FraNce
4 Colas 12 Bic
UNited states FraNce FraNce
20 GMS
23 GCE 5 UNited states
United Tractors 13 The Clorox Company
UNited states iNdoNesia UNited states
21 Lennox International
24 Ipsos 6 Strabag UNited states 14 Colgate-Palmolive
FraNce aUstria UNited states
22 Great Lakes Dredge
25 ABM 7 Electra & Dock 15 Hasbro
UNited states israel UNited states UNited states
26 Bilfinger 8 Porr consumer goods 16 Casio
GermaNy aUstria JapaN
27 Omnicom Group 9 SIG 1 Howdens 17 Natuzzi
UNited states iNdoNesia UNited KiNGdom italy
28 Experian 10 Saint-Gobain 2 L’Oréal 18 Citizen
UNited KiNGdom FraNce FraNce JapaN
conglomerate 11 Century Communities 3 Lion 19 Unilever
UNited states JapaN UNited KiNGdom
1 Samsung SDS 12 CAF 4 Villeroy & Boch 20 Henkel
soUth Korea spaiN GermaNy GermaNy
2 Samsung C&T
soUth Korea
3 LS Mattel
soUth Korea
4 Larsen & Toubro
iNdia
5 Astra International
iNdoNesia
6 CJ
soUth Korea
7 Itaúsa
Brazil
8 Reliance Industries
iNdia
9 SK Inc.
soUth Korea
10 Wesfarmers
aUstralia
COU RTE SY M AT TE L

11 Nisshinbo
JapaN
12 Konishi
JapaN

30 NE WSWEEK .COM
21 Shiseido 18 American Water Works 44 Atmos Energy
Japan United StateS United StateS
22 Kokuyo 19 A2A 45 NuStar Energy
Japan italy United StateS
23 Pilot 20 Gujarat Gas 46 Constellation Energy
47 Uni-Charm
Japan india United StateS
indoneSia
24 Mattel 21 ENEOS 47 Global Partners
United StateS 48 Gudang Garam
Japan United StateS
indoneSia
25 Games Workshop 22 Iberdrola 48 Algonquin
United KinGdom 49 Energizer
Spain Canada
United StateS
26 Takara Tomy 23 ATCO 49 EDF
Japan 50 Steelcase FranCe
Canada
United StateS
27 Uni 24 AltaGas 50 Veolia
Japan 51 Church & Dwight FranCe
Canada
United StateS
28 Pola Orbis 25 Tauron 51 Con Edison
Japan 52 Scotts Miracle-Gro United StateS
poland
United StateS
29 Procter & Gamble 26 Cemig 52 Wesco
United StateS energy & utilities Brazil United StateS
30 Maisons du Monde 27 California Water Service 53 Enea
FranCe 1 Transalta Group poland
Canada United StateS
31 Traeger 54 Kinder Morgan
United StateS 2 Naturgy 28 Alliant Energy United StateS
Spain United StateS
32 Pigeon 55 Southern Company
Japan 3 HD Hyundai 29 Powergrid Corporation of United StateS
SoUth Korea India
33 Gujarat Ambuja Exports
Limited india financial services
4 Canadian Utilities & investment
india Canada 30 Evergy
34 Geberit United StateS
5 Reliance Infrastructure 1 Nationwide Building Society
Switzerland india 31 Southwest Gas United KinGdom
35 Sally Beauty Holdings United StateS
6 Romande Energie 2 Old Mutual
United StateS Switzerland 32 CPFL Energia SoUth aFriCa
36 Universal Brazil
7 BKW 3 Swissquote
United StateS Switzerland 33 PGN Switzerland
37 Harvey Norman indoneSia
8 Severn Trent 4 Housing Development
Holdings United KinGdom
aUStralia 34 Hydro One Finance Corporation
Canada india
38 Godrej Consumer 9 Bharat Heavy Electricals
Products india 35 Copel 5 Visa
india Brazil United StateS
10 Tata Power
39 Johnson Outdoors india 36 Baker Hughes 6 Inter&Co
United StateS United StateS Brazil
11 First Solar
40 Kimberly-Clark United StateS 37 Coal India 7 L&T Finance
United StateS india india
12 American Electric Power
41 Herman Miller United StateS 38 Acciona 8 Suncorp
United StateS Spain aUStralia
13 Canadian Solar
42 Beiersdorf Canada 39 CenterPoint Energy 9 Shinhan Financial Group
Germany United StateS SoUth Korea
14 Itochu Enex
43 Cewe Japan 40 DTE Energy 10 FIS
Germany United StateS United StateS
15 NESR
44 Ethan Allen United StateS 41 Ferrellgas 11 PagSeguro
United StateS United StateS Brazil
16 Cleanaway
45 The Container Store aUStralia 42 Xcel Energy 12 Royal Canadian Mint
United StateS United StateS Canada
17 Oil and Natural Gas
46 Estée Lauder Corporation 43 Mainova 13 ASX
United StateS india Germany aUStralia

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 49 Admiral 13 Kellogg
UnIted KIngdom UnIted states
50 AFG 14 Campbell Soup Company
aUstralIa UnIted states
51 Black Knight 15 Nisshin Seifun Group
UnIted states Japan
52 Unipol Gruppo 16 Grupo Bimbo
Italy mexIco
53 Mastercard 17 Coca-Cola Europacific
UnIted states Partners
UnIted KIngdom
54 HealthEquity
UnIted states 18 Meiji
Japan
55 Inbursa
mexIco 19 Lindt & Sprüngli
swItzerland
56 Nationale-Nederlanden Bank
netherlands 20 Kagome
Tesco
57 Blackstone Japan
UnIted states 21 Danone
14 Isracard 32 Deluxe 58 KBC Group France
Israel UnIted states BelgIUm 22 Yamazaki Baking
15 Peugeot Invest 33 Harel Insurance 59 Lincoln Financial Group Japan
France Investments & Financial UnIted states
Services 23 Keurig Dr Pepper
16 First National Israel 60 Raymond James UnIted states
canada UnIted states
34 Power Corporation of 24 Grupo Lala
17 iA Financial Group Canada 61 Voya Financial mexIco
canada canada UnIted states
25 Asahi
18 Brink’s 35 XP Inc. 62 Rocket Companies Japan
UnIted states BrazIl UnIted states
26 Calbee
19 Manulife 36 B. Riley Financial Japan
food & beverage
canada UnIted states 27 Kraft Heinz
20 Hargreaves Lansdown 37 World Finance 1 Ottogi UnIted states
UnIted KIngdom UnIted states soUth Korea 28 Nongshim
21 Sanlam 38 Square 2 Nagatanien soUth Korea
soUth aFrIca UnIted states Japan 29 General Mills
22 abrdn 39 American Express 3 Coca-Cola Femsa UnIted states
UnIted KIngdom UnIted states mexIco 30 Bega Group
23 ISC 40 B3 4 Yakult aUstralIa
Japan BrazIl Japan 31 Associated British Foods
24 PayPal 41 Solvay 5 Pulmuone (ABF)
UnIted states BelgIUm soUth Korea UnIted KIngdom
25 Affirm 42 Bread Financial 6 Indofood 32 Tate & Lyle
UnIted states UnIted states IndonesIa UnIted KIngdom
26 Synovus 43 Nexi Group 7 Kewpie 33 Grupo Herdez
UnIted states Italy Japan mexIco
27 Legal & General 44 BTG Pactual 8 Nissin Foods 34 High Liner Foods
UnIted KIngdom BrazIl Japan canada
28 Berkshire Hathaway Inc. 45 IIFL Finance 9 S&B 35 Greggs
UnIted states IndIa Japan UnIted KIngdom
29 Synchrony 46 LIC Housing Finance 10 Kikkoman 36 Camil
UnIted states IndIa Japan BrazIl
30 Cielo 47 SBI Card 11 Hershey 37 Lotus Bakeries
BrazIl IndIa UnIted states BelgIUm
31 Computershare 48 American Financial Group 12 Kirin 38 Finsbury Food Group
aUstralIa UnIted states Japan UnIted KIngdom

32 NE WSWEEK .COM NOVEMBER 24, 2023

 39 Heineken 66 Britvic 9 Sprouts Farmers Market 10 Celltrion Healthcare
netherlandS United Kingdom United StateS SoUth Korea
40 Morinaga 67 FRoSTA 10 Albertsons Companies 11 Dräger
Japan germany United StateS germany
41 RCL Foods 68 Sysco 11 Atacadão 12 Boiron
SoUth aFriCa United StateS Brazil FranCe
42 Riken Vitamin 69 US Foods 12 Ahold Delhaize 13 Teladoc Health
Japan United StateS netherlandS United StateS
43 The Coca-Cola Company 70 Flowers Foods 13 Ingles 14 Healthcare Services Group
United StateS United StateS United StateS United StateS
44 House Foods Group 71 Farmer Brothers 14 Weis Markets 15 Kyowa Kirin
Japan United StateS United StateS Japan
45 Sapporo 72 The Boston Beer Company 15 North West Company 16 GSK
Japan United StateS Canada United Kingdom
46 Del Monte 73 Mondelez 16 Casey’s 17 Kobayashi Pharmaceutical
United StateS United StateS United StateS Japan
47 Arca Continental 74 Sligro food Group health care & life sciences 18 Hanmi
mexiCo netherlandS SoUth Korea
48 Hormel Foods 75 The J. M. Smucker 1 Cochlear 19 Mediclinic Group
United StateS Company aUStralia SoUth aFriCa
United StateS
49 Hilton Food Group 2 Samsung Biologics 20 Apollo Hospitals
United Kingdom 76 Conagra Brands SoUth Korea india
United StateS
50 Sakata 3 Yuhan Corporation 21 Shionogi
Japan 77 Mayora SoUth Korea Japan
indoneSia
51 Ito En 4 Spire Healthcare 22 Roche
Japan 78 Diageo United Kingdom Switzerland
United Kingdom
52 Itoham Yonekyu Holdings 5 Takeda 23 Daiichi-Sankyo
Japan 79 Hostess Brands Japan Japan
United StateS
53 Kameda Seika 6 Kao 24 Glenmark Pharmaceuticals
Japan 80 Grupo Bafar Japan india
54 Britannia mexiCo
7 Eisai 25 Adcock Ingram
india 81 Molson Coors Japan SoUth aFriCa
55 Südzucker United StateS
8 Zeiss 26 Rohto
germany 82 Bachoco germany Japan
56 Campari Group mexiCo
9 CSL 27 Community Health Systems
italy aUStralia United StateS
grocery &
57 PepsiCo convenience stores
United StateS
PepsiCo
58 Utz Quality Foods 1 Tesco
United StateS United Kingdom
LEF T: BE N STE VE N S /PAR SON S ME DIA ; ME LI SSA GOLDEN

59 Nippn 2 Kroger
Japan United StateS
60 Lantic Rogers 3 Soriana
Canada mexiCo
61 Simply Good Foods 4 Dino Polska
United StateS poland
62 Saputo 5 Eroski
Canada Spain
63 B&G Foods 6 Sainsbury’s
United StateS United Kingdom
64 Bonduelle 7 Chedraui
FranCe mexiCo
65 Garudafood 8 Metro
indoneSia Canada

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28 UnitedHealth Group insurance 16 Life Insurance 31 CNA Financial
united StateS Corporation united StateS
india
29 Teva Pharmaceutical 1 Samsung Life Insurance machines &
Industries South Korea 17 Prudential industrial equipment
iSrael united Kingdom
2 American Equity
30 Kalbe united StateS 18 Saga 1 Fanuc
indoneSia united Kingdom Japan
3 Mapfre
31 BioNTech Spain 19 The Hartford 2 Voestalpine
germany united StateS auStria
4 SBI Life
32 GoHealth india 20 Loews Corporation 3 Andritz
united StateS united StateS auStria
5 BB Seguros
33 GoodRx Brazil 21 intact 4 Rosenbauer
united StateS Canada auStria
6 HDFC Life Insurance
34 Quest Diagnostics india 22 General Insurance 5 Stanley Black & Decker
united StateS Corporation of India united StateS
7 Samsung Fire & Marine
South Korea india
35 Healthcare Trust 6 Bobst
united StateS 8 Fidelity National Financial 23 Direct Line Group Switzerland
united StateS united Kingdom
36 Fresenius 7 Heidelberger
germany 9 Zurich Insurance 24 ICICI Prudential Life Druckmaschinen
Switzerland Insurance Company germany
37 Veradigm india
united StateS 10 Insurance Australia Group 8 Knorr-Bremse
(IAG) 25 MetLife germany
38 Cipla united StateS
india auStralia 9 Schindler Aufzüge
11 UnipolSai Assicurazioni 26 Brown & Brown Switzerland
39 Divis united StateS
india italy 10 CS Wind
12 Sun Life 27 PZU South Korea
40 Globus Medical poland
Canada
united StateS 11 Snap-on
13 Employers 28 Humana united StateS
41 ApolloMed united StateS united StateS
united StateS 12 3M
14 Bright Health Group 29 Hannover Re united StateS
42 Biocon united StateS germany
india 13 The Toro Company
15 Porto Seguro 30 Brighthouse Financial, Inc. united StateS
43 Blueprint Medicines Brazil united StateS
united StateS 14 Grainger
united StateS
44 Genomma Lab
Internacional Zurich Insurance 15 Fastenal
mexiCo united StateS
45 Bausch + Lomb 16 Avery Dennison
Canada united StateS
46 Becton Dickinson 17 General Electric
united StateS united StateS
47 Alembic Pharmaceuticals 18 Palfinger
india auStria
48 Acadia Healthcare 19 Graco
united StateS united StateS
49 Bausch Health 20 Generac
Canada united StateS
50 National HealthCare 21 Allison Transmission
united StateS united StateS
51 NextGen Healthcare 22 A. O. Smith
united StateS united StateS
ST EPHAN BIR RE R

52 Bristol-Myers Squibb 23 Finolex Pipes

united StateS india
53 Alignment Health 24 Parker-Hannifin
united StateS united StateS

34 NE WSWEEK .COM NOVEMBER 24, 2023

25 Lincoln Electric 38 JSL Limited media & entertainment
UnIted StateS IndIa
26 Mueller Industries 39 Wipro 1 Nintendo
UnIted StateS IndIa Japan
27 Ansell 14 Cenovus Energy 40 Hindustan Zinc 2 Bandai Namco
aUStralIa Canada IndIa Japan
28 Brunswick 15 Asian Paints 41 Jindal Steel & Power 3 Krafton
UnIted StateS IndIa SoUth Korea
IndIa
29 Otis Elevator Company 42 Gujarat State Fertilizers 4 Nine Entertainment
16 Kumho Petrochemical
UnIted StateS & Chemicals aUStralIa
SoUth Korea
IndIa
30 ITW 5 Gruppo Mondadori
UnIted StateS
17 Indian Oil Corporation
43 Kaiser Aluminum Italy
IndIa
UnIted StateS
31 Emerson Electric 6 Cineplex
UnIted StateS 18 Sasol 44 Vedanta Limited
SoUth aFrICa Canada
IndIa
32 Barnes Group 7 Warner Bros. Discovery
UnIted StateS 19 LIXIL 45 Ecolab
Japan UnIted StateS
UnIted StateS
33 AGCO 8 Paramount
UnIted StateS 20 Raizen 46 Steel Authority of India
BrazIl UnIted StateS
(SAIL)
34 Donaldson Company IndIa 9 Scholastic
UnIted StateS 21 Korea Zinc
SoUth Korea UnIted StateS
47 Berger Paints
35 Lacroix IndIa 10 Netflix
FranCe 22 AGC
Japan UnIted StateS
48 Eagle Materials
36 Cummins UnIted StateS
23 Nippon Steel 11 Universal Music
UnIted StateS
Japan netherlandS
49 Bharat Petroleum
materials & chemicals IndIa 12 JCDecaux
24 S-Oil
SoUth Korea FranCe
50 International Paper
1 Cemento y Concreto UnIted StateS 13 iHeartMedia
Moctezuma 25 Usiminas
BrazIl UnIted StateS
mexICo 51 UltraTech Cement
26 Sherwin-Williams IndIa 14 Adeia
2 Hindalco Industries UnIted StateS
IndIa UnIted StateS 52 Eastman Chemical
UnIted StateS 15 Lamar
3 Ecopro BM 27 Oil India
IndIa 53 Ashland Global UnIted StateS
SoUth Korea
UnIted StateS 16 Atresmedia
4 Repsol 28 BlueScope
aUStralIa 54 Santos SpaIn
SpaIn
aUStralIa 17 Disney
5 Canadian Natural 29 California Resources
Canada Corporation (CRC) 55 Cleveland-Cliffs UnIted StateS
UnIted StateS UnIted StateS
6 Heidelberg 18 Pearson
Materials 30 Algoma 56 Alumindo UnIted KIngdom
germany Canada IndoneSIa 19 Lagardere
7 Canfor 31 Asahi Kasei 57 TimkenSteel FranCe
Canada Japan UnIted StateS
20 Madison Square Garden
8 Cemex 32 Weyerhaeuser 58 Steel Dynamics, Inc. Entertainment
mexICo UnIted StateS UnIted StateS UnIted StateS

9 LX International 33 Air Liquide 59 Helix Energy Solutions 21 Française des Jeux (FDJ)
SoUth Korea FranCe UnIted StateS FranCe

10 Fortescue 34 Toray 60 Genesis Energy, L.P. 22 Polsat Box

aUStralIa Japan UnIted StateS poland

11 Bekaert 35 Equinox Gold 61 Comstock Resources 23 Liberty Media

BelgIUm Canada UnIted StateS UnIted StateS
12 Gerdau 36 Century Aluminium 62 Magnolia Oil & Gas 24 Angi
BrazIl UnIted StateS UnIted StateS UnIted StateS
13 CSR 37 Wienerberger 63 APA Corporation 25 Pinterest
aUStralIa aUStrIa UnIted StateS UnIted StateS

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 real estate & housing 31 Ulta Beauty 57 Havertys Furniture
united StateS united StateS
1 Deceuninck 32 Dunelm 58 Moonpig Group
Belgium united Kingdom united Kingdom
2 Host Hotels & Resorts 33 Zalando 59 Franchise Group
united StateS 7 Chewy germany united StateS
united StateS
3 Ciputra 34 El Puerto de 60 Dollarama
indoneSia 8 zooplus Liverpool Canada
germany mexiCo
4 British Land 61 Burlington Stores
united Kingdom 9 Komputronik 35 Target united StateS
poland united StateS
5 Azrieli Group 62 Etsy
iSrael 10 Coles Group 36 currys united StateS
auStralia united Kingdom
6 Essex Property Trust 63 Bark
united StateS 11 Pets at Home Ltd 37 TJX Companies united StateS
Company united StateS
7 Rio Can united Kingdom 64 Ritchie Bros.
Canada 38 Kirkland’s Canada
12 Barnes & Noble united StateS
8 VICI Properties united StateS 65 Foot Locker
united StateS 39 Renner united StateS
13 Raia Drogasil Brazil
9 Anywhere Real Estate Brazil 66 cardfactory
united StateS 40 Isetan Mitsukoshi united Kingdom
14 United Natural Foods Japan
10 BSD (UNFI) 67 Dia
indoneSia united StateS 41 DocMorris Spain
Switzerland
11 Marcus & Millichap 15 Woolworths 68 Nordstrom
united StateS South aFriCa 42 Hornbach united StateS
germany
12 Nexity 16 Costco 69 Eurocash
FranCe united StateS 43 JOANN poland
united StateS
13 Empire State Realty Trust 17 Chapters Indigo 70 Five Below
united StateS Canada 44 Unieuro united StateS
italy
14 Alexandria Real Estate 18 Colruyt Group 71 Williams-Sonoma
Equities Belgium 45 Murphy USA united StateS
united StateS united StateS
19 The Hyundai 72 Kohl’s
15 American Homes 4 Rent South Korea 46 1-800-Flowers united StateS
united StateS united StateS
20 Finning CAT 73 Zumiez
16 Bellway Canada 47 The Reject Shop united StateS
united Kingdom auStralia
21 YES24 software &
17 Phillips Edison South Korea 48 Sonic Automotive telecommunications
united StateS united StateS
22 Next
18 Park Hotels & Resorts united Kingdom 49 Walmart 1 Naver
united StateS 23 Petco united StateS South Korea
united StateS
retail 50 Farmacias Benavides 2 Check Point Software
24 Fnac Darty mexiCo Technologies
FranCe iSrael
1 M&S 51 Travis Perkins
united Kingdom 25 Fielmann united Kingdom 3 3DS
germany FranCe
2 John Lewis Partnership 52 DICK’S Sporting Goods
united Kingdom 26 E-Mart united StateS 4 SAP
South Korea germany
3 Canadian Tire 53 Ollie’s Bargain Outlet
Corporation 27 Tractor Supply united StateS 5 Roku
Canada united StateS united StateS
54 Academy Sports and
4 Shinsegae 28 PetValu Outdoors 6 Wix.com
South Korea Canada united StateS iSrael
5 Amazon 29 AO World 55 El Palacio de Hierro 7 VMware
united StateS united Kingdom mexiCo united StateS
6 Woolworths Group 30 PagueMenos 56 MedPlus Health Services 8 Adobe
auStralia Brazil india united StateS

36 NE WSWEEK .COM NOVEMBER 24, 2023

 technology hardware 27 Netgear
uNIted StateS
1 Samji Electronics 28 Arrow Electronics
South Korea uNIted StateS
2 ASML 29 Apple
NetherlaNdS uNIted StateS
3 Infineon Technologies 30 Allegro MicroSystems
GermaNy uNIted StateS
4 Jenoptik 31 Hewlett Packard
GermaNy Enterprise
uNIted StateS
5 Tadiran Group
ISrael 32 AMD
uNIted StateS
6 Hamamatsu Photonics
JapaN 33 Micron
uNIted StateS
7 Ocado Group
M&S uNIted KINGdom 34 Cirrus Logic
uNIted StateS
8 Intel
uNIted StateS 35 Kimball Electronics
uNIted StateS
9 American Tower 26 Bharti Airtel 9 Canon
uNIted StateS INdIa JapaN 36 Texas Instruments
10 ASM International uNIted StateS
10 Atos 27 Adyen
FraNce NetherlaNdS NetherlaNdS 37 HP
11 SolarEdge Technologies uNIted StateS
11 Workday 28 Telenet
uNIted StateS BelGIum ISrael 38 Marvell
12 Tokyo Electron uNIted StateS
12 Itochu Techno-Solutions 29 Akamai
Corporation uNIted StateS JapaN
textiles, clothing
JapaN 13 Applied Materials & luxury goods
30 Alarm.com
13 Motorola Solutions uNIted StateS uNIted StateS
uNIted StateS 14 Corning 1 Tod’s
31 Ciena
uNIted StateS uNIted StateS Italy
14 Paycom
uNIted StateS 15 Medion 2 LVMH
32 IBM
uNIted StateS GermaNy FraNce
15 Microsoft
uNIted StateS 33 Telus 16 Dell Technologies 3 Dior
caNada uNIted StateS FraNce
16 A1 Telekom Austria
Group 34 Alphabet 17 Broadcom 4 Brunello Cucinelli
auStrIa uNIted StateS uNIted StateS Italy
17 Telstra 35 Squarespace 18 NVIDIA 5 Swatch Group
auStralIa uNIted StateS uNIted StateS SwItzerlaNd
18 Telkom Indonesia 36 Autodesk 19 PC Connection 6 Salvatore Ferragamo
INdoNeSIa uNIted StateS uNIted StateS Italy
19 DocuSign 37 Asseco 20 Amkor Technology 7 Inditex
uNIted StateS polaNd uNIted StateS SpaIN
20 América Móvil 38 Telefónica 21 3D Systems 8 Hermès
mexIco SpaIN uNIted StateS FraNce
21 One 97 Communications 39 AutoTrader 22 Barco 9 Workman
INdIa uNIted KINGdom BelGIum JapaN
22 Totvs 40 Arista 23 Honeywell 10 Titan Company Limited
BrazIl uNIted StateS uNIted StateS INdIa
23 Dropbox 41 VeriSign 24 Silico Labs 11 Under Armour
uNIted StateS uNIted StateS uNIted StateS uNIted StateS
COU RTE SY M &S

24 Crown Castle 42 Salesforce 25 Qualcomm 12 Dr. Martens

uNIted StateS uNIted StateS uNIted StateS uNIted KINGdom
25 NetApp 43 HubSpot 26 Advanced Energy Industries 13 Adidas
uNIted StateS uNIted StateS uNIted StateS GermaNy

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14 Prada 36 Nike 9 ATSG 31 Ball
Italy UnIted StateS UnIted StateS UnIted StateS
15 Columbia Sportswear 37 Designer Brands 10 GOL 32 Deutsche Post DHL
Company UnIted StateS BrazIl Group
UnIted StateS germany
38 Zegna 11 Lufthansa Group
16 Levi Strauss Italy germany 33 Southwest
UnIted StateS UnIted StateS
39 Skechers 12 Mayr-Melnhof
17 Fast Retailing UnIted StateS aUStrIa 34 Jet2 plc
Japan UnIted KIngdom
40 Hugo Boss 13 HMM
18 Asics germany SoUth Korea 35 KLM Royal Dutch Airlines
Japan netherlandS
41 Urban Outfitters 14 Hapag-Lloyd
19 American Eagle UnIted StateS germany 36 Aena
Outfitters SpaIn
UnIted StateS 42 Geox 15 Garuda Indonesia
Italy IndoneSIa 37 PKP Cargo
20 Superdry poland
UnIted KIngdom 43 Movado Group 16 Japan Airlines
UnIted StateS Japan 38 Delta Air Lines
21 Arezzo UnIted StateS
BrazIl 44 Oxford Industries 17 Crown Holdings, Inc.
UnIted StateS UnIted StateS 39 Old Dominion Freight
22 Safilo Group Line
Italy 45 Fossil Group 18 Fraport UnIted StateS
UnIted StateS germany
23 Crocs 40 Alaska Air Group
UnIted StateS 46 Ralph Lauren 19 Graphic Packaging UnIted StateS
UnIted StateS
UnIted StateS 41 Air France KLM
24 Victoria’s Secret
UnIted StateS 20 Paris Aeroport France
47 EssilorLuxottica France
25 Mizuno France
travel, dining & leisure
Japan 21 Canadian National Railway
48 OVS canada
26 Tom Tailor Italy
1 IHG Hotels & Resorts
germany 22 Schneider National UnIted KIngdom
transport, logistics UnIted StateS
27 Callaway & packaging
2 Oriental Land
UnIted StateS 23 SIG Group Japan
SwItzerland
28 Grendene 1 JR Central 3 The Shilla
BrazIl Japan 24 WestRock SoUth Korea
UnIted StateS
29 The Children’s Place 2 Rolls-Royce 4 NH Hotel Group
UnIted StateS UnIted KIngdom 25 National Express Group SpaIn
UnIted KIngdom
30 Alpargatas 3 United Parcel Service 5 Pierre & Vacances
BrazIl UnIted StateS 26 Alstom France
France
31 Hanes 4 Cascades 6 Booking Holdings
UnIted StateS canada 27 Packaging Corporation UnIted StateS
of America
32 Duluth Holdings 5 FedEx UnIted StateS 7 Krispy Kreme
UnIted StateS UnIted StateS UnIted StateS
28 Knight-Swift
33 Puma 6 HHLA Transportation 8 Accor
germany germany UnIted StateS France
34 Carter’s 7 Americold 29 CubeSmart 9 Whitbread
UnIted StateS UnIted StateS UnIted StateS UnIted KIngdom
35 Moncler 8 JR East 30 Localiza 10 Hilton
Italy Japan BrazIl UnIted StateS

STATISTA R ▸ is a world leader in the creation of company, brand and product rankings and top lists, based on comprehensive market
research and data analysis: Statista R recognizes the best. With a team of over 100 expert analysts and in cooperation with more than 40
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about Statista R and the rankings. Statista R is a division of Statista. The leading data and business intelligence portal provides an extensive
collection of statistics, reports and insights on over 80,000 topics from 22,500 sources in 170 industries. Find out more at statista.com.

38 NE WSWEEK .COM NOVEMBER 24, 2023

 11 Azul 8 Mahindra Group
Brazil india
12 Marston’s 9 Toyota
United KinGdom Japan
13 Marriott International 10 Kia
United StateS SoUth Korea
14 Travel + Leisure 11 Randoncorp
United StateS Brazil
15 Bloomin’ Brands 12 Michelin
United StateS France
16 Create Restaurants 13 Aston Martin
Japan United KinGdom
17 Alsea 14 Ferretti
mexico italy
18 Brinker International 15 BMW
United StateS Germany
19 Choice Hotels 16 Mercedes-Benz Group
United StateS Germany
20 TUI 17 FACC
Germany aUStria
21 Starbucks 18 Oshkosh Apollo Tyres
United StateS United StateS
22 Texas Roadhouse 19 Harley-Davidson
United StateS United StateS
35 Fox Factory 50 Trigano
23 Compass Group 20 Pirelli United StateS France
United KinGdom italy
36 Kubota 51 Deutz
24 The Cheesecake Factory 21 Advance Auto Parts Japan
United StateS United StateS Germany
37 Penske Automotive
25 Flight Center Travel Group 22 Hero MotoCorp United StateS 52 CEAT
aUStralia india india
38 ENAV
26 Vail Resorts, Inc. 23 Hella italy 53 Valeo
United StateS Germany France
39 Daimler Truck
27 Mitchells & Butlers 24 D’Ieteren Group Germany 54 Polaris
United KinGdom BelGiUm United StateS
40 Apollo Tyres
28 Hyatt Hotels 25 Beneteau india
United StateS 55 Austal
France
41 Honda aUStralia
29 McDonald’s 26 Stadler Rail Japan
United StateS Switzerland 56 Dorman Products
42 Madras Rubber Factory United StateS
vehicles & components 27 Piaggio (MRF)
italy india 57 Blue Bird
United StateS
1 Brembo 28 Marcopolo S.A. 43 Magneti Marelli
italy Brazil italy 58 Magna
2 Mobileye Global 29 Ashok Leyland 44 Asbury Automotive Group canada
iSrael india United StateS
59 Iveco
3 Porsche 30 Bridgestone 45 Exide Industries italy
Germany Japan india
60 Faurecia
4 Tata Motors 31 HL Mando 46 Bajaj Auto France
india SoUth Korea india
COU RTE SY A POLLO T YRE S

61 Continental
5 Hyundai Mobis 32 John Deere 47 Indomobil Germany
SoUth Korea United StateS indoneSia
6 Hyundai 33 Denso 48 Motorcar Parts of America 62 Valvoline
SoUth Korea Japan United StateS United StateS

7 Ferrari 34 General Motors 49 Astra Otoparts 63 Thor Industries

italy United StateS indoneSia United StateS

▸ V I E W T H E L I S T O N L I N E AT Newsweek.com/wmtc-2023 NE WSWEEK .COM 39

 Culture HIGH, LOW + EVERYTHING IN BETWEEN

BOOKS Losing yourseLf in a good book

Our Favorite
can be almost as restorative as a relax-
ing vacation—with no packing required!
Books can whisk you away, far from mun-

Reads
dane daily responsibilities as well as
heavier concerns, something we can all use.
Whether you’re looking for an escape for
yourself, or you want to gift one to some-

This Year
Newsweek’s staff shares personal
recommendations for the best
books of 2023 to give...or receive
one you care about, the Newsweek staff has
compiled the perfect list to choose from.
Here are some of our favorite books of the
year, which run the gamut from fantasy and
psychological thrillers to personal finance
advice and politics. We hope you enjoy them
just as much as we did!

40 NE WSWEEK .COM NOVEMBER 24, 2023

 U LT I M AT E M U LT I TA S K E R
Reality star and new beauty influencer Bethenny
Frankel tackles humanitarian aid and unions. ▸ P.56

Fiction ST
R ECOMM

EN
D E D • MO

D E D • MO
EN
ST
RECOMM

WO R D S M I T H CRIME JUNKIE T H R I L L E R A F I C I O NA D O

No Two Persons None of This Is True The Guest

By Erica Bauermeister By Lisa Jewell By Emma Cline
ST. MARTIN’S PRESS | $28 ATRIA BOOKS | $28 RANDOM HOUSE | $28

A breathtaking novel I was in the mood for a A jaded female heroine

about the power a book
can have. It takes you
inside the hearts of a
complex web of broken
personalities, empowered
and made whole by
the same book. The
SCI-FI/FA NTA SY FAN
characters brought to life
Fourth Wing are delicately interwoven
By Rebecca Yarros | RED TOWER BOOKS | $14.99 throughout, forming a
Fourth Wing took the book blogger community seamless, beautiful fabric.
by storm with its richly imagined setting, high ▸ Meredith Wolf
stakes, political intrigue and spicy romance. Schizer, Senior Editor
The first installment in the Empyrean series
is an excellent introduction to fantasy and is
ripe with dragons and magic while also being
relatable. It is sure to get your heart pounding
while simultaneously making you blush.
▸ Anna Skinner, Senior Reporter
murderous distraction and
this book gave it to me
and then some. Basically,
a crazy lady convinces a
famous podcast host to
feature her, but over the
course of the recording
she takes over the podcast
host’s life. One thing leads
to another, husbands get
murdered and more.
▸ H. Alan Scott,
Senior Editor
escaping the city for
a Hamptons summer
might seem cliché— but
in this suspense-filled
psychological thriller,
nothing’s as it seems.
Funny, smart and deftly
written, The Guest has a
literary sensibility in the
mode of Eve Babitz with all
the tension of an A24 film.
▸ Meghan Gunn,
Staff Writer

Also recommended by William Arkin, Senior Editor

and Batya Ungar-Sargon, Deputy Opinion Editor

This historical fantasy

GE T T Y; ALL BOOK JACK E TS COURTE SY OF PU BLI SHER S

novel is a fascinating
parallel reality look at the
impact of colonization and
the immense struggle for
communities from those
nations to overcome its
lasting influence. It’s a
brutal critique of empire,
with a revolutionary
message that truly makes
S C I - F I / FA N TA SY FA N a reader reexamine their
Babel views of Western society.
By R.F. Kuang ▸ Jason Lemon,
HARPER VOYAGER | $20 Weekend Editor

Illustrations by DENIS NOVIKOV NE WSWEEK .COM 41

Culture BOOKS

T H R I L L E R A F I C I O NA D O T H R I LLE R A F I C I O NA D O DYS TO P I A N D E VOT E E

The Housemaid’s The Bastard Factory A Stranger

Secret By Chris Kraus in the Citadel
By Freida McFadden PICADOR | $16 By Tobias S. Buckell
MOBIUS | $12.99 Both spy thriller and TACHYON PUBLICATIONS

After devouring The family drama, this epic | $17.95

Housemaid, I was hungry
for more—more insight,
more thrill of following the
she-is-all-of-us heroine as
she pulls at the threads of
her employers’ designer
lifestyles, revealing the
monster underneath.
▸ Gray R. Thomas,
Publishing Editor
novel navigates the
horrors of the 20th
century, from Berlin to
Tel Aviv, Nazi Germany
to the Iron Curtain, the
CIA to the KGB. The
Baltic-German narrator,
Konstantin Solm, follows
his brother up the ranks
of the SS and later into
the treacherous duplicity
of the Secret Service, all
the while entangled in an
incestuous love triangle.
This page turner also
serves as a reminder that
many of the bastards
never did get their post-
war comeuppance.
▸ Yannick Demoustier,
Publishing Editor
Set in a dystopian future
where books are not just
banned but burned on
sight, this thrilling tale
feels of-the-moment. An
outlaw librarian lands at
the gates of a far-flung
city, kicking into motion
a journey of discovery
for young royal Lilith as
she discovers the truth
of her world, literacy and
herself—while evading
a killer mechanical angel
and her former guards.
It’s the perfect mix of
world building, action,
layered reveals and
suspenseful secrets.
▸ Josh Smith, Director
of Rankings

DYS TO P I A N D E VOT E E
R O OT E R S FO R T H E A N T I - H E R O
Liberation Day
BY GEORGE SAUNDERS
The Witch of Maracoor
By Gregory Maguire | WILLIAM MORROW | $30
RANDOM HOUSE TRADE | $17
This short story collection
For those unfortunate readers who don’t
mostly depicts a future
know Maguire, he’s responsible for the
dystopian America that
creation of Wicked. His books, written from
is never fully fleshed
the perspective of the villain in beloved fairy
out, but is ominously
tales, are captivating, full of life lessons and
familiar. Saunders is
teach us to look at the misunderstood in a
excellent at depicting
different light. And The Witch of Maracoor is
the human condition and
no different. Chronicling the life of Elphaba’s
our relationships with
daughter, Rain, every page takes the reader on
each other and is rightly
an adventure, starting with the fallout from a
lauded as one of the
confrontation with her grandfather, the Wizard
greatest living writers.
of Oz. Maguire’s book is filled with lost love,
self-acceptance and the power of magic.
▸ Ben Kelly,
▸ Jenni Fink, Senior Editor, National News
Audience Editor

42 NE WSWEEK .COM NOVEMBER 24, 2023

 Nonfiction

FILM BUFF F E M I N I S TA

The Last Action Unlikeable Female

Heroes: The Characters: The
Triumphs, Flops, and Women Pop Culture
Feuds of Hollywood’s Wants You to Hate
Kings of Carnage By Anna Bogutskaya
By Nick de Semlyen SOURCEBOOKS | $16.99
CROWN | $28.99 From b***** and
Fans of de Semlyen had trainwrecks to sluts—all
T R AV E L B U G
high expectations for his terms which feminism
new book, and it doesn’t has torn apart and widely Hello, South Korea: Meet the
disappoint. A warts-and- reclaimed—Bogutskaya Country Behind Hallyu
all look at the golden age examines why exactly we By DK Eyewitness | DK EYEWITNESS TRAVEL | $25
of action movies when love these characters so This deep dive into the underbelly of South
pumped up stars like much even when we’re Korea unpicks the fascinating nuances of the
Arnold Schwarzenegger told to hate them. The country’s DNA beyond K-pop, K-dramas and
and Sylvester Stallone book is a fresh look at K-beauty. It feeds you insightful little nuggets of
duked it out for world pop culture and feminism knowledge with plenty of intriguing factoids to
domination, it’s a blast that’s empowering chew on—from the intricacies of Korean dining
from start to finish. and a fantastic etiquette to Korea’s unique clan of female free
▸ Jack Beresford, conversation starter. divers—without shying away from controversial
Senior Internet Culture ▸ Giulia Carbonaro, subjects like gender equality and sexuality.
& Trends Reporter U.S. News Reporter ▸ Soo Kim, Reporter

It won’t be news to
many that there are
undemocratic parts of the
U.S. Constitution—the
Electoral College and the
makeup of the Senate are
ALL BOOK JACK E TS COURTE SY OF PUBLI SHE R S

well-known, for instance.

But the authors’ account
of how much these things
and other features of
the nation’s political
system have distorted
POLITICO American life in the past
Tyranny of few decades—against
the Minority the will of a majority of
By Steven Levitsky citizens— is eye-opening.
and Daniel Ziblett ▸ Fred Guterl, Special
CROWN | $28.99 Projects Editor

NE WSWEEK .COM 43
Culture BOOKS

understanding of the
Taliban, Abbas goes back
to his time as a police
official on Pakistan’s
lawless northwest
frontier with Afghanistan.
Eschewing finger-pointing
about the U.S. failure
there, he instead provides
a fluid, readable and
FO R E I G N A F FA I R S FO R E I G N A F FA I R S unique account of how
PUNDIT PUNDIT their return to power
Overreach: The The Return of has shaped the Taliban,
Inside Story the Taliban: and the possibilities
of Putin’s War Afghanistan After that might offer for
Against Ukraine the Americans Left U.S. and allied policy to
By Owen Matthews By Hassan Abbas engage for the benefit
MUDLARK | $21.99 YALE UNIVERSITY of the Afghan people.
Updated and released
PRESS | $26 ▸ Shaun Waterman,
in paperback this year, Drawing upon his long Cybersecurity
Overreach tells the story history with and deep Correspondent
of Vladimir Putin’s attack
COOKING ENTHUSIA ST
on Ukraine. It outlines
Poppy Cooks: The Actually the background to the
Delicious Air Fryer Cookbook invasion and describes
By Poppy O’Toole | APPETITE BY RANDOM HOUSE | $29.95 how it unfolded,
Internet sensation O’Toole brings her practical interweaving personal
kitchen know-how to the masses—serving stories of individuals
up delicious recipes for your air fryer, caught up in events. It’s
from starters to mains to desserts and (of probably the first book
course) potatoes. The book appeals to all to describe in detail what
kitchen skill levels and serves up a healthy occurred, and why.
helping of knowledge alongside recipes. ▸ Tony Phillips,
▸ Eileen Falkenberg-Hull, Senior Autos Editor Sub-editor
ST R A N G E R T H A N F I C T I O N E C O -WA R R I O R

Anansi’s Gold: The Our Fragile Moment:

Man Who Looted How Lessons from
the West, Outfoxed Earth’s Past Can
Washington, and Help Us Survive
Swindled the World the Climate Crisis
By Yepoka Yeebo By Michael E. Mann
BLOOMSBURY PUBLICAFFAIRS | $30
PUBLISHING | $29.99 Climate scientist Mann
A colorful story with draws on deep planetary
modern parallels, Ghanian history to show how
con artist John Ackah we are altering the
Blay-Miezah stole billions conditions that allowed
by claiming to have a humans to thrive in
secret stash of colonial ways that threaten our
gold and diamonds. His species. But this is no
fantastic assertions doomsday tome; Mann
won him a tenacious shows how we can use
following that grew more our knowledge to secure
devoted the more unlikely humankind’s future.
his claims became. ▸ Jeff Young,
▸ Marlaine Glicksman, Environment &
Senior Editor Sustainability Editor

44 NE WSWEEK .COM NOVEMBER 24, 2023

 THE ECONOMIST THE ECONOMIST ENTERPRISING MIND

Easy Money: The Capitalist A Healthy State

Cryptocurrency, Manifesto: Why the of Pan!c: Follow
Casino Capitalism, Global Free Market Your Fears to Build
and the Golden Will Save the World Wealth, Crush
Age of Fraud By Johan Norberg Your Career, and
By Ben McKenzie with ATLANTIC BOOKS | $29.99 Win at Life
Jacob Silverman Swedish historian Norberg By Farnoosh Torabi
ABRAMS | $28 writes a passionate ATRIA BOOKS | $27.99

From Gotham star defense of free-market As the former editor of

McKenzie, this book capitalism, which has lifted
is a welcome antidote millions out of poverty
to cryptocurrency over the past 150 years
frenzy and an essential but has recently come
document of a shady under attack by the far
industry in decline. left and populist right
▸ Thomas Kika, for causing inequality.
Weekend Staff Writer Norberg warns that
moving away from global
capitalism would not only
make us all poorer but
deal a crushing blow to the
most vulnerable. Brilliantly
written and compellingly
told, this book is an
important reminder
about the power of open
trade and the important
political, social and
economic ties it creates.
C U R I O US M I N D S ▸ Paul Rhodes, Deputy
MUSIC LOVER
Strangers to Publishing Editor
All Tomorrow’s Parties: The Ourselves: Unsettled
Velvet Underground Story Minds and the Stories
By Koren Shadmi | LIFE DRAWN | $29.99 That Make Us
ALL BOOK JACK E TS COURTE SY OF PUBLI SHE R S
Money magazine, I’ve read
hundreds of personal
finance books and there’s
often a sameness to them.
Not true of the latest
from So Money podcast
host Torabi. Providing a
fresh take on the fears
that hold us back in our
finances and our lives, the
book is part advice tome,
part memoir and wholly
engaging and informative.
Come for the guidance;
stay for the moving,
often funny anecdotes
about the role fears have
played in Torabi’s life and
how she—and you—can
change the narrative.
▸ Diane Harris,
Deputy Editor

Shadmi’s incredible graphic memoir tells the By Rachel Aviv

story of the Velvet Underground’s tumultuous PICADOR | $18
rise and fall, with character portraits of historical Aviv inspired me to
figures like Andy Warhol. With absolutely challenge my beliefs
gorgeous illustrations and deft pacing and about how we tell stories
plotting, every page is a masterpiece of detail about ourselves in periods
and momentum. You can almost hear the music of crisis and distress,
coming off the page. Of course, this book is helping me be more
perfect for a fan of the Velvet Underground’s empathetic in the stories
music, but even if you’re not, you’ll get a sense I write about others.
of their contribution to the cultural moment. ▸ Kylie McCoy, Director
▸ Batya Ungar-Sargon, Deputy Opinion Editor of Brand Partnerships

NE WSWEEK .COM 45
The New Era of Mining
Lead Writer: Ignacio Louzan Editor: Lewis Hart

robust global mining industry is essential for a growing
green economy. Some facts to bear in mind: a solar panel
requires aluminum, steel, copper, zinc, and silver. A wind
turbine: steel, copper, and aluminum. An EV battery:
lithium, gold, silver, cobalt, manganese, aluminum, nickel, and
copper. These raw materials are now commonly known as the critical
metals. As per the World Bank, these could experience a fivefold
increase in demand by 2050, driven by the growing requirements of
clean energy technologies. The supply shock has already prompted
new political legislation in the U.S., Canada and Europe, and the
security of domestic supply will be a major talking point in the
2024 presidential election - reminiscent of the 1979 Iranian oil crisis
which saw Reagan come out ahead. In this context, considering
recent geopolitical events such as the war in the Ukraine and the
deteriorating relationship between the West and China, security of
supply is a central concern of the West.
Ramping up the production and adoption of green power is key to
reaching CO2 reduction targets; therefore, ramping up our domestic
metal supply is more prescient than ever. To meet the needs of the
modern world, an estimated $1.7 trillion in global mining investment
is anticipated. Furthermore, as pointed out by Quinton Todd Hennigh,
CEO of Minera San Cristóbal, the increasing demand for metals
transcends green technologies, given that “we have a growing global
population and many people have transitioned into lifestyles that
depend on more metals over time, regardless of the electrification
movement.” This upheaval in demand has consequenced a radical
shift in the industry: not simply to ramp up extraction, but also to
enhance the processes which make the industry more sustainable. In
this report we present the essential facts and figures of this New Era
of Mining, and set out the main political and structural challenges
ahead. The insights showcased here are based on over 100 in-depth
interviews with the mining CEOs leading the industry forwards today.

In This Report...

TOM PALMER RICHARD ADKERSON

| CEO, NEWMONT | CEO, FREEPORT-MCMORAN
BIGGEST GOLD PRODUCER IN THE WORLD BIGGEST COPPER PRODUCER IN THE U.S.

“There is a consensus that we need to accelerate our efforts
to address the potential gap between supply and demand in
critical metals that could significantly shape the world's future.
I am optimistic as I see a general consciousness and willingness
to engage in these necessary discussions, yet the pace needs to
be stepped up to match the urgency the situation demands.”
“At Freeport, we are a dominant force in the U.S copper market,
accounting for over half the copper mined in the U.S. We advocate
for a more streamlined and efficient permitting process, which
will not only uphold the existing stringent environmental and
community standards but will also foster quicker responses and
development of green and brownfield mines.”

READ THE FULL INTERVIEWS @ investmentreports.co

Led by Recognized Backed by Major Gold

OTC: MAUTF

Experts in Africa Companies

Created over US$7B in Barrick Gold, Endeavour Mining,
shareholder value in Africa and Perseus Mining
Developing One of the Largest
TSX.V: MAU

New Gold District >300,000 oz Annual

Gold Mines in West Africa in Côte d’Ivoire Production Potential
Learn more at www.montagegoldcorp.com 2,258km² Land Package Feasibility Study Update Underway

THE NEW ERA OF MINING CONTENT BY WWW.INVESTMENTREPORTS.CO

 Copper Nickel
Chile Indonesia
Peru Philippines
DRC Russia
Others Others JON STANTON |
CEO, THE WEIR GROUP

Mining is essential in the

race to net zero but the
Graphite Lithium industry must adopt more
China Australia sustainable operations and engage stakeholders in that
Mozambique Chile shift. Technology is a critical enabler in helping mining
Madagascar China scale up and clean up to provide the vast quantities of
Others Others minerals needed for a low carbon future.

Source: International Energy Agency, 2022 READ THE FULL INTERVIEW @ investmentreports.co

Critical Metals
and the Green Transition
Clear environmental targets have been established, and their
importance - alongside the catastrophic consequences should we
fail to achieve them - is frequently emphasized. If we are to meet
these targets, we need to intensify the extraction and processing of
minerals. Electric Vehicles (EVs) exemplify this need; “An internal
combustion engine uses 25 kilograms of copper, and an EV demands
over 80 kilograms - to fill the gap that we have by 2030, we should
be opening one and a half world-class mines every year,” explains
the CEO of Fortuna Silver, Jorge A. Ganoza. Paul House, CEO of
mining-tech company IMDEX, further illustrates this in regard to
its share of the overall drilling spend: “Historically, copper, cobalt,
nickel, and lithium accounted for 35% of drilling spend, whereas
today they account for 65% of all new projects.” When it comes to
predictions regarding future copper demand, Iván Arriagada, CEO of
Chilean copper giant, Antofagasta, tells us that “projections indicate
an additional 6 million tons of copper will be needed as early as 2030,
a significant increase from current levels.” In addition, as stressed
by the CEO of Arizona Sonoran Copper, George Ogilvie, “There is
simply no suitable replacement for copper right now,” meaning that
these predictions are unlikely to be far off-target.
Richard Adkerson, the CEO of American copper giant, Freeport-
McMoran, states: “the increase in copper usage is a worldwide
phenomenon, and it behooves us to develop strategies that cater to this

CONTENT BY WWW.INVESTMENTREPORTS.CO THE NEW ERA OF MINING

 rising demand.” An exemplary case of such strategies emerges from
no less than America’s biggest gold miner, Newmont. The company
has recently acquired Australian gold and copper mining company
Newcrest for $19 billion. Newmont’s CEO Tom Palmer, outlines the
reasons for this massive move into the copper space: “Our Newcrest
acquisition strategically tops our list given their tier-one operations
globally, their prominent presence in Australia and Canada, and their
existing and potential growth in copper production.”
Lithium, the lightest and most reactive metal, is the major ingredient
of the battery industry. The appetite for EVs - from around 4% of total
car sales in 2020 to 14% in 2022 - translates to an increase in demand
for lithium, necessitating greater extraction and processing. Sigma
Lithium’s CEO, Ana Cabral-Gardner, reveals that “for nearly four
years, from 2018 to mid-2021, zero dollars flowed into the lithium
industry, but we kept investing. We believed in the fundamental
market drivers and stayed the course, and now it's all playing out.”
Cabral-Gardner’s insights shed light on how some metals underpinning
the celebrated green transition have faced historical undervaluation
and neglect. Consequently, the lithium market could face potential
shortages, as elucidated by Killian Charles, CEO and President of
Canadian lithium explorer, Brunswick Exploration. Charles asserts
Leading Voices
MARK BRISTOW | CEO, BARRICK GOLD
My view is that if you want to be a modern-day
miner, you need to understand that you are
managing a national asset, and it really belongs to
the nation.
MARNA CLOETE | PRESIDENT, IVANHOE
As we move towards this widely reported
looming copper deficit, we will need to have
companies that can execute projects quicker
than in the past. The days when a mining
project took 25 years from proposition to
implementation are over. We need to meet the
overwhelming demand for raw materials.
IVÁN ARRIAGADA | CEO, ANTOFAGASTA
Centinela is a hub for innovation, running solely
on renewable energy and featuring our first
autonomous truck fleet.
RAYMOND GOLDIE | PRESIDENT, PDAC
The dynamic price of lithium markets is proof that
markets are still trying to figure out how global
decarbonization and electrification will factor into
mineral and commodity markets.
READ THE FULL INTERVIEWS @ investmentreports.co
THE NEW ERA OF MINING
BRENT BERG | CEO,
RARE ELEMENT
RESOURCES
China’s rare earth monopoly
poses a serious risk to our
nation. To address this, we
must develop more projects like Bear Lodge and innovate
new technologies, like our proprietary recovery process.
Sustained collaboration between industry and government
is the best way to ensure a secure supply chain.
READ THE FULL INTERVIEW @ investmentreports.co
that “the current supply base for lithium doesn't match the burgeoning
demand, and has led to its prominent market boom. While ample
known deposits make it feasible to increase copper production, the
same doesn't hold true for lithium.” The heightened value of Lithium
may well bring along one of the best investment opportunities of
the decade, and many companies are actively pursuing innovation
in this field to enhance production. One of the most ingenious of
these innovations comes from Volt Lithium, who, according to Alex
Wylie, President & CEO, “discovered that numerous oil fields across
North America are already producing lithium.” Volt consequently
developed a technology to produce lithium out of oilfield brine,
“spearheading the technology and achieving over 90% extraction
recoveries with brine of 34 parts per million concentration, while
also removing contaminants from oilfield brine in the process.”
Last but not least, the rare earths needed for the transition and
overall economy alike, capture the attention of countries looking
to rival China's dominance. As Brent Berg, CEO of Rare Element
Resources elaborates, “rare earths provide vital inputs for a vast
range of future-facing products. They are well-known for their
unique magnetic, phosphorescent, and catalytic properties, which
enable technologies like infrared absorption in night vision goggles,
and the high-powered magnets you find in smartphones, computers,
wind turbines and EV motors.” A potential inconvenience for the
West is that China accounts for 63% of all rare earth mining, 85%
of processing, and 92% of rare earth magnet production, as per
Politico. Western companies have been expanding the search for
rare earths across the world in order to counteract this monopoly.
The U.S., Australia, and Myanmar collectively make up 24% of the
world's total throughput of rare earth metals, and are China’s best-
placed competitors. An iconic example is that of Australian Iconic
Rare Earths, which has ventured into Uganda to ramp up rare earth
production. CEO Tim Harrison shares that their Ugandan location,
“Makuutu, stands unique, being unconnected to China and poised
to address immediate demand from the West. The project has the
potential to be a multi-decade producer of magnet and heavy rare
earths, which are crucial for the new economy.
See how we
do things
differently.
TSX :DML NYSE-A:DNN
@DenisonMinesCo
CONTENT BY WWW.INVESTMENTREPORTS.CO
 rise of investments
in critical metals

Source:
International Energy Agency, 2023

Precious Metals:
Gold and Silver
Besides its central role in the green transition,
precious metal mining is a bastion of the
global economy, and the wherewithal
hedge of economic stability. As a tangible
investment amidst reneging cryptocurrencies
and geopolitical unrest, the gold industry is
enjoying prosperity at present - as it has already
experienced many times throughout the last
6,000 years. Additionally, renewed interest
from younger generations trading digitally has
spurred new investment. John McCluskey, CEO
of Alamos Gold, recounts: “It is important to
understand the circumstances when Alamos
Gold started around 2003. Then, the gold
price was below $300 per ounce, making it
nearly impossible for companies to turn a
profit.” Gold currently stands at just under
$2000 per ounce. Since then, gold prices have
experienced an upward trend, however the
path has been fraught with obstacles. Equinox
Gold’s CEO, Greg Smith, tells us, merely a year
ago “the gold value decreased from almost
$2,000 to $1,600 per ounce and. At the same
time, gold companies around the world were
experiencing significant inflation, which was
reflected in the cost of fuel, consumables
necessary for processing, and higher wages.”
But as markets evolve, the resilience and
adaptability of the industry are evident. The
intrinsic faith in the worth of gold instils
confidence in individuals and institutions
alike to trust gold as a secure repository for
their funds. As such, “by the end of last year
cost inflation had flatlined and, ever since,
the gold price has stayed pretty stable in the
$1,900 per ounce range” placing most gold
miners in “a profitable position.”

What are the forces pushing this upward trend?

Firstly, According to the World Gold Council's
CEO, David Tait, “over this last quarter we
have seen central banks in developing markets
persistently buying gold, showing a high
degree of pragmatism in light of geopolitical
turmoil.” Furthermore, Eldorado Gold’s CEO
and president, George Burns, has pointed to
the shift in the industry toward sustainable
mining practices, claiming that it “could
be instrumental for a younger generation,
should they gravitate towards gold as a more
stable and tangible investment, compared

CONTENT BY WWW.INVESTMENTREPORTS.CO
 with cryptocurrencies, which often have a momentum-driven
nature and greater cyclicity. Gold offers a physical guarantee, which
adds a layer of security to the investment.” Finally, Alamos Gold’s
CEO points towards the central role of the gold industry in Eastern
geographies, who “represent approximately 55% of the gold market.”
He elaborates: “In countries like India and China, where gold is RUDI FRONK |
traditionally a part of culture and daily life, the line between retail CEO, SEABRIDGE GOLD
purchases and investments is blurred. In these regions, high-carat
gold jewelry is seen as an investment. The East has a deep-rooted
affinity for gold, and this cultural attachment fuels demand.” The Commodities have never been
enduring security of gold in Eastern finance is a testament to its more underpriced compared
historical significance despite recent price convulsions. The current to financial assets. Commodity stocks have never been
price of the only metal that doesn’t rust shows that the appeal of cheaper compared to the underlying commodities.
gold as a safe haven asset is evolving in tow with consumer trends, Seabridge shares give investors an unparalleled hedge
as Newmont’s CEO Tom Palmer articulates “gold has been a symbol against broader markets and unparalleled leverage to
of wealth and a store of value for millennia, a role it will continue to rising gold and copper prices.
uphold owing to its well-regulated, liquid, and deep market.”
READ THE FULL INTERVIEW @ investmentreports.co
The biggest undeveloped gold resource in the world, Seabridge Gold’s
KSM project, is found in the heart of British Columbia, proving that
when it comes to the geographies that represent the future hotspots
of gold production, North America still has much to offer. From the
tall timbers of Northern Canada, CEO Rudi Fronk tells us that KSM
is not only “the world's largest undeveloped project as measured by
ounces of gold” but is “now also a significant player in the copper
world.” KSM boasts “100 million ounces of gold and about 20 billion
pounds of copper.” The presence of both gold and copper signifies the
multifaceted potential of new gold mines, and the diversification of
value extraction away from a traditionally monometallic focus. The
KSM project also underscores the importance of long-term resource
discovery in North America - sometimes one does not need to search
too far from home to find what one is looking for.

Gold is not the only precious metal enjoying positive market prospects;
according to the Energy Information Administration, by the 2040s
silver demand could increase almost fourfold, reaching around 500
million ounces. Compared with the gold industry, the evolution of
silver has been even more radical. Phillips S. Baker Jr., CEO of Hecla,
the biggest silver producer in the United States, manifests that “while
silver has historical uses like photography, its demand has shifted
significantly. In 1999, a third of silver was used in photography, but
today it's around one twentieth.” Baker claims that silver’s potential
in technology applications is what took the industry by storm: “The
growth has primarily come from the electronics sector, where silver's
conductivity plays a crucial role in devices like smartphones. On
top of that, each GW of solar energy capacity currently requires
approximately half a million ounces of silver,” which illustrates the
deep diversification that has occurred - all in an impressive time
span of 2 decades. CEO of Discovery Silver, Tony Makuch, further
affirms how silver’s role in the economy has changed: “While silver
was historically seen primarily as an investment, approximately 50%
of its current demand is for industrial use, and that percentage is
likely to increase.” As the most conductive metal, the widely-agreed
consensus is that the applications of silver will continue to diversify
- one can only wait to see what comes next.

THE NEW ERA OF MINING CONTENT BY WWW.INVESTMENTREPORTS.CO

 Cu Au
-20% +13%
Price change in copper and gold since October 2021
Source: Trading Economics, 2023

The Western Supply Chain

The West now confronts an imminent challenge: how best to

establish a secure metal supply chain, robust against geopolitical
fluctuations and conflicts? This imperative is underscored by
China’s profound influence in the global market. China vaunts
the possession of over half of the world's lithium refining capacity,
and 77% of the world’s cobalt refining capacity, as reported by The
Institute for Energy Research. These numbers paint a picture of
a world heavily reliant on a single nation for essential resources, WHY INVEST
and expedites the urgency for the West to secure an autonomous

1 Strengthening Our
and resilient supply network. Sam Ash, CEO of Bunker Hill, who
is successfully restarting one of America’s oldest and largest silver

Gold & Silver Mines

mines to meet the incoming demand, points to 2008 as a pivotal
time: “The global financial crisis of 2008 wiped 50% of available
capital for mining because the banks were unwilling to lend to
ventures with higher risk, but between the 1990s and now, China
Boosting Production,
has deployed billions of mining dollars all around the world - Reducing Costs
including in the U.S. and Canada.” This problem extends all the
way to the field of talent, as Dr. Dana Bennet, Interim President

2 Leading the Change for

of the Nevada Mining Association, alarmingly tells us: “We are
fortunate we still have one of the last 11 mining schools left in the
U.S., but at the country level, we are not producing enough mining
engineers, geologists, metallurgists and environmental scientists. the Mine of the Future
In a particular semester, China would have 2,000 mining engineers
studying, while Nevada has only ten.”
Developing a Green,
Multigenerational Copper Asset
What are the consequences of the West failing to build an autonomous
supply chain? In the words of mining-engineering company TAKRAF’s
CEO, Thomas Jabs, “an immediate repercussion would be a surge

3 CEO's Commitment
in commodity prices, echoing previous trends witnessed in the
iron ore market. Copper, pivotal for electrification and the green
transition, would especially be impacted.” This underscores a $220 M Investment for
scenario where the West finds itself in a vulnerable position, with
its green aspirations stymied by supply vulnerabilities: “Delays in a Bright Future
new investments or dependency on politically unstable nations
could compromise the supply chain, instigating a shift in alliances
and dependencies. For instance, countries like China might reorient
their supply chains, impacting the equilibrium of global resource
distribution.” For the foreseeable future, China’s dominion over
the sector is set to continue. As reported by Reuters, China still
accounts for 80% of U.S. imports of the group of 17 minerals used
in military equipment and high-tech consumer electronics - in
order to parry this risk, the West must up its game, and there are
several signs it is starting to do so.

In pursuit of new supply, Western entities are extending their

geographical reach to the final geographies rich with untapped
potential. Africa, followed by South America, emerge as the focal
points. According to the Center for Strategic and International Studies,
www.mcewenmining.com
Africa contains roughly 85% of the world's manganese, 80% of all 1.866.441.0690
info@mcewenmining.com
CONTENT BY WWW.INVESTMENTREPORTS.CO
 platinum and chromium, 47% of all cobalt, and 21% of all graphite. South America
contains 36.4% of the world’s copper. This renders expansion into these continents a
great opportunity to consolidate the supply chain, whilst also fostering development
and enrichment for all. Lifezone Metals is focused on nickel mining and operates in
Tanzania. Lifezone’s CEO, Chris Showalter, sheds light on new Western initiatives
in Africa: “The U.S has initiated significant projects like the Lobito corridor (Central
Africa) and the Partnership for Global Infrastructure Initiative to facilitate critical
infrastructure development which supports metal mining in Africa, it’s a conscious
effort to strengthen their position in the global supply chain.”

Deep South Resources is a copper exploration company operating in Namibia. Deep

South’s CEO, Pierre Léveillé, tells us that their “Haib Copper deposit hosts a resource
of nearly 1 billion tons of copper.” Africa’s mineral wealth is not limited to the critical
metals, but also extends to precious metals like gold. Richard Clark, CEO of Montage
Gold, exemplifies this point, extolling the abundant opportunities within the Archean
Greenstone Belt, a region that cuts across several countries in West Africa: “We were
interested in the area - the Archean Greenstone Belt that includes Côte d’Ivoire,
Ghana, Senegal, Mali, and Burkina Faso - by virtue of the proliferation of deposits
found there. Their gold geology is stupendous.”

Increasing production, however, does have environmental costs. The mining industry
has faced a great deal of criticism for its detrimental effects on the environment. In
2021, the industry accounted for between 4 to 7% of global greenhouse gas emissions,
as reported by GlobalData, placing it close to industries such as agriculture, which
contributes 11% of global emissions. Moreover, mining operations have had a lasting
and profound impact on water resources. According to MIT, it is estimated that over
180 million metric tons of mine waste flow into the world’s waters annually.

However, aware of their past reputation, Western mining companies are now escalating
their mission to align operations with the new ethos of environmental sustainability.
There is promising new forward momentum in this regard, and innovative technologies
which serve to extract minerals whilst minimizing the ecological footprint are emerging.
The integration of environmental stewardship into the core of mining operations is
already seeing reality on the ground. McEwen Mining’s CEO, Rob McEwen, details
the transformative new approach taken at their Los Azules copper project: “Our Los
Azules copper project will use less than one quarter of the water, and will emit less
than one third of the carbon of an average mine. By 2038, we will be net zero and
utilize an electric mobile fleet, powered by 100% renewable energy.”

Mining technology companies are enhancing their sustainability in all aspects

of mining operations, as illustrated by Mikko Keto, CEO of mining engineering
multinational, FLSmidth: “Our goal is to support all mining operations through basic
automation, data analytics, sensors, and process optimization. Our technologies
range from in-pit crushing and conveying to milling, grinding, flotation methods,
and tailings management, among others.” Scottish mining engineering expert, The
Weir Group, is developing technologies aimed at dramatically reducing energy and

PIERRE LÉVEILLÉ |
PRESIDENT & CEO,
DEEP SOUTH RESOURCES

For the next 50 years, copper will be the king commodity. Without copper,
we would have no transportation, no communications, and no cloud
storage... and global copper markets are facing many years of huge
supply deficit. We must work to develop new copper deposits now in
order to secure our future.

READ THE FULL INTERVIEW @ investmentreports.co

THE NEW ERA OF MINING CONTENT BY WWW.INVESTMENTREPORTS.CO

 TAKESHI TANIGUCHI |
VP, HEAD OF MATERIALS
BUSINESS, YOKOGAWA
ELECTRIC CORP.

Yokogawa has been developing and providing process

control systems for around 50 years, and, moving
forward, we aim to embrace AI technologies that
will enable the industry to move to the next stage,
2003 2022
autonomous operations.
The market cap of the Top 40 mining companies tripled
from US$400bn in 2003 to US$1.2trn in 2022
READ THE FULL INTERVIEW @ investmentreports.co Source: PwC, 2023

water consumption – critical components of mining sustainability.
Weir’s CEO, Jon Stanton, explains their current progress: “We are
developing technologies that can reduce energy consumption by
up to 50% compared to traditional methods. This is a huge deal,
considering that the mining industry consumes 3% of the world's
electricity. We're also working on improving material classification
and reducing water consumption via AI.”
Among the most conspicuous obstacles in the mining industry's
path towards sustainability is tailings management. Tailings, as
described by the CEO of CVW Technology, Akshay Dubey, are
“the waste piles that result from mining processes.” These residual
materials, often comprising a mixture of water, chemicals, and
crushed rock, pose significant environmental and safety challenges,
and companies are looking for new solutions to manage this waste.
Historically, tailings have been stored in ponds or dams, but this
approach has been met with scrutiny due to environmental risks
and the impact on the surrounding ecosystem.
trapped within tailings around the world, a vast majority of which
are in acidic ponds? Imagine if one were to mine these waste sources
rather than expending significant resources to store or neutralize
them. Their technology is based on microbial fuel cells, and aims
to solve this problem: “Addressing the environmental hazard of
tailings involves handling a large volume of water (about 200
trillion liters globally), which is stored in approximately 9000
tailings ponds worldwide. Our technology aims to reduce this risk
substantially by diminishing the volume of these tailings ponds,
therefore presenting a solution that is both environmentally
sustainable and economically beneficial by tapping into metal
wealth, once discarded as waste.”

A paradigm shift in tailings management is underway, exemplified

by the initiatives of companies like CVW, which is developing a
technology “that can recover the last bits of hydrocarbons from
oil sands and the minerals which are usually associated with the
hydrocarbons in tailings (...) thus reducing fugitive methane
emissions whilst also cutting GHG emissions by 5% to 10% per
site.” Nigel Robinson, CEO of Central Asia Metals, tells us that
his company is “recovering copper from surface waste dumps that
originated from the Kounrad open-pit copper mine in Kazakhstan.”
The company has produced 15,000 tons per annum of copper, all
out of tailings waste left over by the USSR - a reminder that the
circular economy can thrive in the most unexpected places and
over multiple generations. The wastes from uranium mining, as
the reader can probably imagine, can require close monitoring.
Denison Mines, a uranium mining development company in Canada
is solving this problem prior to its conception. CEO, David Cates,
comments that “a critical part of our sustainability story is that the
mining method we are using extracts the uranium from the ground
without creating conventional tailings, hence avoiding the need to
store mine waste on surface. This is new to uranium mining in our
region and is of great interest to potentially impacted Indigenous
groups, as our activities are not expected to leave a lifelong legacy
of tailings in their ancestral lands. Finally, innovator Tersa Earth is
another young company working ingeniously to reprocess tailings
which already exist in order to re-extract metals and clean the
surrounding water. Tera’s CEO, Vikramaditya G. Yadav, told us
his motivation: “Did you know that 200 million tons of copper is

CONTENT BY WWW.INVESTMENTREPORTS.CO THE NEW ERA OF MINING

Innovation & Opportunity
The global mining industry has exhibited resilience and promise
despite difficulty in recent years. The trajectory is upward, driven MIKKO KETO |
by the green electrification movement, central bank hedging, and CEO, FLSMIDTH
consumer demand for sustainable mining practices. Meanwhile, after
decades of under-investment, North America touts new promise.
Whether the movement to bolster the Western supply chain comes A portion of our customers are
too late, and will merit enough legislative support, is an open question. already partially operating their
Looking to precious metals, gold prices continue to rise, in contrast mines remotely. As they start to see more value in this type
with decreasing global security. The pandemic, the war in Ukraine, and of mine management, they become increasingly willing to
uncertainty in the Middle East have all been good news for gold. The invest in more sophisticated technologies.
silver market is undergoing significant diversification, as applications
within renewable energy necessitate new demand, and burgeoning READ THE FULL INTERVIEW @ investmentreports.co
prices, after a decade of discounting.

Africa and South America emerge as the pivotal continents, rich in

untapped mineral resources, and offering new partnerships to the highest
bidder. Amidst the influx of new demand, environmental concerns
loom large. The mining industry still grapples with its environmental
footprint, and is seeking innovative solutions to reduce water usage,
energy consumption, and tailings pollution. This is more the concern
for Western miners than their Chinese counterparts, which complicates
the economics. The industry is confronted with an imperative: how
can Earth's mineral wealth be harnessed without compromising its
future? This balance between security and sustainability is the defining
challenge in this New Era of Mining. 74.3% 86.1% 87.3%
Canada Australia United States
Leading by Example
Canada, Australia and the U.S. have each significantly increased
their mining exploration spend from 2018 to 2022
ROB MCEWEN | CEO, MCEWEN MINING Source: EY, 2023
Our Los Azules copper project will use less than
one quarter of the water, and will emit less than
one third of the carbon of an average mine. By
2038, we will be net zero and utilize an electric
mobile fleet, powered by 100% renewable energy.

TYCHO MÖNCKS | MANAGING DIRECTOR, BCG

AI has the potential to transition mining from
a supply-driven to a demand-driven business,
assisting companies to make informed decisions
on market demands and adjust their strategies
accordingly.

DAVID TAIT | CEO, WORLD GOLD COUNCIL

Digitalizing gold can remove barriers for
institutional investors. It would amount to a
completely regulated and transparent market,
where all the risk factors drift away.

MITCH KREBS | CEO, COEUR MINING

Silver is a phenomenal material, and it plays an
underappreciated role as a technology metal.
Electrification is a dominant trend worldwide,
driving the need for silver. Being situated in the
US offers a strategic advantage.
RICH NOLAN | PRESIDENT & CEO OF THE
NATIONAL MINING ASSOCIATION
We are actively reaching out to the next generation
of miners to address some of the misperceptions
around the industry, to help articulate how great
these jobs are for individuals, local communities,
and for the economy as a whole.

READ THE FULL INTERVIEWS @ investmentreports.co

THE NEW ERA OF MINING CONTENT BY WWW.INVESTMENTREPORTS.CO

 Culture

N E WS M A K E R S

Talking Points
“MY CHOICES
“I ALWAYS TEND TO BE
WANTED TO RANDOM. "
BE DAVID —Director Ridley Scott
ATTENBOROUGH.”
—Björk
“I feel like
God gave me
a purpose
to find a
“I want to be remembered as way to make RIDLEY SCOTT

someone who left Spain at the

the world
better, and
top, but above all, who tried
to change many mentalities.”
—SOCCER STAR JENNI HERMOSO GQ
that’s a big “I don’t think anybody
responsibility.
SPAIN’S “WOMAN OF THE YEAR”

with a conscience these

But I’m going
FROM LE F T: P HIL WALTE R /G E T T Y; THAD DAE US M C ADA M S /GE T T Y; M ARC PIA SECKI/GE T T Y

days is going to be
feeling well.”
to do my best.” —Rawia Bishara, owner of Tanoreen, a
Palestinian restaurant in Brooklyn
—DJ KHALED
JENNI HERMOSO

“WE DEFINED A NEW

“Political instability CATEGORY OF WORKING,
and polarization is driven
by people feeling upset and AND THESE STEPS WILL
angry when they can’t find ENABLE US TO REMAIN
positive connection and they THE GLOBAL LEADER IN
go find it in darker, more FLEXIBLE WORK .”
dangerous places.”
—WeWork CEO David Tolley
—Sen. ChriS Murphy after filing for Chapter 11

DJ KHALED

NE WSWEEK .COM 55
Culture

PA RT I N G S H OT

Bethenny Frankel
When you think of Bethenny frankel, the first thing that proB- Were you worried about blowback
ably comes to mind is Bravo’s The Real Housewives of New York City. But you’d get from BStrong sending
what may surprise you are the hundreds of millions of dollars her BStrong aid for the Israel-Hamas war?
organization has delivered to people in crisis, such as for Ukrainian refugees There are many refugees, many
and victims of the Turkey-Syria earthquakes. “Hollywood is the land of bullsh**,” people have fled and have
Frankel says about celebrities’ responses to international tragedies. “There are nothing. We don’t go in and start
cool crises and not cool crises...bam, next week, it’s something else.” But BStrong placing blame and alienating
is “gonna talk about things when they’re not cool anymore.” Similarly, Frankel either group. We are putting
recently ruffled feathers over her call for reality television talent to unionize. human suffering first and we
“It got picked up everywhere. And then I felt a responsibility.” That has led to a mandated that a long time ago.
moment of “reckoning” for industry leaders. “Bravo is scared.” With everything
Frankel is doing right now—including as a TikTok beauty influencer—she’s not Has it been difficult?
one to slack off. “How you do anything is how you do everything...I’m just one Let’s not mince words, it’s been
of those people that throws my entire body into everything that I do.” a unique time and there’s a lot
of blame and a lot of hate and a
lot of arguing...You have to have
a really strong stomach, be a
good decision-maker and be a
bit of a motherf***** to do this.
“I’m just one of
those people Why was it important to call for
that throws a union for reality TV talent?
my entire body I’m the best person to do it because
into everything I wasn’t disgruntled, I wasn’t fired. I

that I do.” was begged back. That’s why I was

the most scary person, because I
could get it done. I’m a pretty strong
b****. Major, major titans, leaders
of industry are getting on board.
They know this is the way to go.

Do you worry new talent will focus

on fame and not support a union?
There’s always someone who would
sleep with someone for a part, it
doesn’t make it right. Those people
are really, really vulnerable and this
medium takes advantage of them.
CE LE STE SLOMAN

It’s been complete exploitation of

women. No one ever notices how
f*****-up places are until someone
shines a light on it. —H. Alan Scott

▸ Visit Newsweek.com for the full interview

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