How Bad Is Bitcoin for the Planet?

More
than one
in three
Americans
report
ALARMING
LEVELS
OF STRESS.
Science
can help

THE
ANXIETY
EPIDEMIC
2 1 . 1 0 . 2 0 2 2
ABU DHABI DH35 CYPRUS €7.00 GIBRALTAR £6.05 KUWAIT KD3.00 NEW ZEALAND $14.00 ROMANIA LEI 42.00 SPAIN €7.00
ALBANIA €6.25 CZECH REP CZK180 GREECE €7.50 LATVIA €6.50 NIGERIA $3.40C SAUDI ARABIA SR35.00 SWEDEN SKR89
AUSTRALIA $11.00 DENMARK DKR55 HOLLAND €7.00 LEBANON LL10,000 NORWAY NKR89 SERBIA RSD1035 SWITZERLAND CHF10.00
AUSTRIA €10.00 DUBAI DH40 HONG KONG HK80 LITHUANIA €8.99 OMAN OR 3.250 S LEONE SLL30,000 UK £5.99
BAHRAIN BD3.5 EGYPT E£ 65.00 HUNGARY FT1,800 LUXEMBOURG €7.50 POLAND PLN29.99 SINGAPORE $11.95 US $9.99
BELGIUM €7.00 FINLAND €7.60 IRELAND €7.00 MALTA €7.00 PORTUGAL €7.00 SLOVAKIA €6.50 ZIMBABWE ZWD4.00
CHINA RM80 FRANCE €7.50 ISRAEL NIS35 MONTENEGRO €8.30 QATAR QR65 SLOVENIA €8.50
CROATIA HKR70 GERMANY €7.50 ITALY €7.00 MOROCCO MDH70 MALAYSIA RM27.90 SOUTH AFRICA R55.00
 INTERNATIONAL EDITION
O c TO b E R 2 1 , 2 0 2 2 _ VO L . 1 7 9 _ N O. 1 4

FEATURES

18
The Anxiety
Epidemic
We live in very tense times. As
a result, stress has become
a disabling problem for
an alarming number of
Americans. Science can help.
by DAN HURLEY

28
America’s
Best Online
Shops 2023
Newsweek and global data firm
Statista team up to find the
online retailers consumers say
they are most likely to buy from.

SATISFACTION Shoppers told us

where they were happiest buying
online when they were looking
for everything from clothes,
shoes and cosmetics, to books,
cars, sporting goods and more.
GE T T Y

COVER Illustration by Getty

GO TO Newsweek.com F O R MORE HEADLINES 1

 INTERNATIONAL EDITION
O c TO b E R 2 1 , 2 0 2 2 _ VO L . 1 7 9 _ N O. 1 4

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

06 Moscow 10 Bitcoin Is Worse 50 Uncharted

Land Grab for the Planet Salt: A Global
than Beef Pantry
Mining the
56 Parting Shot
Cryptocurrency
Antoni Porowski
Is Unsustainable
17 Talking Points
Beyoncé, Senator
Rick Scott
and More

A ND RIY ONUF RIYE NKO/G E T T Y

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 In Focus
THE NEWS IN PICTURES

6 NE WSWEEK .COM
 M O S C OW

Land Grab
Russian President Vladimir Putin appears onscreen
in Red Square on September 30 to address a rally
and concert marking Russia’s annexation of four
regions of Ukraine occupied by Russian troops—
Luhansk, Donetsk, Kherson and Zaporizhzhia. The
Kremlin-led referendums have been dismissed as
illegitimate by Western governments. One senior
member of Ukrainian President Volodymyr Zelensky’s
staff said, “The worthless decisions of the terrorist
country are not worth the paper they are signed on.”

▸ A L E X A N D E R N E M E N OV
A F P/G E T T Y

OCTOBER 21, 2022 NE WSWEEK .COM 7

Lenovo Grows Customer Connections
With Oracle CrowdTwist
Lenovo, the Fortune Global 500 tech company
behind the popular ThinkPad laptops, knows
that people don’t buy a new PC, mobile device
or gaming console every few months. The typical
three- to four-year sales cycle for such products
poses a challenge to keeping the Lenovo name
front of mind.
“Lenovo has the same challenge as other makers
of high-value products—staying engaged with
customers over that elongated cycle,” acknowledged
Carlo Savino, the company’s vice president of
e-commerce, Americas.
Even as the world’s largest PC manufacturer, added
Savino. Lenovo remains commi�ed to building upon
the brand loyalty it has fostered with passionate
consumers and small businesses, and to cross-
promoting the breadth of solutions and services
the company o�ers.
The MyLenovo Rewards program, which
Savino helped launch in the U.S. three years
ago, is making members aware of Lenovo’s
other products and services via promotions,
sweepstakes and just plain old communication.
The program awards points for purchases, of
course, but it also o�ers incentives for members
who review products, answer questions, share
their birthdays or other personal information,
and provide feedback.
MyLenovo Rewards program
is making members aware
of Lenovo’s other products
and services via promotions,
sweepstakes and just plain old
communication.
One popular contest was the Hybrid Work
Bundle Sweepstakes. It o�ered a $1,200 package
consisting of a Lenovo Yoga Tab 13, a Logitech
MX Keys Mini for Business (in Graphite), an
STM Goods Myth backpack (notebook size),
a Jabra PanaCast 20 camera, a Jabra Evolve2
65 stereo headset (without charging stand),
a Lenovo Go Tech Accessories Organizer and
a Lenovo Go USB-C Wireless Mouse (in Thunder
Black). The loyalty team saw a 55 percent
increase in entries for this sweepstake over
prior quarter sweepstakes.
Keeping customers engaged
and happy
After an extensive search process involving
multiple vendors, Lenovo chose a cloud-based
application called Oracle CrowdTwist Loyalty
fand Engagement to run the program.
Savino was especially impressed with how one
Oracle CrowdTwist customer, a maker of high-
tech beds, used the cloud technology to keep
its customers close throughout an even longer
sales cycle—eight to 10 years. His thinking was,
If Oracle CrowdTwist can keep those consumers
involved over that long stretch, it probably
could do the same for Lenovo. And it has.

Lenovo’s initial tactical goal was to sign
up one million members in North America,
something the company will achieve by the
end of its latest �scal year. But it also aims to
bring more members aboard while keeping
current customers connected and happy.
And it also wants to collect and use member
feedback to build be�er products and services.
Customers also said they want to use
rewards points on things other than products—
to be able to donate accrued points to support
community groups and philanthropies. That
capability, too, is coming to MyLenovo Rewards.
Adapting to change

“We do the traditional things to drive
conversation at the point of sale,” Savino
explained. “But we also want to keep people
engaged after the purchase, to reward them
for �lling out monthly surveys, for referring
new customers and for providing feedback.”
Lenovo acts on much of that input. “Customers
told us that knowing when they will get a product
at their door is very important,” Savino said. “That
was actionable, so we put expedited delivery on
our roadmap, and we recently added two-day
delivery for all our members—completely free.”
“ We are investing to make this
a world-class program, and
being world-class requires
that we adapt to a constantly
evolving landscape.”
Carlo Savino,
vice president of e-commerce, Americas
The program has evolved in other ways since
its launch three years ago. It has expanded from
the U.S. to Canada, and from being consumer-
only to including small- and medium-size
businesses in both countries. This evolution
will continue as the team eyes expansion to
new countries and continues its e�orts to
build communities of small-business owners,
students, gaming enthusiasts and, of course,
loyal customers.
These e�orts are intended to facilitate
communication not only with Lenovo but
also with one another. The company is also
drawing on member feedback, looking to add
experiences such as in-person concerts or
other performances to the list of rewards for
which they can obtain MyLenovo points.
“We are investing to make this a world-class
program, and being world-class requires
that we adapt to a constantly evolving
landscape,” Savino explained. Lenovo’s use
of Oracle CrowdTwist, itself a constantly
evolving platform, is an important part of
that ongoing process.
 Periscope N E W S , O P I N I O N + A N A LY S I S

10 NE WSWEEK .COM MONTH OO, 20X X

 “We’ve laughed together. We’ve cried together.” ▸ P.17

ENVIRONMENT

Bitcoin is
Worse for the
Planet
Than Beef
Experts believe the environmental costs of cryptocurrency mining are
unsustainable. They also point to a more Earth-friendly alternative

According to A pAper published in the anonymous and verified by a cryptography system

journal Scientific Reports, the mining of Bit-
coin and other cryptocurrencies is environmen-
tally unsustainable because of the huge amount of
electricity it requires. Mining has at times created
harm to the environment not only greater than beef
farming and other industries, but also greater than
the value of the currencies produced.
This energy use “is because of the proof-of-work
production process that [Bitcoin] uses,” Benjamin A.
Jones, an associate professor at the University of New
F F K R AV IT Z /G E T T Y; G E T T Y
called blockchain, essentially a vast, decentralized
records keeping method.
Bitcoin and other well-known cryptocurrencies
are generated via a process known as mining. The
blockchain system requires “proof-of-work” to be
given before a new crypto token is validated. Com-
puters show proof-of-work by solving a complex
cryptographic puzzle. Miners compete against each
other to be first to solve the puzzles, leading them to
invest in large computer farms or to combine their

Mexico’s Department of Economics and co-author resources in computing pools.

of the paper, tells Newsweek. Bitcoin mining uses an
estimated 75.4 terawatt hours per year (TWhyear-1).
All of Austria only uses 69.9 TWhyear-1.
Bitcoin is the most popular crypto-
HT:ITJETK
“Miners all over the world use highly specialized
computer equipment to engage in a massive num-
bers guessing game,” Jones says, “The more
and better your equipment, the faster you

currency, one of several digital nongov- by can guess the right result before your
ernmental currencies that can be used competition. This leads miners to invest
CRED

JESS
TOP RIG

for transactions outside of any country’s THOMSON

in more and better equipment that uses
financial system. These transactions are ever more and more electricity. Magnify

Illustration by ANDRIY ONUFRIYENKO NE WSWEEK .COM 11

Periscope
this across thousands and thousands
of miners all over the planet, and it
leads to huge energy use. Plus, the
fact that the difficulty of the guessing
game miners are asked to engage in
increases over time, too”
According to Jones, most of the elec-
tricity Bitcoin mining uses appears to
be coming from power plants using
coal and natural gas, which release
greenhouse gas emissions, rather than
sustainable sources. “We find that
Bitcoin’s climate footprint compares
more to beef production and crude oil
burned as gasoline, and is much more
damaging than gold mining or even
chicken or pork production,” he says.
The report’s authors used three
sustainability criteria to determine
the environmental costs of Bitcoin
mining: Whether the estimated cli-
mate damages are increasing over
time; whether the market price of
Bitcoin exceeds the economic cost of
climate damages and how the climate
damages per Bitcoin mined compare
to climate damages of other sectors
and commodities. They found that the
energy emissions of mining Bitcoin
have increased 126 times, from 0.9
tons of carbon emissions per Bitcoin
to 113 tons per coin between 2016 and
2021. They also found that $11,314 in
climate damages were generated per
single Bitcoin mined and that total
global damages exceeded $12 billion.
According to the paper, for every $1
of Bitcoin market value, mining led
to as much as $1.56 in global climate
damages, with climate damages for
Bitcoin averaging 35 percent of its
market value between 2016 and 2021.
The climate damage hit its peak of 156
percent of Bitcoin price in May 2020,
according to the report.
By comparison, beef production
climate damages represent 33 per-
cent of its market value, while gold
mining climate damages are a mere
12 NE WSWEEK .COM
ENVIRONMENT
4 percent of total market value. Cli-
mate damage from natural gas and
gasoline produced from crude oil
represent 46 percent and 41 percent
of their market values, respectively.
“We know the location of many
Bitcoin miners through their partic-
ipation in mining pools,” Jones says.
“We can get IP addresses. We then can
figure out how many coins are esti-
mated to be mined in a given country
each day. We can use information on
the electricity mix in these countries,
combined with the energy needs to
mine to estimate emissions. From
emissions, we can obtain climate dam-
ages using the social cost of carbon.”
While Bitcoin is just one of many
cryptocurrencies, Jones says it is the
most environmentally damaging.
“Bitcoin is the worst because it has the
largest energy footprint. No other
coin comes close. If Bitcoin mining
“Bitcoin is the worst
because it has the
largest energy
footprint. No other
coin comes close.”
continues to use the proof-of-work
production scheme and continues
to rely primarily on fossil fuel power
sources, which our work shows is the
case between 2016 and 2021, then its
environmental impacts will not shrink.
Actually, our research shows Bitcoin’s
climate footprint is generally getting
larger over time. Bitcoin is becoming
more unsustainable over time.”
The current energy-intensive
method of mining Bitcoin is not the
only way to generate cryptocurrency,
however. According to Jones, a differ-
ent process could be used instead to
authenticate Bitcoin, with dramati-
cally lower climate impact.
“Does an alternative production
process exist that would reduce
energy use and associated climate
damages?” he says. “Yes and Ethereum
just made the switch to it. It is called
proof-of-stake.”
In a proof-of-stake system, a mem-
ber of a blockchain network is chosen
to validate a proposed new crypto
token in exchange for a fee. To keep
them honest, validators must put cryp-
tocurrency of their own up as a secu-
rity deposit. The idea is that anyone
willing to do so would have no incen-
tive to try to game the validation pro-
cess. Because proof-of-stake requires
far less computing power than proof-
of-work, it consumes much less energy.
Ethereum has reportedly slashed its
energy consumption 99 percent as
a result of making the switch in Sep-
tember. Proof-of-stake critics, however,
don’t like the system because they say
it is not as secure as proof-of-work.
Still according to Jones, “Bitcoin
could also make the switch and their
climate footprint would likely become
almost negligible.”
▸ Jess Thomson is a science
reporter at newsweek. Twitter:
GE T T Y
@thomsonjessic
OCTOBER 21, 2022
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 Content from
The International Investor

Austria - Above Expectations

With strong economic expansion, a falling fiscal deficit, an outlook of rapidly
declining debt, and upcoming pro-green-growth tax reforms, Austria won
the plaudits of the International Monetary Fund in a June 2022 staff visit.
While the Alpine country was hit relatively hard by the covid-19 pandemic,
due to its large tourism sector, the rebound has been remarkably robust,
supported by active government policy that has cushioned the economy and
particularly the less well-off, while promoting an accelerated energy transition.
“We’ve come out of the pandemic stronger than we went
into it,” Chancellor Karl Nehammer said in September 2022.

I
ndeed, the IMF noted that Austria’s
real GDP surpassed its pre-covid level
before the end of 2021; the fund said
that the government’s policies to respond
to the pandemic and maintain economic
momentum were “appropriate and effective
in supporting households and firms”. The
government ran substantial deficits to
combat the pandemic’s impact, but this
year “the fiscal deficit has fallen sharply”,
the IMF reported. It is expected to come
in at around 2.5% of GDP this year, and
0.5% of GDP in the medium term, allowing
the public debt-to-GDP ratio to “decline
rapidly”. The Organisation for Economic
Cooperation and Development expects
Austria to be running a primary surplus
as soon as 2024. This in turn will give
Austria the fiscal headroom to support
the economy through a difficult year.
The Nehammer government thus has
space to push forward landmark policies
such as the “eco-social tax”, billed as
“the biggest tax cut in Austrian history”.
The changes will see climbing fees
on emissions from industries such as
transport and construction, introducing
a new carbon-trading scheme, while
providing transfers to households to offset
higher energy bills. The reform envisages
accompanying reductions in corporate
and income tax over the coming years, as
well as tax breaks for green investments
by companies. As well as supporting
citizens during the spike in energy prices,
the package should help support Austria’s
energy transition while promoting business
growth, positioning the country as a leader in
Europe’s green transformation. Social and
economic goals are going hand-in-hand.
Karl Nehammer
Federal Chancellor
“For me, the first important point is Austria
as a business location and also the issue of
supporting people,” said Nehammer when
he assumed office in December 2021. “But
one should not rest on our laurels on what
has been done, quite the contrary. We have
to develop it further. We must work together
on what we have set out to do, the eco-
social tax reform… which on the one hand
takes that we are all committed to climate
protection, and that on the other hand,
has support for people at its forefront; this
must now be pushed forward at full speed.”
The government’s programme should
further enhance Austria’s already strong
position as an international investment
destination. Lying at the heart of Europe
between some of the world’s most affluent
markets and the rising countries to the
East, it has long been a gateway to a
broader region stretching across Eurasia.
Austria boasts first-class infrastructure
and a highly-skilled workforce that,
combined, have made it a centre for high-
tech manufacturing and other knowledge-
intensive industries. Its membership of
the European Union gives it an enviable
position in the world’s largest economy,
and underlines its decades of political
and macroeconomic stability. Even before
the reforms currently being implemented,
Austria ranked in the top thirty countries
in the world in the World Bank’s Doing
Business index; as befits its geographical
position, it ranks first globally on the Bank’s
“trading across borders” indicator. For
years, Austria has also been a frontrunner
in digitalisation, a particularly important
competitive advantage that should stand
it in good stead in the years ahead.
Thanks to these strengths and active
but prudent government policy, Austria
is perfectly-placed to benefit from
renewed global economic expansion
in the years ahead. The country has
quietly outperformed expectations.
“With economic growth of 4% last
year and forecast economic growth of
4.5% for this year, we have a situation
that experts did not predict for us last
year,” said Nehammer earlier in 2022.
With the government committed to reform
that will further enhance Austria’s position as
an investment destination, and high-value
industries poised to capitalise on a brighter
global economic outlook, this Central
European star will surely continue to shine.
 Content from
The International Investor

Jerich International
A Holistic Approach To Logistics
International investors’ appetite for Austrian assets strengthened considerably in 2021, with 133
inbound M&A deals, up nearly a third on 2020 and the highest level since 2015, according to
global professional services company EY. Overall, deals with Austrian involvement – including
all deals in Austria and those overseas by Austrian businesses – totalled 293, up 6.5% on 2020,
generating total publicly-announced value of €9.1bn. Strategic investors dominate the Austrian
market, EY reported, and sectors that attracted particularly high deal volume in 2021 included
real estate, industry, and technology. The strong performance of inbound dealmaking in
particular has underlined Austria’s many competitive advantages as an investment destination,
including its location at the heart of Europe, excellent infrastructure, and highly-skilled workforce.
“You have to be creative to stay afloat

T
hese advantages have helped foster
one of the world’s most innovative
logistics industries. Standing
between the affluent markets of Western
Europe and the fast-growing economies
to the east, Austria’s logistics players
are perfectly-placed to benefit from the
post-covid recovery. In June 2022, global
real estate company CBRE stated that
Austria’s logistics property sector had
been “experiencing a transformation”,
with a record of new projects coming on
stream, thanks to a boom in demand.
Jerich International has been at the
forefront of this dynamic industry for more
than half a century. A holistic logistic
solutions company, it provides logistics
from the first producer to the end customer,
through many modes of transportation,
including rail, truck, and ocean freight,
and including warehousing. This allows
it to provide a complete logistics solution
to its clients – and their customers.
“Our most important value, the core of our
corporate identity, is that we treat the end
customer of our customers as if they were
our own customers,” says Herbert Jerich,
Jerich International’s CEO. “We listen to the
needs of the end customer, and that is the
secret to our success. We want to know what
is in every container, where it is going, and
build a relationship with the end customer.
It reflects well on us and our clients.”
Jerich International’s collaboration with
Canadian furniture company OVE Decors
is typical of the innovative solution that the
Austrian business offers. OVE hires display
spaces in many major US stores including
Walmart, Target, and Bed Bath & Beyond.
Customers can order OVE’s products at
these outlets via a QR code, and the product
is then shipped from Jerich’s warehouse to
the end customer, meaning that neither OVE
nor the retailers need warehouse space.
The holistic model also brings great
Herbert Jerich
CEO
advantages to Jeric International as a business.
“Productivity and competitiveness are
key factors in our industry,” says Jerich.
“Logistics is measured by service and price,
and if you don’t have to share margin with
someone, you are very competitive as you
don’t have to take margins on every leg.”
Over its 51-year history, Jerich
International has demonstrated a unique
ability to adapt to changing circumstances
and evolving client needs, while retaining
import-export expertise and a strong
distribution network as core offerings. Once
focused on the paper and staples sector
in the US, the company had to pivot away
after President Obama put anti-dumping
tariffs on many paper imports, making
prices too high for Jerich’s customers. The
company had a successful period with a
focus on bottled water, with major clients
including Nestle and Poland Spring, and is
now concentrating on the furniture market.
in logistics,” says Jerich. “A carrier
transports from A to B and doesn’t touch
anything. A logistics company gives
you solutions - ‘how, what, when’.”
The US business was launched after
Herbert Jerich visited the country in 2000,
seeing opportunities to replicate his father’s
success with Jerich International in Europe
with an initiative of his own, leveraging the
import-export model. Now the company
has eleven subsidiaries around the US,
from Los Angeles and Houston to New
York City and Atlanta. Jerich also has
operations across Europe, from the UK to
Turkey, making it a truly global company.
Over the years, Jerich International
has built up an intimate understanding
of the international logistics industry,
with a bank of data and intelligence that
partners can leverage. As it looks ahead,
the company is likely to create new
opportunities for innovative collaboration.
“We are always open to new clients, as
well as partnerships,” says Jerich. “We’re
particularly interested in e-commerce for
more mature logistics companies for which
we can provide insights on how we see the
future of the sector. Tracking and tracing, for
example, will have a tremendous impact.”
With its eyes on the global future, Jerich
International will continue to benefit from
its home base in the centre of Europe.
“Being headquartered in Austria, I have
only good things to say about the country,”
says Herbert Jerich. “The tax rates are
pretty low. It’s a fair place for employers
and employees. The education is fantastic.
There aren’t many challenges you need to
overcome on the route to success. Germany
is more mainstream, but when you think
outside the box, Austria’s the place to be.”
www.jerich.com
 Content from
The International Investor

MTH Group
Market value creation through sound investment
Driven by pent-up private consumption and a tight labour market, Austria’s economic
expansion is estimated to grow by 4.5% this year, according to the International Monetary
Fund (IMF). The country benefits from a well-developed market economy, with its capital,
Vienna, one of the wealthiest regions in Europe. Austria is also home to an impressive
services sector, as well as a leader in retail and industrial business, with many of its
companies at the forefront and in many cases global market leaders. Austria invests
heavily in research and development, making it an attractive and dynamic market.
he investment sector is one of Austria’s

T most attractive economic markets. Due

to its highly skilled workforce and low
incidence of labour unrest, the country enjoys
high levels of productivity and international
competitiveness. Austria has consistently
ranked amongst the top 30 countries in the
World Bank’s ‘Ease of Doing Business’ reports,
whilst government support programmes such as
‘Advantage Austria’ and ‘Go International’ have
encouraged outwards investment by Austrian
companies into foreign companies. Austrian
firms have since become more optimistic about
their investments, with 2021 levels of investment
expansion bouncing back from pandemic levels
in 2020, representing a substantial positive
shift, according to the European Investment
Bank (EIB). The largest share of investment
over 2020 and 2021 by Austrian firms was in
machinery and equipment (40%), with software,
data, and IT accounting for the second largest
share of investment (20%), according to the EIB.
One company taking advantage of
Austria’s positive investment climate is MTH
(Management Trust Holding) Group, an
internationally active Private Equity firm with
shares in numerous market-leading companies,
specialising in parking & access systems, retail
and printing & publishing. The company has a
turnover of more than €1B and is headquartered
in Vienna. MTH has more than 25 years of
experience in taking companies to the next
level and creating value in growth industries
through its “buy and build” investment strategy.
MTH’s investments have seen great success.
MTH Retail Group, the company’s stationary
products and office supplies segment, is the B2C
market leader in Austria and the B2B market
leader in Switzerland, whilst its printing and
publishing business (PV Group) has consolidated
multiple medium sized companies in the Austrian
printing industry. MTH is also strongly focused
on the access control systems business (Parking
& Access Systems Group) since establishing
and developing the market leader, AXESS,
two decades ago. From leisure and tourism to
sport and entertainment, AXESS has produced
hight-tech software solutions and cutting-edge
access control systems for use across multiple
industries. Since the 2020/21 season, AXESS’S
Smart Scanner has been used to check tickets
Dr. Martin Waldhäusl
CEO
at the German football stadium Borussia-Park
– such as for the international match between
Germany and Italy this year – and received
high praise for its enhanced data capture and
analysis opportunities. MTH has also expanded
its access control system technologies to
operate secure parking infrastructure on a global
level with the German company DESIGNA.
Whilst the pandemic disadvantaged many
companies, MTH saw dynamic developments
in its access control systems business. “During
the pandemic there were many enhanced access
requirements and this also created opportunities
for us. Many customers saw the need to switch to
new technologies and this created a significant
uptick in business,” says Dr. Martin Waldhäusl,
CEO of MTH. Already the market leader in the
skiing industry – with a significant amount of ski
resorts functioning through their installations
– the company is currently focused on further
consolidating its access control system business
globally. As a Private Equity company, MTH is
open to partnerships and M&A. The company
has an outstanding track record here, with
access control systems currently being its most
active M&A business sector. AXESS already
has 21 offices in 17 global locations, and about
a third of the company’s business comes from
the USA, which is its strongest growth market.
MTH is also looking to expand its product line
to accommodate growing demand as well
as identifying consolidation opportunities.
The company’s exceptional growth and global
presence is driven by its adherence to certain
values of professionalism and entrepreneurship,
and MTH always aims to create value and relevancy
within the growth industries and companies
it invests in. The company’s diverse portfolio
is another driver in its success. “We strongly
believe that a diverse portfolio, one focused
on brands which have an attractive proposition
for customers and clients, produces the best
results for our stakeholders,” says Waldhäusl.
Alongside the company’s extensive business
know-how, MTH prides itself on being an
Austrian company, and aims to boost the
recognition of the country’s business sector on
the world stage through customer satisfaction–
“‘home in Vienna, active around the world,’ that
is our approach,” says Waldhäusl. The company
firmly believes in the responsibility it has towards
the success of other Austrian companies in
global markets, and always aims to set its best
example in each and every industry it works in.
 N E WS M A K E R S

Talking Points
“I DIDN’T MAKE “YOU ARE
IT TO THE END BUT A VISIONARY AND
THAT WAS ONE OF ONE.”
—Beyoncé to her sister Solange,
ALL I COULD DO.” the first Black woman to compose
music for the New York City Ballet
—Jingyao Liu on settling her
rape case against Chinese
billionaire Richard Liu “The things
that
I do can
cause
“It’s never, pain and
BEYONCÉ

ever OK damage to
F ROM LE F T: E RIC LE E /BLOOM BE RG /G E T T Y; JA M IE M CC A RT HY/ T RIBE C A F E ST IVA L /G E T T Y; DAV ID M . BE NE T T/G E T T Y

to be a racist.”
—S ENATOR RICK SCOT T ON EX- PRESIDENT the people
that I care
TRUMP MOCKING EX-TRANSPORTATION
SECRETARY EL AINE CHAO
“We’ve laughed together.
We’ve cried together.
about But after seven years,
the most.” I feel like it’s time.”
—Trevor Noah
—COM EDIAN HASAN M INHAJ

RICK SCOTT

“My ex-wife left the place “I NO LONGER

that the court assigned
her for house arrest and,
WANT WATERFRONT
together with my 11-year- VIEWS. I HAVE
old daughter, fled in an SEEN ENOUGH OF IT.
unknown direction.”
—Igor ovsyannIkov, on journalIst
I’M O.K.”
MarIna ovsyannIkova, who held —Adam Rayhart, a Florida
up a “no war” sIgn on russIan tv bartender, on Hurricane Ian

HASAN MINHAJ

NE WSWEEK .COM 17
 StreSS iS diSabling
for an alarming number
of americanS,
but Science can help

the
anxiety
epidemic
by Dan Hurley
Image by Paula DanIëlse
GE T T Y

NEWSWEEK.COM 19

ngie Landeros knew her daughter
had always been shy. “Very, very shy,” she says. “She
always felt awkward talking to other kids her age.”
Then came the COVID-19 lockdowns in March,
2020. Ten years old, Landeros’ daughter began feel-
ing unbearably self-conscious seeing herself on the
computer screen during Zoom lessons. When her
elementary school went to a hybrid format that
required most kids to attend in person, some days
she’d refuse to go. Once she had a full-blown panic
attack in the car and began kicking and screaming.
On another day, says Landeros, “she literally ran out
the door to hide from us.”
Since Landeros and her husband, Michael Bloch,
are psychiatrists at the Yale Child Study Center, they
knew what their daughter was going through: social
anxiety disorder. She wasn’t the only one. According
to a national survey by the U.S. Census Bureau, adults
reporting symptoms of anxiety and depression on a
near-daily basis jumped to 41 percent in 2021, from
11 percent in 2019. Nearly eight in 10 adults said
COVID-19 was causing signifi-
cant stress in their lives, accord-
ing to a survey by the American
Psychological Association (APA).
The pandemic is just only
one of many anxiety-provoking
headlines. Climate change has
59 percent of young people feel-
ing very or extremely worried, an
international survey published in
the Lancet medical journal found.
School shootings have 57 percent
of teens and 63 percent of adults
somewhat or very worried, according to a Pew Re-
search Center survey. The 2020 election was a “sig-
nificant” source of stress for two-thirds of adults in
the U.S., a survey by the APA found, compared to just
over half in 2016. The economy is a major source of
stress for 87 percent of Americans and the Russian
invasion of Ukraine is stressing out 80 percent of
U.S. adults, a Harris poll found early this year.
Anxiety has become so widespread—and, to
many Americans, downright disabling—that in
September the U.S. Preventive Services Task Force,
an independent panel of experts in primary care
and preventative medicine, recommended that all
adults under age 65 get screened for the condition,
which could bring much-needed treatments to
20 NE WSWEEK .COM
H E A LT H
many more people.
The sheer presence of highly anxious, high-pro-
file celebrities may also be removing some of the
stigma associated with anxiety. Pop singer Shawn
Mendes has opened up about his crippling anxi-
ety, which led him to cancel his world tour in July.
Justin Bieber likewise scrapped his concert tour in
September, admitting that he has battled anxiety
attacks for two decades. Even Oprah Winfrey has
confessed to suffering a nervous breakdown due
to the stress over her many show business commit-
ments. In the past year, big-name athletes Simone
Biles (gymnastics), Kevin Love (basketball), Michael
Phelps (swimming) and Naomi Osaka (tennis) have
openly discussed their struggles with anxiety.
Fortunately, scientific insight into what causes
anxiety, and the range and effectiveness of available
treatment options, is also on an upward trend. Anx-
ious temperaments, recent studies have found, run
in families, not only because of common genetics
but also child-rearing styles, which have much to
do with anxiety in children. The
most effective treatments, new
studies show, is not with lengthy
courses of psychotherapy—and
definitely not with cannabis. In-
stead, doctors and scientists who
specialize in anxiety now recom-
mend relatively short-term ther-
apy that helps children confront

COUNT ERCLOCK WI SE FROM TOP LE F T: ROBERT A LI SA K ; BR A NDON CO LBE RT/G E T T Y; A NITA A NA ND/G E T T Y
“ There’s noThing wrong
what makes them anxious, rather than shrink from
it. As for medications, most experts advise against
so-called “anti-anxiety” drugs, strangely enough, be-
cause of their side effects. Antidepressants, they say,
work far better.
LIVING IN FEAR “When I began my career in the 1980s, there was
The pandemic and other
nothing known about how best to treat anxiety
worrisome headlines
have driven an increase
disorders,” says Dr. Wendy Silverman, professor
in the number of adults of child psychiatry and director of the Yale Child
reporting symptoms of Study Center’s Anxiety and Mood Disorders Pro-
anxiety and depression. gram. “We’ve made enormous progress since then.”
Left to right: Dr. Wendy
More people may soon find out firsthand about
Silverman; a COVID-19
message in San Diego
the progress in anxiety treatments. The task force’s
in April, 2020; and recommendations, together with similar ones is-
quarantining at home. sued last spring for children, means that physicians
OCTOBER 21, 2022
may soon routinely ask children and adult patients
under age 65 about anxiety, just as they currently do
about cigarette smoking and alcohol use. Although
the recent recommendations for adults is not yet
final—the public has until October 17 to make com-
ments—the goal is to bring the latest treatments to
bear on this acute mental health problem.
An Anxiety Thermometer
The impetus behind the task force’s recommen-
dations are some startling statistics: more than
26 percent of men and 40 percent of women in
the U.S. will develop an anxiety disorder sometime
during their lifetime, the group noted. Perhaps
even more alarming, less than one percent of
those cases are treated within a year after they
first arise, according to one study. In the U.S. the
median time from onset of the disorder to treat-
ment was a whopping 23 years. From 2008 to
2019, between 35 percent and 45 percent of adults
who had attempted suicide did not receive mental
wiTh being reTicenT
or quieT
o r v i g i l a n T. ”
health care, the report said.
Once the task force’s recommendations are
made final, primary care physicians will add “anx-
iety disorder” to the list of conditions that they
screen for, just as they already do for smoking, al-
cohol and drug use.
The screening tools—questionnaires admin-
istered by doctors—work like a thermometer for
anxiety. They are designed to measure how severe
a person’s anxiety is, to distinguish between peo-
ple who have an anxiety disorder and those whose
anxiety falls in the “normal” range. Indeed, the first
step to dealing with anxiety is to recognize that not
all anxiety is bad. Everyone feels anxious at times,
and that can be a good thing.
NE WSWEEK .COM 21
 “When children and adults can overcome
t h e i r avo i da n c e a n d fac e t h e i r f e a r s ,
t h e a n x i e t y o f t e n g o e s aWay. ”
“It keeps you from walking off a cliff,” says Dr. Na-
than Fox, director of the Child Development Lab
at the University of Maryland. “It gets you going.
It alerts you to danger, and that can save your life.
Whether you’re working on a business presentation
or walking into a social situation, feeling a bit anx-
ious can help you stay focused and get prepared.”
In fact, Fox says, being worried about the state of
the world these days is appropriate. “It’s only when
that worry impairs your daily life—your ability to
go to work, to eat properly, to have social relation-
ships—that it becomes a problem,” he says.
The still-current 2013 edition of the Diagnos-
tic and Statistical Manual of Psychiatric Disorder
[DSM] , the official guide to diagnosing psycho-
logical disorders, says that generalized anxiety
22 NE WSWEEK .COM
disorders involve “excessive” anxiety and worry
that occurs for more days than not, lasts for at least
six months and regards a number of events or ac-
tivities, such as work or school. The person must
find it difficult to control the worry, and it must
be associated with at least three of six symptoms:
restlessness or feeling on edge, being easily fatigued,
having difficulty concentrating or irritability, mus-
cle tension and disturbed sleep. The task force iden-
tified seven types of anxiety disorders: generalized
anxiety disorder, social anxiety disorder, panic dis-
order, separation anxiety disorder, phobias, selec-
tive mutism (an inability to speak in certain social
situations) and anxiety “not otherwise specified.”
Physicians would draw on screening tools—main-
ly questionnaires—designed to identify one or more

of these conditions. A key early step in the scientific
COUNTERCLOCKWISE FROM TOP LEFT: SAMUEL CORUM/GETTY; GRAEME SLOAN/BLOOMBERG/GETTY; LAUREN B. PHOTOGRAPHY
WHAT A WORLD
Worrying about the study of anxiety was the development of scales to
state of the world
measure levels of anxiety. In the early 1980s, psy-
is appropriate, says
Nathan Fox (below
chologist David H. Barlow at Boston University de-
right). Left: Climate veloped the Anxiety and Related Disorders Interview
protesters in 2019 Schedule, updated versions of which are still used
in Washington, D.C. . today. Soon after, Silverman developed one special-
Below: Police scuffle
ly for assessing anxiety in children that is still used
with insurrectionists at
the U.S. Capitol building
in clinical trials. “You need to measure and define
on January 6, 2021. something carefully before you can study it,” she says.
Doctors would also take into account other
factors that raise a person’s risk of developing an
anxiety disorder. For instance, women are more
likely than men to suffer an anxiety disorder, as are
Black people, divorcees and those who have lost a
spouse. Psychological and social factors also play
a role—such as living through a pandemic. And
anxiety, the task force noted, of-
ten overlaps with depression. In
fact, two-thirds of people with a
depressive disorder also have an
anxiety disorder.
Born This Way
Lady GaGa was on to some-
thing when she sang one of her
H E A LT H
biggest hits, “Baby, I was born this way.” In the last
few years scientists have found that precursors of
anxiety disorders make their first appearances in
infancy, in the form of “behavioral inhibition”—
scientific jargon for a sensitive, fearful tempera-
ment. As Fox and Pine wrote in a 2016 scientific
paper, infants with behavioral inhibition “display
heightened reactions to novelty and heightened
sensitivity to stimulus variations....In toddlerhood,
they withdraw from novel or unfamiliar social sit-
uations…This tendency evolves to leave the inhibit-
ed child less assertive and more prone to rejection
than their peers, catalyzing the growth of negative
self-perceptions.”
By no means do all young children with such a
temperament grow up to have an anxiety disorder,
Pine says. In fact, scientists have found that there is
about a 50 percent chance that a
child will grow out of it. Even so,
a 50 percent risk is still five times
higher than the average child’s
risk of having an anxiety issues
as an adult.
On the other hand, being
born sensitive and inhibited can
be an asset when well channeled,
Fox says. “There’s nothing wrong
with being reticent or quiet or
vigilant,” he says. “There’s a place
in the world for people who are
not exuberant and outgoing, who are contempla-
tive. As I’ve watched the children in my studies
grow up to see what paths they’ve taken, many of
the shy and anxious ones found niches for them-
selves. They chose careers as writers, chefs, comput-
er scientists, musicians.”
Humans aren’t the only species in whom inhib-
ited or outgoing temperaments can be seen from
birth. Virtually all animals exhibit such differenc-
es—including rats, according to a study published
this past June. And as any pet owner knows, dogs
and cats are likewise born with a temperament that
can leave them prone to anxiety.
“I have always had labrador retrievers—they’re
the most social, exuberant, friendly dogs you can
ever have,” Fox says. “My sister has an English cock-
er spaniel. He’s hyper frenetic and extremely skit-
tish and wary of anything novel or strange. Tem-
perament is seen throughout the animal kingdom.”
NE WSWEEK .COM 23
 H E A LT H

Not surprisingly, such inborn traits are based in children whose parents try the hardest to protect
part on genetics. In June, Silverman coauthored a sci- their sensitive natures are the very ones whose anx-
entific paper describing rare genetic variants associ- iety is likely to grow and persist. An extraordinary
ated with nearly twice the risk of having a childhood study by Fox, for instance, found that just placing
anxiety disorder. Another study, published in October, a shy, inhibited child in preschool can help them
found a genetic difference in how law students re- grow out of their anxious disposition. Nine out of
sponded to the stress of studying for their bar exams. 12 kids whose parents exclusively cared for them at
That’s no surprise to Landeros, who says that in the home during their first two years of life, he found,
case of their anxiety-prone daughter, the apple didn’t remained shy and inhibited as they grew older,
fall far from the tree. “Both my husband and I are in- whereas nine of 13 placed in preschool grew bolder
troverts,” she says. “I’m the one who makes more of an and more confident.
effort to socialize. Our daughter is much more like Mi- It’s understandable that parents want to pro-
chael. It’s amazing how she is like a little clone of him.” tect their children from situations that frighten
Dr. Ned Kalin, chair of the department of psychia- or upset them, says Dr. Anne Marie Albano, found-
try at the University of Wisconsin School of Medicine er of the Columbia University Clinic for Anxiety
and Public Health and editor-in-chief of the American and Related Disorders. But, she says, “if we keep
Journal of Psychiatry, has been studying the genetics rescuing them and fixing things for them, their
and neurobiology of stress and anxiety for decades. anxiety perpetuates and grows. The mom who
One of the big surprises he’s uncovered is that the takes her child out of a classroom because some-
amygdala, the brain structure long thought to be the one was mean to them or the kids won’t play with
seat of fear, is not genetically associated with anxiety. them, that child doesn’t learn how to manage
By studying three generations of families in their emotions and develop the problem-solving
which anxiety disorders have been passed down, skills to get what they want out of that situation.”
he found that three other areas of the brain serve Silverman calls it the “protection trap.”
as a kind of anxiety network. His findings point to
new areas in the brain that scientists might target
for the development of medications.
“You hear a lot about the amygdala, but our re-
search and the research of others has demonstrat-
ed that it’s not just one place in the brain that is
associated with anxiety disorders,” Kalin says. “It’s
a whole network of regions across the brain, in-
cluding the prefrontal cortex, where we regulate
our responses to fear and threats. The prefrontal
cortex talks to the other, deeper structures and asks:
How scared and anxious do I really need to be? It’s
that cross-talk that we think is critical for regulat-
ing anxiety and some other emotions.”
Kalin emphasizes, however, that genetics and
biology account for less than half of the risk that a
person will develop an anxiety disorder. “Only 30
to 40 percent of the risk can be accounted for by
heritability,” he says. “Which means environment
is really critical as well.”

Raising the Anxious Child

How parents raise an anxiety-prone cHild,
scientists have found, can make a huge difference in
how they develop into adulthood. Paradoxically, the

24 NE WSWEEK .COM

CLOCKWI SE F ROM TOP RIG HT: JOHN T LUM ACK I/ T HE BOSTON G LOBE /G E T T Y; LE ON BENNE T T/G E T T Y; BAUE R- G RIF F IN/G E T T Y; SAUL LOE B /G E T T Y; A ST RID STAWIA RZ /G E T T Y
“A h u g e pA r t o f A n x i e t y
“No parent feels comfortable when their child is
afraid and anxious and distressed,” she says. “A parent’s
natural tendency is to allay those fears, to take them out
of a situation that frightens them. But then the child
only learns to avoid whatever makes them nervous.”
That avoidance is a key characteristic of the over-
ly anxious children, and a key target of therapists’
efforts to help. “A lot of anxiety actually follows
from the avoidance,” Pine says. “When children and
NOT THE ONLY ONE adults can overcome their avoidance and face their
Celebrities who spoke fears, the anxiety often goes away.” He quickly adds:
out about their anxiety
“I don’t mean to make it sound so easy to do. That’s
may help remove the
stigma associated with
where a therapist comes in. A therapist helps you
the condition. Clockwise face your fears in a way that is appropriate.”
from top left: Oprah For Landeros’ daughter, therapy aimed at relieving
Winfrey, Michael Phelps, her social anxiety disorder began at 4 p.m. on March
Justin Bieber and
15, 2021. Dr. Carla Marin, the Yale clinical psychol-
Simone Biles. Above:
a patient in Boston
ogist who treated her, practiced the gold-standard
waits for a COVID-19 treatment shown in clinical trials to be most effective
test in July 2020. in relieving anxiety: cognitive behavior therapy. CBT,
OCTOBER 21, 2022
as it’s known, involves exploring and overcoming
the irrational and counterproductive thoughts and
beliefs underlying a disorder, and then focusing on
changing the associated behaviors, slowly but surely.
Originally developed as a treatment for depression,
it is now widely used to treat not only anxiety but
also post-traumatic stress disorder, substance abuse,
eating disorders and more. Studies have found that
two-thirds of adolescents treated with CBT will be
free of an anxiety disorder after three to four months.
The main component of the treatment Marin of-
fered, she says, was exposure exercises—having her
gradually face anxiety-provoking situations that she
had been avoiding. “Sometimes during sessions, I
would invite in a research assistant to do role playing,
i s n o t Ac c e p t i n g
w h At yo u ’ r e f e e l i n g . ”
where she would have to introduce herself, talk about
her likes, her hobbies,” Marin says. “Outside sessions
included activities like going to the library and ask-
ing about a book rather than relying on her Mom or
Dad to get it, or going to Dairy Queen and ordering
for herself rather than her parents ordering it.”
Eventually, over the course of that spring, they
moved up to having her go to school for just an
hour or two, then for half a day, and eventually for
a full day. By the time the 2021–22 school year be-
gan, she was attending every day.
Science-Based Treatments That Work (Usually)
CBT and exposure Therapy are The firsT-line
treatment for over-anxious adults, too, but other
treatments have also been shown to help. Accep-
tance and commitment therapy, for instance,
prompts people to become more accepting of the
situations and issues they worry about, and to com-
mit themselves to the values they hold dear—such
NE WSWEEK .COM 25
as living in a state of tranqulity and equilibrium
rather than severe anxiety.
“A huge part of anxiety is not accepting what
you’re feeling,” says Dr. Jenny Taitz, a psychologist
affiliated with the University of California at Los
Angeles. “Acceptance is a core skill. You have to be
willing to accept the thoughts and feelings that
come on the path to doing things you value.”
Taitz had to practice what she preaches back in
2017, when she and her family moved from their
home in New York City to Los Angeles. “I had to
be willing to accept the uncertainty of what would
come,” she says. “It’s okay to feel uneasy and unsure.
That doesn’t mean it’s the wrong direction.”
Another promising treatment is called attention
bias modification. People who are highly anxious,
studies have found, tend to visually fixate on things
that scare or worry them. When
tested on computerized tasks that
require them to focus on the center
of the screen, for instance, they are
more easily distracted than non-anx- “ W h y d o ou r b e s t t r e at m e n t s s t i l l fa i l
ious people when images of angry
or suspicious people appear for a t o Wo r k f o r s o m a n y p e o p l e ? t h at ’ s W h at
blink on the periphery of the screen. i s p e n d m o s t o f m y t i m e t h i n k i n g a b ou t. ”
Training them to ignore those im-
ages has been shown to transfer
to real-life reductions in anxiety.
“Attention training grows out of
an extremely strong and extremely rich neurosci- the drug leaves you feeling calm, there’s no benefit.”
ence literature,” says Pine. “Some people think it’s Pine’s view is more nuanced. “They can be help-
already proved to be clinically helpful. I tend to be ful in someone feeling acutely anxious, who can’t
a skeptic. It’s still early days. But of all the work I’ve even get out the door to go to work,” he says. “But
done in my career, it’s the most exciting.” they are definitely considered second-line therapy,
Of course, no matter the type of therapy, not because their side-effect profile is generally higher
everyone is willing or able to go through the pro- than for antidepressants.”
cess. For them, as well as for people undergoing Ironically, many antidepressants have been shown
therapy, medication is often part of the treatment to work better for anxiety than they do for depres-
plan. Drugs known as benzodiazepines—including sion—and to work better at reducing anxiety than
Xanax, Klonopin and Valium—were developed and the benzodiazepines that were marketed to treat
marketed specifically to treat anxiety, but they have anxiety. Drugs like Prozac, Zoloft, Luvox or Simbalta,
fallen out of favor. One problem is their potential says Pine, are now considered first-line drug treat-
for abuse and addiction; another is that they can in- ments for anxiety disorders.
terfere with exposure therapy, by making patients One of the most surprising new findings about
so mellow that their anxiety vanishes—but only the treatment of anxiety is that marijuana doesn’t ap-
while they’re on the pills. pear to help—and might make things worse. “There
“I would never encourage anyone to consider are no good studies of cannabis as a treatment for
benzodiazepines,” says Taitz. “If you’re facing a sit- anxiety,” says Dr. Jodi M. Gilman, an associate pro-
uation that would normally make you anxious, but fessor at Harvard Medical School and director of

26 NE WSWEEK .COM
 H E A LT H
neuroscience at Massachusetts General Hospital’s Cen-
COUNTERCLOCKWISE FROM TOP LEFT: PEDRO SALAZAR/ANADOLU AGENCY/GETTY; AQUAARTS STUDIO/GETTY; SCOTT BLASZAK
ter for Addiction Medicine. “None. Because I’ve looked.”
In March, Gilman published a randomized clin-
ical trial involving 186 people with chronic pain,
insomnia, anxiety or depression. Two-thirds were
given a medical marijuana card at the beginning of
the study, and the other third had to wait 12 weeks
before receiving one. The group who received the
medical marijuana card immediately, Gilman
found, “reported no significant changes in pain se-
verity or anxiety or depressive symptoms,” though
they did have fewer symptoms of insomnia.
What did change is that the marijuana users
were nearly three times more likely than the group
still waiting for their card to develop what doctors
call “cannabis use disorder,” meaning that felt they
couldn’t stop or reduce using it even though it was
causing problems in their life. The effect was worst,
sadly enough, in the very people whose chief rea-
son for entering the trial was their concern about
anxiety or depression.
While many users insist that cannabis is their
go-to relaxant, Gilman says she compares it to alco-
hol. “If a person drinks a glass of wine every night,
it might reduce their anxiety,” she says. “But that
doesn’t mean wine is a medicine.”
SEEKING RELIEF
“Getting access to For those seeking help, Pine and others say, the
treatment was bad
first stop is a primary care physician. Academic
enough before the
pandemic, and it’s only
medical centers devoted to the study and treat-
gotten worse,” says ment of anxiety disorders can also now be found at
Dr. Lily Brown (below universities across the country. One problem they
right). Left: A memorial can’t solve, however, is the tsunami of adults and
at Robb Elementary
children seeking help for anxiety and depression
School in Uvalde, Texas,
where a gunman took
provoked by the many stress-inducing events in the
21 lives in September. news these days. For instance, people currently seek-
Below: A psychologist ing help at the University of Pennsylvania’s Center
observes a child during for the Treatment and Study of Anxiety typically
a therapy session.
wait four to six weeks for an evaluation, and anoth-
er four to six weeks before they can start therapy.
“Getting access to treatment was bad enough
before the pandemic, and it’s only gotten worse,”
says the center’s director, Dr. Lily
Brown. “We keep adding staff but de-
mand just keeps growing.”
For research scientists, meanwhile,
the chief challenge is figuring out why
some people who receive the best treat-
ments available for anxiety disorders
find little relief. Only about half of adults,
in fact, will achieve a complete remission
of their symptoms, according to Dr. Alex-
ander Talkovsky, chief of NIMH’s Anxiety
Disorders Research Program.
“Why do our best treatments still fail
to work for so many people?” he wonders. “That’s
what I spend most of my time thinking about. A
lot of the researchers who submit grant applica-
tions to my program wonder about it. All I can say
is we’re working on it.”
Even when the treatments don’t cure anxiety
disorders, they usually help somewhat. Landeros’
daughter, for instance, is still anxious but has re-
covered enough to attend school every day since
beginning weekly sessions with Dr. Marin. “She has
done really, really well this past year,” Landeros says.
“It’s not like she’s cured, but she’s definitely in a bet-
ter place compared to where we were two years ago.”
Over the past two summers, Landeros’ daugh-
ter even attended a theater camp for kids. “So okay,
she’s not talking on the phone or having sleepovers,”
Marin says, “but she’s doing all these other amazing
things. She’s made amazing progress.”
Much the same could be said for the fast-evolv-
ing science of treating anxiety disorders.
NE WSWEEK .COM 27
Best
online
Shops
2023

28 NE WSWEEK .COM OctOber 21, 2022

 he National Retail Federation, an industry trade group, estimates
that U.S.consumer spending will grow somewhere between 6 percent
and 8 percent this year, to $4.86 trillion. According to the most recent
data from the U.S. Commerce Department, about 14.5 percent of that
spending happens online. To point our readers to the Best Online Shops
2023, Newsweek has once again paired with respected global data-research
firm Statista. We’ve ranked retailers according to numerous criteria import-
ant to shoppers, among them usability, security and how likely consumers
said they were to make a purchase at a particular online shop. This year
our rankings recognize 1,000 shops across 39 categories. “Single-Brand
Fashion” is the largest category this year with 80 shops recognized in the
list. We found that the multiproduct retailers we defined as “universal
providers” had the highest average score and the retailer faucetdirect.
com had the highest score across all the dimensions we looked at. What-
ever you’re shopping for, we hope you’ll find our ranking helpful in finding
TTY

the best place online to get it. ▸ Nancy Cooper, Global Editor in Chief
GETK
CR EDIT

NE WSWEEK .COM 29
 19 culturekings.com 7.77
M e t h o d o l o gy Fashion & Accessories 20 burkesoutlet.com 7.74

21 tillys.com 7.72
The Best American Online Shops were identified accessories
after passing several tests based on 51 objec- 22 next.us 7.62
tive and subjective criteria. Overall, 1,000 online 1 jansport.com 8.24 23 big5sportinggoods.com 7.61
shops have been recognized in 39 categories.
2 glamourtress.com 8.05 24 huckberry.com 7.59
First, a list of more than 9,500 online shops in
the U.S. was compiled using Statista’s proprietary 3 coachoutlet.com 8.03 25 neimanmarcus.com 7.55
research database along with public online databases,
4 coach.com 8.03 26 bootbarn.com 7.53
online directories and price comparison websites to
identify the most relevant online shops. the online 5 verabradley.com 8.01 27 saksoff5th.com 7.52
shops with the most American visitors and the 6 paulayoung.com 7.98 28 marshalls.com 7.51
highest American revenue in 2021 were selected as
7 tumi.com 7.97 29 cavenders.com 7.49
candidates for further evaluation. Online shops selling
mainly digital goods (e.g., airbnb.com, netflix.com), 8 elevatestyles.com 7.81 30 net-a-porter.com 7.49
subscription-based shops, c2c marketplaces (e.g.,
9 dooney.com 7.77 31 bloomingdales.com 7.48
ebay.com), b2b online shops, showcase websites and
online shops that do not display their sites in english 10 herschel.com 7.72 32 thredup.com 7.47
were excluded from further evaluation to allow a 11 shop.rebag.com 7.68 33 bluefly.com 7.47
better comparison between the remaining candidates.
12 yoogiscloset.com 7.68 34 buckle.com 7.43
the online shops that passed the initial screen-
ing were then tested one by one on 41 objective 13 kipling-usa.com 7.49 35 zumiez.com 7.43
and 10 subjective criteria in 7 dimensions: struc-
14 timbuk2.com 7.48 36 urbanoutfitters.com 7.42
ture and usability, trust and security, service and
communication, payment, purchase and delivery, 15 fashionphile.com 7.46 37 jcrew.com 7.40
technical performance and likelihood of purchase. 16 fashionablecanes.com 7.45 38 uniformadvantage.com 7.38
Alongside the objective tests, an online panel sur-
17 luggagepros.com 7.37 39 lordandtaylor.com 7.35
vey of more than 6,000 American online shoppers was
conducted to assess the online shops in 10 subjective 18 neweracap.com 7.31 40 ycmc.com 7.35
criteria (e.g., “the homepage is very clear and well
41 haband.com 7.34
structured”). Dimensions were weighted according to Fashion (Multi-Brand)
what respondents said was most important to them. 42 verishop.com 7.33
After the test phase was over, a sub-score for each 1 belk.com 8.53
dimension was calculated. based on these results, Fashion (Single-Brand)
2 nordstrom.com 8.38
a score out of 10 was determined for each online
shop. the top 1,000 online shops with the highest 3 shirtspace.com 8.16 1 ralphlauren.com 8.41
scores were then awarded “best Online Shops 2023.” 4 saksfifthavenue.com 8.10 2 eddiebauer.com 8.41

5 theoutnet.com 8.10 3 gapfactory.com 8.33

the rankings are composed exclusively of online
shops that are eligible regarding the scope described 6 boscovs.com 8.08 4 lacoste.com 8.29
here. A mention in the ranking is a positive recog-
7 dillards.com 8.08 5 forever21.com 8.29
nition based on 51 subjective and objective key
performance indicators at the time. the ranking is 8 drjays.com 8.04 6 carhartt.com 8.28
the result of an elaborate process which, due to the 9 dxl.com 8.02 7 bershka.com 8.27
interval of data-collection and analysis, is a reflection
10 nordstromrack.com 8.02 8 landsend.com 8.21
of the period between April 2022 and September
2022. Furthermore, events following September 11 dtlr.com 8.00 9 smartwool.com 8.21
14, 2022, and/or pertaining to individual persons
12 mrporter.com 8.00 10 haggar.com 8.20
affiliated/associated with the online shops were not
included in the metrics. As such, the results of this 13 menswearhouse.com 7.99 11 lifeisgood.com 8.16
ranking should not be used as the sole source of 14 beallsflorida.com 7.93 12 jockey.com 8.15
information for future deliberations. the information
15 proozy.com 7.91 13 gap.com 8.15
provided in this ranking should be considered in
conjunction with other available information about 16 6pm.com 7.89 14 mangooutlet.com 8.15
online shops or, if possible, accompanied by a visit
17 pacsun.com 7.84 15 bodenusa.com 8.14
to an online shop. the quality of online shops that
are not included in the rankings is not disputed. 18 shoepalace.com 7.83 16 duluthtrading.com 8.14

30 NE WSWEEK .COM OctOber 21, 2022

 17 vineyardvines.com 8.13 34 theory.com 7.85 51 guessfactory.com 7.58

18 wrangler.com 8.12 35 perryellis.com 7.84 52 rue21.com 7.58

19 tommyjohn.com 8.05 36 hugoboss.com 7.84 53 madewell.com 7.58

20 hm.com 8.02 37 coolibar.com 7.79 54 champion.com 7.58

21 brooksbrothers.com 8.00 38 us.louisvuitton.com 7.79 55 guess.com 7.57

22 michaelkors.com 8.00 39 bananarepublic.gap.com 7.78 56 us.burberry.com 7.56

23 lee.com 7.97 40 bonobos.com 7.77 57 josbank.com 7.56

24 charlestyrwhitt.com 7.96 41 shop.mango.com 7.76 58 us.romwe.com 7.55

25 dickies.com 7.95 42 converse.com 7.75 59 clubmonaco.com 7.52

26 ae.com 7.93 43 hottopic.com 7.75 60 stance.com 7.52

27 us.dockers.com 7.93 44 wearfigs.com 7.71 61 everlane.com 7.52

28 levi.com 7.92 45 nautica.com 7.68 62 blair.com 7.48

29 g-star.com 7.91 46 petermillar.com 7.67 63 johnnie-o.com 7.48

30 scotch-soda.com 7.90 47 quiksilver.com 7.64 64 chubbiesshorts.com 7.48

31 express.com 7.88 48 originalpenguin.com 7.60 65 ariat.com 7.46

32 legendarywhitetails.com 7.87 49 shop.diesel.com 7.59 66 rockabilia.com 7.45

GE T T Y

33 uniqlo.com 7.86 50 eastessence.com 7.59 67 volcom.com 7.43

68 mnml.la 7.41

69 wearpact.com 7.40

70 prana.com 7.39

71 losangelesapparel.net 7.36

72 sundancecatalog.com 7.36

73 kennethcole.com 7.35

74 tbdress.com 7.35

75 tipsyelves.com 7.34

76 hanes.com 7.33

77 abercrombie.com 7.33

78 wilsonsleather.com 7.32

79 aeropostale.com 7.32

80 paulfredrick.com 7.29

Jewelry

1 ross-simons.com 8.45

2 angara.com 8.41

3 jamesallen.com 8.37

4 thegldshop.com 8.32

5 icing.com 8.11

6 bluenile.com 8.09

7 zales.com 8.04

8 alexandani.com 7.99

9 jamesavery.com 7.90

▸VIEW T H E L I S T O N L I N E AT Newsweek.com/bos-2023
10 brilliantearth.com 7.90

11 jtv.com 7.89

12 brighton.com 7.86

13 blingjewelry.com 7.82

14 bodycandy.com 7.81

15 myka.com 7.79

16 superjeweler.com 7.76

17 larsonjewelers.com 7.76

18 jeulia.com 7.68

19 itshot.com 7.67

20 vancaro.com 7.62

21 us.pandora.net 7.62

22 shaneco.com 7.60

23 banter.com 7.53

24 evesaddiction.com 7.53

25 bodyartforms.com 7.52
16 finishline.com 8.04 42 ninewest.com 7.56
26 vitalydesign.com 7.41
17 joesnewbalanceoutlet.com 8.01 43 stuartweitzman.com 7.56
27 brilliance.com 7.40
18 skechers.com 8.01 44 colehaan.com 7.55
28 gorjana.com 7.39
19 drmartens.com 7.96 45 shoesforcrews.com 7.55
29 reeds.com 7.38
20 chacos.com 7.93 46 onlineshoes.com 7.55
30 kayoutlet.com 7.37
21 shoecarnival.com 7.93 47 sorel.com 7.52
31 kay.com 7.37
22 kswiss.com 7.93 48 stevemadden.com 7.50
32 shop.atperrys.com 7.35
23 ugg.com 7.92 49 vionicshoes.com 7.49
33 picturesongold.com 7.34
24 wolverine.com 7.90 50 vivobarefoot.com 7.48
ShoeS
25 tallmenshoes.com 7.88 51 dcshoes.com 7.48

1 kidsfootlocker.com 8.41 26 keds.com 7.87 52 shiekh.com 7.45

2 shoemall.com 8.40 27 striderite.com 7.84 53 rackroomshoes.com 7.44

3 birkenstock.com 8.30 28 zappos.com 7.83 54 thursdayboots.com 7.42

4 easyspirit.com 8.30 29 vans.com 7.81 55 naturalizer.com 7.38

5 thewalkingcompany.com 8.27 30 hoka.com 7.79 56 chineselaundry.com 7.35

6 footlocker.com 8.27 31 johnstonmurphy.com 7.78 57 tecovas.com 7.35

7 timberland.com 8.25 32 teva.com 7.76 58 journeys.com 7.35

8 us.ecco.com 8.23 33 hushpuppies.com 7.73 59 rockport.com 7.31

9 crocs.com 8.19 34 catfootwear.com 7.71 60 sanuk.com 7.30

10 keenfootwear.com 8.12 35 hotter.com 7.70 61 kurufootwear.com 7.28

11 fitflop.com 8.11 36 allenedmonds.com 7.69 62 thefryecompany.com 7.28

12 newbalance.com 8.10 37 dsw.com 7.69

WatcheS
13 sperry.com 8.10 38 samedelman.com 7.67

39 reef.com 7.66 1 fossil.com 8.12

14 famousfootwear.com 8.09
40 masseys.stoneberry.com 7.66 2 jomashop.com 7.98
15 clarksusa.com 8.04
GE T T Y

41 footsmart.com 7.65 3 authenticwatches.com 7.74

▸VIEW T H E L I S T O N L I N E AT Newsweek.com/bos-2023 OctOber 21, 2022

4 worldofwatches.com 7.71 12 especiallyyours.com 8.03 54 thereformation.com 7.47

5 nixon.com 7.51 13 anntaylor.com 8.03 55 stylewe.com 7.47

6 citizenwatch.com 7.35 14 venus.com 8.02 56 prettylittlething.us 7.46

15 ashleystewart.com 8.02 57 garnethill.com 7.45

Women’s Fashion (Multi-Brand)
16 betseyjohnson.com 7.99 58 windsorstore.com 7.43
1 aritzia.com 8.50 17 cupshe.com 7.95 59 tobi.com 7.42
2 avenue.com 8.46 18 shopjustice.com 7.94 60 lillypulitzer.com 7.41
3 freepeople.com 8.36 19 yandy.com 7.93 61 lanebryant.com 7.40
4 revolve.com 8.29 20 toryburch.com 7.91 62 brandymelville.com 7.40
5 anthropologie.com 8.27 21 altardstate.com 7.91 63 thirdlove.com 7.37
6 davidsbridal.com 8.03 22 garageclothing.com 7.91 64 fashiontofigure.com 7.37
7 dia.com 7.96 23 rebdolls.com 7.90 65 rosegal.com 7.35
8 barenecessities.com 7.96 24 fredericks.com 7.88 66 beachsissi.com 7.33
9 thedressoutlet.com 7.94 25 clothingunder10.com 7.88 67 whitefoxboutique.com 7.32
10 jessicalondon.com 7.92 26 eloquii.com 7.87 68 northstyle.com 7.29
11 catherines.com 7.92 27 leonisa.com 7.86
12 womanwithin.com 7.78 28 soma.com 7.86
Food, Health & Personal Care
13 fwrd.com 7.71 29 vicicollection.com 7.83
Care & CosmetiCs (Multi-Brand)
14 couturecandy.com 7.65 30 gudrunsjoden.com 7.82
15 carbon38.com 7.59 31 rainbowshops.com 7.79 1 maxaroma.com 8.56

16 modcloth.com 7.55 32 roxy.com 7.79 2 sephora.com 8.29

17 fullbeauty.com 7.50 33 whitehouseblackmarket.com 7.79 3 fragrancenet.com 8.24

18 citychiconline.com 7.47 34 vincecamuto.com 7.77 4 skinstore.com 8.23

19 modaoperandi.com 7.47 35 seraphine.com 7.77 5 dermstore.com 8.19

20 bandier.com 7.47 36 jjill.com 7.71 6 pharmapacks.com 8.07

21 roolee.com 7.36 37 catofashions.com 7.71 7 perfume.com 7.98

22 roamans.com 7.30 38 motherhood.com 7.70 8 wholesalesuppliesplus.com 7.93

23 promgirl.com 7.29 39 softsurroundingsoutlet.com 7.67 9 fragrancex.com 7.89

40 softsurroundings.com 7.64 10 lookfantastic.com 7.86

Women’s Fashion (Single-Brand)
41 unique-vintage.com 7.64 11 lovelyskin.com 7.81
1 talbots.com 8.74 12 fsastore.com 7.79
42 bebe.com 7.62
2 loft.com 8.72 13 ulta.com 7.67
43 kindredbravely.com 7.62
3 victoriassecret.com 8.41 14 sokoglam.com 7.65
44 skims.com 7.62
4 torrid.com 8.38 15 pharmaca.com 7.59
45 nydj.com 7.60
5 shopnational.com 8.36 16 harmonfacevalues.com 7.55
46 katespade.com 7.58
6 nyandcompany.com 8.36 17 sallybeauty.com 7.44
47 savagex.com 7.58
7 chicos.com 8.24 18 fragrancebuy.ca 7.41
48 swimsuitsforall.com 7.57
8 chicosofftherack.com 8.23 19 bluemercury.com 7.41
49 charmingcharlie.com 7.56
9 maurices.com 8.21 20 westcoastshaving.com 7.37
50 jjshouse.com 7.50
10 christopherandbanks.com 8.17 21 credobeauty.com 7.36
51 bhldn.com 7.49
11 lulus.com 8.07 22 hair.com 7.36
52 coldwatercreek.com 7.48

53 bostonproper.com 7.47 23 perfumania.com 7.35

NE WSWEEK .COM 33
 11 nhc.com 7.87
Food
12 allstarhealth.com 7.86
1 keurig.com 8.27 13 cpap.com 7.81
Care & CosmetiCs (Single-Brand)
2 nuts.com 8.24 14 biotrust.com 7.79
1 clarinsusa.com 8.31 3 gourmetgiftbaskets.com 8.09 15 drleonards.com 7.67
2 avon.com 8.30 4 freshdirect.com 8.00 16 amway.com 7.67
3 itcosmetics.com 8.23 5 totalwine.com 7.89 17 us.myprotein.com 7.63
4 thrivecausemetics.com 8.22 6 davidstea.com 7.89 18 1800wheelchair.com 7.57
5 loccitane.com 8.20 7 illy.com 7.87 19 a1supplements.com 7.55
6 fentybeauty.com 8.17 8 wsjwine.com 7.85 20 liquid-iv.com 7.54
7 maccosmetics.com 8.08 9 sees.com 7.80 21 bulksupplements.com 7.52
8 origins.com 8.07 10 omahasteaks.com 7.79 22 bodybuilding.com 7.50
9 benefitcosmetics.com 8.07 11 thepopcornfactory.com 7.77 23 1stphorm.com 7.47
10 aveda.com 8.06 12 englishteastore.com 7.69 24 muscleandstrength.com 7.46
11 bathandbodyworks.com 7.92 13 peets.com 7.65 25 itworks.com 7.39
12 philosophy.com 7.91 14 hickoryfarms.com 7.61 26 lifeextension.com 7.31
13 lushusa.com 7.91 15 lindtusa.com 7.58
mediCal supplies, mediCation
14 bobbibrowncosmetics.com 7.89 16 harryanddavid.com 7.55
15 elizabetharden.com 7.89

YULIA re ZNIKOV/G e t t Y
17 wilton.com 7.53 1 northshorecare.com 7.83
16 nyxcosmetics.com 7.88 18 heatonist.com 7.52 2 cvs.com 7.78
17 dermalogica.com 7.85 19 fruitbouquets.com 7.51 3 walgreens.com 7.77
18 esteelauder.com 7.85 20 igourmet.com 7.43 4 riteaid.com 7.66
19 lancome-usa.com 7.79 21 blackriflecoffee.com 7.42 5 allegromedical.com 7.53
20 clinique.com 7.77 22 mainelobsternow.com 7.35
21 bulkapothecary.com 7.75 23 winecountrygiftbaskets.com 7.33
22 pacificabeauty.com 7.73 24 swisscolony.com 7.30
23 thebodyshop.com 7.68 25 godiva.com 7.30
24 kerastase-usa.com 7.66 26 wolfermans.com 7.30
25 paulaschoice.com 7.63 27 shop.kingarthurbaking.com 7.29
26 tartecosmetics.com 7.62 28 kansascitysteaks.com 7.29
27 neutrogena.com 7.61
HealtH & Food supplements
28 gillette.com 7.54

29 laroche-posay.us 7.53 1 swansonvitamins.com 8.43

30 100percentpure.com 7.53 2 puritan.com 8.17

31 urbandecay.com 7.52 3 vitaminworld.com 8.15

32 tula.com 7.52 4 medmartonline.com 8.13

33 us.caudalie.com 7.45 5 vitaminshoppe.com 8.09

34 elfcosmetics.com 7.42 6 pipingrock.com 8.03

35 tatcha.com 7.33 7 tigerfitness.com 7.99

36 supergoop.com 7.32 8 pureformulas.com 7.97

CR EDIT TK

37 us.no7beauty.com 7.30 9 gnc.com 7.94

38 toofaced.com 7.30 10 easycomforts.com 7.87

34 NE WSWEEK .COM OctOber 21, 2022

 22 payneglasses.com 7.57 13 acehardware.com 7.57
opTicians, eYewear
23 oakley.com 7.45 14 architecturaldepot.com 7.52
1 glassesusa.com 8.40 24 knockaround.com 7.37 15 leatherman.com 7.51
2 readers.com 8.33 25 targetoptical.com 7.33 16 toolbarn.com 7.51
3 firmoo.com 8.02 26 sportrx.com 7.32 17 acmetools.com 7.46
4 roka.com 8.00 27 contactlensking.com 7.28 18 harborfreight.com 7.32
5 contactsdirect.com 7.99 19 poolsuppliessuperstore.com 7.29
6 eyeglasses.com 7.96 Garden & Crafts
Flowers, planTs
7 smartbuyglasses.com 7.93
Building services
8 fostergrant.com 7.87 1 trueleafmarket.com 8.09

9 lens.com 7.84 1 faucetdirect.com 8.74 2 nearlynatural.com 8.00

10 framesdirect.com 7.83 2 flooranddecor.com 8.19 3 parkseed.com 7.98

11 zennioptical.com 7.82 3 decorplanet.com 8.05 4 starkbros.com 7.92

12 lenscrafters.com 7.82 4 vintagetub.com 7.98 5 mountaincrestgardens.com 7.90

13 sunglasshut.com 7.79 5 1000bulbs.com 7.81 6 fiftyflowers.com 7.86

14 costadelmar.com 7.76 6 signaturehardware.com 7.73 7 johnnyseeds.com 7.80

15 eyebuydirect.com 7.73 7 superbrightleds.com 7.65 8 brecks.com 7.77

16 zeelool.com 7.70 8 hvacdirect.com 7.64 9 burpee.com 7.65

17 discountcontactlenses.com 7.67 9 faucet.com 7.60 10 tytyga.com 7.63

18 blenderseyewear.com 7.67 10 solidsignal.com 7.50 11 michiganbulb.com 7.59

19 goggles4u.com 7.62 11 prolinerangehoods.com 7.49 12 jacksonandperkins.com 7.54

20 eyeconic.com 7.61 12 woodlanddirect.com 7.47 13 dutchbulbs.com 7.46

21 coolframes.com 7.58 13 altestore.com 7.46 14 gurneys.com 7.44

14 cleanwaterstore.com 7.44 15 fromyouflowers.com 7.44

15 kitchensource.com 7.39 16 whiteflowerfarm.com 7.42

16 acwholesalers.com 7.29
garden FurniTure & supplies
17 aquasana.com 7.29
1 plowhearth.com 8.50
diY, Tools, supplies
2 tractorsupply.com 7.98

1 maxtool.com 8.25 3 northlineexpress.com 7.85

2 lowes.com 8.10 4 growace.com 7.59

3 cpooutlets.com 8.07 5 lesliespool.com 7.49

4 tilebar.com 7.83 6 doheny.com 7.46

5 northerntool.com 7.83 7 spadepot.com 7.44

6 homedepot.com 7.82 8 gardeners.com 7.43

7 toolup.com 7.78 9 shedsforlessdirect.com 7.36

8 store.cyberweld.com 7.77
spare parTs
9 ohiopowertool.com 7.76

10 weldingsuppliesfromioc.com 7.75 1 supplyhouse.com 7.94

11 garrettwade.com 7.74 2 searspartsdirect.com 7.70

12 tylertool.com 7.63 3 discountfilters.com 7.62

4 dkhardware.com 7.56

▸VIEW T H E L I S T O N L I N E AT Newsweek.com/bos-2023
5 partselect.com 7.47 26 hayneedle.com 7.59 22 cosyhousecollection.com 7.69

6 ereplacementparts.com 7.42 27 2modern.com 7.59 23 art.com 7.69

7 filtersfast.com 7.41 28 dwr.com 7.54 24 lampsplus.com 7.66

8 myknobs.com 7.32 29 1stopbedrooms.com 7.49 25 houseofantiquehardware.com 7.63

30 conns.com 7.48 26 blindsgalore.com 7.61

Home Living 31 costway.com 7.47 27 grahambrown.com 7.60

32 westelm.com 7.46 28 hansenwholesale.com 7.56

Furniture
33 mattresswarehouse.com 7.45 29 fabricwholesaledirect.com 7.56
1 us-mattress.com 8.39 34 mybobs.com 7.44 30 zgallerie.com 7.54
2 dealbeds.com 8.31 35 americanfreight.com 7.43 31 efavormart.com 7.52
3 wayfair.com 8.28 36 birchlane.com 7.40 32 joann.com 7.51
4 livingspaces.com 8.17 37 upliftdesk.com 7.39 33 lakeside.com 7.48
5 worldmarket.com 8.11 38 roomandboard.com 7.39 34 lumens.com 7.47
6 ballarddesigns.com 8.06 39 puffy.com 7.38 35 greatbigcanvas.com 7.34
7 roomstogo.com 8.02 40 colemanfurniture.com 7.38 36 zarahome.com 7.30
8 raymourflanigan.com 7.92 41 ghostbed.com 7.36 37 rejuvenation.com 7.30
9 ethanallen.com 7.88 42 cymax.com 7.35
HouseHold appliances
10 potterybarnkids.com 7.88 43 furniturerow.com 7.33
11 personalcomfortbed.com 7.83 44 article.com 7.32 1 build.com 8.27

12 perigold.com 7.81 2 sylvane.com 8.13

Home decor & textiles
13 store.steelcase.com 7.81 3 appliancesconnection.com 8.11

14 crateandbarrel.com 7.80 1 lightingdirect.com 8.60 4 allergyandair.com 7.91

15 aosom.com 7.80 2 collectionsetc.com 8.59 5 prima-coffee.com 7.90

16 grandinroad.com 7.79 3 selectblinds.com 8.38 6 kitchenaid.com 7.89

17 frontgate.com 7.76 4 rugsusa.com 8.37 7 foodsaver.com 7.84

18 bellacor.com 7.75 5 blackforestdecor.com 8.25 8 pcrichard.com 7.82

19 pbteen.com 7.72 6 retroplanet.com 8.09 9 bissell.com 7.65

20 nectarsleep.com 7.68 7 balsamhill.com 8.09 10 ajmadison.com 7.65

21 overstock.com 7.67 8 rugs.com 8.02 11 hoover.com 7.60

22 slumberland.com 7.66 9 rugs-direct.com 7.92 12 abt.com 7.54

23 kathykuohome.com 7.65 10 yankeecandle.com 7.91 13 compactappliance.com 7.39

24 cb2.com 7.63 11 lightingnewyork.com 7.90

HouseHold goods
25 allmodern.com 7.60 12 orientaltrading.com 7.85

13 save-on-crafts.com 7.82 1 everythingkitchens.com 8.25

14 elephantstock.com 7.78 2 lenox.com 8.21

S TAT I S TA 15 pictureframes.com 7.77 3 bedbathandbeyond.com 8.12

▸ Publishes worldwide
established rankings and company listings with 16 partycity.com 7.76 4 containerstore.com 8.08
high-profile media partners. This research and 5 harrietcarter.com 7.97
17 ruggable.com 7.76
analysis service is based on the success of statista.
com. The leading data and business intelligence 18 brylanehome.com 7.75 6 pulsetv.com 7.95
portal provides statistics, business relevant data 19 thecompanystore.com 7.74 7 hammacher.com 7.94
and various market and consumer studies/surveys.
20 parachutehome.com 7.71 8 homewetbar.com 7.80

21 1800lighting.com 7.70 9 mikasa.com 7.80

▸VIEW T H E L I S T O N L I N E AT Newsweek.com/bos-2023 OctOber 21, 2022

 10 bulbhead.com 7.78

11 williams-sonoma.com 7.77

12 levenger.com 7.72

13 replacements.com 7.69

14 uncommongoods.com 7.61

15 surlatable.com 7.56

16 usa.philips.com 7.55

17 pfaltzgraff.com 7.55

18 pamperedchef.com 7.55

19 tupperware.com 7.53

20 tervis.com 7.51

21 inspireuplift.com 7.51

22 northernbrewer.com 7.45

23 homebrewing.org 7.42

24 zola.com 7.36

Leisure, Games & Hobby

Arts And CrAfts

24 firemountaingems.com 7.53 17 silver.com 7.43
1 dickblick.com 8.65 25 createforless.com 7.51 18 entertainmentearth.com 7.40
2 artbeads.com 8.35 26 anniescatalog.com 7.51 19 medalsofamerica.com 7.36
3 gouletpens.com 8.35 27 arteza.com 7.46 20 balfour.com 7.35
4 michaels.com 8.26 28 factorydirectcraft.com 7.43
Hobby, leisure items
5 yarn.com 8.19 29 missouriquiltco.com 7.41
6 utrechtart.com 8.19 1 rcplanet.com 8.19
ColleCtibles
7 fabric.com 8.12 2 seriouspuzzles.com 7.92

8 jetpens.com 8.08 1 fanatics.com 8.16 3 amainhobbies.com 7.85

9 sewingpartsonline.com 8.06 2 midtowncomics.com 8.01 4 ansgear.com 7.84

10 somethingdelightful.com 8.04 3 united-states-flag.com 7.93 5 coolstuffinc.com 7.77

11 hallmark.com 8.03 4 crownawards.com 7.90 6 modeltrainstuff.com 7.74

12 jerrysartarama.com 7.93 5 apmex.com 7.89 7 thehappyplanner.com 7.74

13 yarnspirations.com 7.90 6 sdbullion.com 7.89 8 jrcigars.com 7.73

14 tandyleather.com 7.89 7 hasbropulse.com 7.85 9 halloweencostumes.com 7.59

15 woolery.com 7.81 8 jmbullion.com 7.83 10 telescope.com 7.55

16 knitpicks.com 7.78 9 lids.com 7.70 11 thompsoncigar.com 7.51

17 herrschners.com 7.77 10 silvergoldbull.com 7.64 12 cigarsinternational.com 7.46

18 connectingthreads.com 7.60 11 nflshop.com 7.64 13 boxlunch.com 7.43

19 jewelrysupply.com 7.60 12 fun.com 7.63 14 spirithalloween.com 7.37

20 hobbylobby.com 7.59 13 store.nascar.com 7.55 15 store.usps.com 7.34

21 erincondren.com 7.57 14 walthers.com 7.55 16 sportys.com 7.34

22 seventhavenue.com 7.54 15 providentmetals.com 7.53 17 horizonhobby.com 7.33

GE T T Y

23 fatquartershop.com 7.53 16 sportsmemorabilia.com 7.49

NE WSWEEK .COM 37
 9 statelinetack.com 7.88 10 samys.com 7.57
Music equiPMent
10 jefferspet.com 7.84 11 thingsremembered.com 7.48
1 samash.com 8.12 11 doversaddlery.com 7.73 12 psprint.com 7.40
2 musicarts.com 8.02 12 horseloverz.com 7.72 13 keh.com 7.38
3 zzounds.com 7.95 13 valleyvet.com 7.70 14 allposters.com 7.36
4 sweetwater.com 7.92 14 petcarerx.com 7.64
toys, BaBy
5 musiciansfriend.com 7.91 15 smartpakequine.com 7.59
6 guitarcenter.com 7.78 16 petsupermarket.com 7.57 1 teacollection.com 8.29

7 fullcompass.com 7.57 17 petmountain.com 7.56 2 americangirl.com 8.25

8 americanmusical.com 7.41 18 horse.com 7.55 3 oshkosh.com 8.22

9 kraftmusic.com 7.36 19 onlynaturalpet.com 7.42 4 childrensplace.com 8.22

10 gear4music.com 7.35 5 lego.com 8.20

Photo, Print
6 carters.com 8.12
Pet suPPly
1 currentcatalog.com 8.52 7 hobbytown.com 8.07
1 allivet.com 8.50 2 greetingcarduniverse.com 8.18 8 discountschoolsupply.com 7.90
2 petco.com 8.29 3 photoaffections.com 8.10 9 primary.com 7.88
3 petsmart.com 8.14 4 lovepopcards.com 8.08 10 janieandjack.com 7.83
4 sstack.com 8.12 5 vistaprint.com 8.00 11 buybuybaby.com 7.74
5 chewy.com 7.99 6 spreadshirt.com 7.99 12 albeebaby.com 7.72
6 bulkreefsupply.com 7.98 7 personalcreations.com 7.68 13 lakeshorelearning.com 7.71
7 1800petmeds.com 7.94 8 shutterfly.com 7.61 14 shopdisney.com 7.71
8 petwellbeing.com 7.89 9 personalizationmall.com 7.58 15 buildabear.com 7.68

16 melissaanddoug.com 7.64

17 enfamil.com 7.58

18 gymboree.com 7.57

19 fatbraintoys.com 7.45

20 babylist.com 7.42

21 gracobaby.com 7.41

22 hannaandersson.com 7.39

Office, Electronics & Media

consuMer electronics

1 dellrefurbished.com 8.23

2 worldwidestereo.com 8.19

3 lorex.com 8.17

4 crutchfield.com 8.07

5 ring.com 8.07

6 focuscamera.com 7.94

7 shop.usa.canon.com 7.90

8 bhphotovideo.com 7.88
GE T T Y

9 buydig.com 7.87

38 NE WSWEEK .COM OctOber 21, 2022

10 newegg.com 7.85 30 discountedwheelwarehouse.com 7.51

11 bose.com 7.77
Sport, Outdoor & Motor 31 tirerack.com 7.50

12 electronicexpress.com 7.71 32 boats.net 7.50

Bicycle, e-Bike
13 lukiegames.com 7.70 33 ecstuning.com 7.49

14 brickhousesecurity.com 7.61 1 danscomp.com 8.60 34 carparts.com 7.48

15 heatpressnation.com 7.59 2 nashbar.com 8.42 35 eastwood.com 7.48

16 hp.com 7.50 3 performancebike.com 8.27 36 4wheelparts.com 7.47

17 cyberpowerpc.com 7.45 4 bikesonline.com 7.97 37 marineengine.com 7.45

18 adorama.com 7.41 5 radpowerbikes.com 7.65 38 wholesalemarine.com 7.41

19 projectorpeople.com 7.40 6 jensonusa.com 7.39 39 goodyear.com 7.39

20 harmanaudio.com 7.33 7 competitivecyclist.com 7.34 40 napaonline.com 7.37

21 skullcandy.com 7.33 41 motosport.com 7.36

car, Motorcycle, Boats
42 vikingbags.com 7.35
electronics accessories
1 rockymountainatvmc.com 8.72
43 alligatorperformance.com 7.33
1 staples.com 8.12 2 realtruck.com 8.32
44 partzilla.com 7.32
2 ldproducts.com 8.02 3 cyclegear.com 8.20
45 discounttiredirect.com 7.31
3 batterymart.com 8.01 4 xtremediesel.com 8.16
46 topcoatproducts.com 7.29
4 officedepot.com 7.99 5 chapmoto.com 8.15
47 oreillyauto.com 7.29
5 inkcartridges.com 7.90 6 americanmuscle.com 8.14
48 automotivetouchup.com 7.29
6 4inkjets.com 7.88 7 shop.advanceautoparts.com 8.10
outdoor
7 skinit.com 7.88 8 jegs.com 8.08

8 cellphonecases.com 7.83 9 americantrucks.com 7.93 1 sierra.com 8.36

9 otterbox.com 7.81 10 maperformance.com 7.92 2 nrs.com 8.15

10 parts-express.com 7.72 11 autoanything.com 7.91 3 icebreaker.com 7.99

11 inkjets.com 7.66 12 discountramps.com 7.90 4 rei.com 7.96

12 batteryjunction.com 7.61 13 opgi.com 7.90 5 campsaver.com 7.96

13 monoprice.com 7.61 14 leatherup.com 7.86 6 tackledirect.com 7.92

14 zagg.com 7.50 15 autozone.com 7.86 7 thenorthface.com 7.90

15 officesupply.com 7.49 16 btosports.com 7.84 8 sunandski.com 7.88

17 denniskirk.com 7.83 9 marmot.com 7.87
Media
18 roughcountry.com 7.77 10 columbia.com 7.85
1 booksamillion.com 8.07 19 truckspring.com 7.69 11 campingworld.com 7.84
2 thriftbooks.com 8.02 20 autogeek.net 7.65 12 survivalfrog.com 7.81
3 deepdiscount.com 8.00 21 4wd.com 7.64 13 fishusa.com 7.80
4 hpb.com 7.92 22 jpcycles.com 7.62 14 basspro.com 7.72
5 rightstufanime.com 7.91 23 1aauto.com 7.60 15 burton.com 7.71
6 bookoutlet.com 7.79 24 autoaccessoriesgarage.com 7.56 16 merrell.com 7.68
7 betterworldbooks.com 7.71 25 revzilla.com 7.55 17 tacklewarehouse.com 7.67
8 barnesandnoble.com 7.68 26 quadratec.com 7.55 18 filson.com 7.52
9 sheetmusicplus.com 7.59 27 simpletire.com 7.55 19 kuiu.com 7.48
10 bkstr.com 7.40 28 sidebysidestuff.com 7.52 20 shop.sportsbasement.com 7.46
11 lifeway.com 7.28 29 cjponyparts.com 7.52 21 scheels.com 7.41

▸VIEW T H E L I S T O N L I N E AT Newsweek.com/bos-2023
22 evo.com 7.37

23 backcountry.com 7.36

24 knifeworks.com 7.34

25 shopkarls.com 7.34

26 overtons.com 7.32

SportS productS (General)

1 reebok.com 8.28

2 adidas.com 8.23

3 us.puma.com 8.05

4 nike.com 8.05

5 athleta.gap.com 7.91

6 underarmour.com 7.88

7 eastbay.com 7.87

8 dickssportinggoods.com 7.86

9 rvca.com 7.76

10 shop.lululemon.com 7.72

11 holabirdsports.com 7.50

12 als.com 7.49

13 shefit.com 7.45 19 soccer.com 7.47 8 claires.com 7.92

14 wilson.com 7.44 20 ozonebilliards.com 7.46 9 bestbuy.com 7.92

15 bowflex.com 7.36 21 discountdance.com 7.45 10 shophq.com 7.89

22 billabong.com 7.45 11 bjs.com 7.88

SportS productS (Specialized)
23 manduka.com 7.44 12 target.com 7.80
1 3balls.com 8.55 24 dancewearsolutions.com 7.43 13 untilgone.com 7.73
2 globalgolf.com 8.10 25 demarini.com 7.42 14 walmart.com 7.69
3 altrarunning.com 7.98 26 ping.com 7.41 15 brandsmartusa.com 7.67
4 rawlings.com 7.97 27 fleetfeet.com 7.39 16 biglots.com 7.66
5 brooksrunning.com 7.96 28 aloyoga.com 7.38 17 sharperimage.com 7.63
6 tennisexpress.com 7.95 29 skis.com 7.37 18 sciplus.com 7.62
7 worldwidegolfshops.com 7.92 30 centurymartialarts.com 7.28 19 samsclub.com 7.62
8 baseballsavings.com 7.91 20 markandgraham.com 7.61
9 justbats.com 7.90 Universal Provider 21 dailysale.com 7.60
10 tgw.com 7.88 22 stoneberry.com 7.60
General
11 swimoutlet.com 7.86 23 store.greatergood.com 7.58
12 jackrabbit.com 7.74 1 vermontcountrystore.com 8.54 24 signals.com 7.58
13 tennis-warehouse.com 7.72 2 amazon.com 8.33 25 amerimark.com 7.55
14 tactics.com 7.69 3 jcpenney.com 8.24 26 costco.com 7.51
15 saucony.com 7.67 4 heartlandamerica.com 8.15 27 wards.com 7.49
16 runningwarehouse.com 7.65 5 hsn.com 8.13 28 ltdcommodities.com 7.47
17 skatewarehouse.com 7.64 6 qvc.com 8.01 29 ginnys.com 7.46
GE T T Y

18 roadrunnersports.com 7.48 7 macys.com 7.99 30 fingerhut.com 7.42

40 NE WSWEEK .COM OctOber 21, 2022


Elisa Iannacone, Ignacio Louzan, Sorina Dumitru, Irina Negoita, Silvia Sambugaro
C ritical junctures marking the end
of a global era do not happen
often. Today, there is substantial
evidence to affirm we are approaching one.
Governments and companies are facing the
consequences of the U.S.-China trade wars
initiated in 2018, coupled with the blows of
Covid-19. In addition, an inflation- ridden
outlook, supply chain disruptions, and
the race to combat climate change has led
them to juggle survival needs with costs
and sustainable choices. As war knocks
on Europe’s door with Russia’s invasion
of Ukraine, consequences of a bleak,
energy-scarce winter echo in the media
and loom ominously over the West. An
over-reliance on China’s market monopoly
© European Union, 2021
FRANS TIMMERMANS
VICE-PRESIDENT OF THE
EUROPEAN COMMISSION
We are committed to creating a sustainable,
equitable, and ethical future.
www.ibm.com/impact
Researched and written by:
in the production of raw materials has left
Western economies vulnerable, and one
can sense that an inauspicious air is taking
over.
However, necessity is the mother of
invention, and no crisis comes without
an opportunity. Our realization of a
problematic dependence on Russia’s oil
and gas or Asia’s materials comes with a
silver lining; the possibility of transitioning
into a cleaner and more secure economy.
In this report, leaders from North America,
Europe and Singapore discuss how they are
spearheading the green transition through
technology, innovation and the will to be a
part of the circular economy.
Russia’s war on Ukraine has shaken up the
energy markets across Europe. How has this
impacted the continent’s green transition plans?
For the short-term, we are focusing on alternative
supplies of gas as well as on energy savings.
In parallel, we are ramping up the rollout of
renewables. Now, just seven months later, only
9% of our gas comes from Russia, compared to
40% previously. Putin’s manipulation of energy
markets has caused energy prices in the EU
to soar, making life for millions of families and
businesses across the continent increasingly
difficult. But this has not affected our long-term
JENNIFER GRANHOLM
UNITED STATES SECRETARY
OF ENERGY
How is the Inflation Reduction Act (IRA)
incentivizing decarbonization?
President Biden’s agenda (including the
IRA and Bipartisan Infrastructure Law) is
the most historic legislation any country
has taken on climate and will collectively
do most of the work necessary to not just
meet the President’s aggressive climate
goals, but also build a whole new clean
energy economy. These laws will provide
over half a trillion dollars in new clean
energy investments, and will also require
significant investment from the private
sector. That level of investment will propel
clean energy deployment and innovation
like never before. It will significantly bring
down costs for zero carbon technologies,
which in turn will benefit not just the U.S.,
but the entire world.
With massive incentives to invest in U.S.
manufacturing, we are already seeing
dozens of new onshoring investments from
the private sector. Our goal is to have 100%
clean power on our electric grid by 2035.
climate targets. Europe’s greenhouse gas (GHG)
reduction targets for 2030 and 2050 are fixed in
law, and we are aiming to finalize negotiations
on their implementation by the end of the year.
It is true that in the immediate future, we are
seeing more coal use than initially projected,
but European citizens and governments know
that the era of cheap fossil fuels is over, and
that renewables are the only lasting solution to
make us immune to Russia’s energy blackmail.
So when it comes to our green transition, the
European Union is not only staying the course,
we are accelerating.
CONTENT BY INVESTMENT REPORTS
 Transitioning effectively will require the improvement of
processes not yet refined, and a reliance on industries that might
still carry negative perceptions. Mining, for example, holds the key
to supplying all the necessary materials for copper cabling, solar
panels, wind turbines and electric batteries. While sustainable
practices within the sector are necessary, it also requires support
and investment to continue developing technologies and
innovation to scale up and meet exponential demand.

The International Energy Agency noted that oil and gas energy
sources will still play a role in 2050, particularly for hard-to-
decarbonize industries. This kind of Catch-22, is one that will
require swift and ongoing improvements. “The conversation has
to stop being about ‘keeping fossil fuels in the ground’ and instead
become about all the ways that this industry is cleaning up its
production[...] Fossil fuels assure the cash flow needed to invest in
greener energies. Until 2050, 45% of global energy demand will be
met by fossil fuels, so we need to challenge the industry to become
cleaner,” said Iman Hill, Executive Director of IOGP (International
Oil and Gas Producers). Dr. Patrick R. Grubber, CEO of Gevo, added
that “agriculture has a bad reputation globally, and many think it
is almost as bad as fossil fuels, but this depends on the methods
the growers use. If we are producing biofuels, and we care about
producing and improving protein, we need to measure the carbon
intensity of every unit we sell.”
ir@AvalonAM.com
Technology and innovation are ramping up at an exponential pace. www.AvalonAdvancedMaterials.com
Companies that had not fully transitioned into Industry 4.0, that
of the digital era, are now having to leapfrog into Industry 5.0,
digitization with purpose and an ESG (Environmental, Social and
Governance) focus. Accenture decided to coin their own term,
Industry X, “as the industrial revolution is accelerating and its
stages – 4.0, 5.0 – are overlapping, there is no point in limiting it
to a specific number,” said the company’s Jan-Willem Jannink,
Industry X Energy Lead. Communications giant, Telus, has been
collaborating with the Canadian government to develop the
Federal Sustainable Development Strategy (FSDS). Their goal
CRITICAL MINERALS
is “to help them understand how digitization can have a positive for
impact on climate itself,” said Geoff Pegg, Head of Sustainability
and Environment. CLEAN TECHNOLOGY
The green transition will rely on multiple pillars - such as policy,
renewable energy, technology, innovation, investments, and
mining. Virginie Helias, CSO at Procter & Gamble, has said that
“there still is a considerable intention to action gap of about 50%,
Diverse critical minerals portfolio,
which means that only half of people who claim they want to live offering investors exposure to
sustainably are actually taking action to do so.” Consumers can lithium, cesium, tantalum, tin,
play a key role by shifting behaviors and choosing the companies indium, zirconium
they place their confidence in wisely. A successful transition will and the rare earth elements
require all actors working in tandem for a shared outcome. in Canada.

TRISTAN GRIMBERT
CEO
EDF RENEWABLES NORTH AMERICA

The Inflation Reduction Act will accelerate the deployment of

renewables and change the game. Power generation will come at a
lower cost, and attention needs to shift towards solutions to manage
so many gigawatts (GW) in a way that is compatible with the grid.

CONTENT BY INVESTMENT REPO

T he Promises of Renewable Energy
In 2021, wind and solar generated 10% of global electricity for the
first time. The International Renewable Energy Agency (IRENA)
disclosed that in 2020, renewables were the cheapest source of
energy. As solar and wind stormed the market, the cost of large
scale photovoltaic (PV) projects plunged by about 85% in a decade.
The global weighted-average cost of electricity for new onshore
wind farms decreased from $0.053/kWh in 2019 to $0.030/kWh
for the most competitive projects in 2022, without any form of
financial support.
BILL SIWEK | PRESIDENT & CEO, TPI COMPOSITES
We are moving toward different resin types that will
allow for a fully recyclable blade.
KIM FAUSING | PRESIDENT & CEO, DANFOSS
The global energy crisis is a stark reminder that the
need for urgent action requires us to put energy
efficiency first.
The Biden Administration’s Inflation Reduction Act (IRA), is set
to further boost the renewables market in the U.S., financing the
installation of 950 million solar panels, 120.000 wind turbines
and 2.300 grid-scale batteries by 2030 - an unprecedented effort
in American politics that aims to reduce one gigaton of GHG
emissions by that same year. Such a bill entails ten times more
climate impact than any other piece of legislation ever enacted, and
its example will ripple across the globe. Aggressive policy support,
heightened societal consciousness and plummeting costs mean the
possibility of competitive green energy shines forth as one of the
core pillars of the transition.
Singapore will quintuple its carbon tax to
S$25 ($17.28)
per tonne in 2024,
and ramp up to
S$80 ($55.30)
by 2030
TOPI PAANANEN
CEO
PEIKKO
Sustainable development needs software development, and we are
working on this and showing that the digitization of the industry has
arrived.
VESTMENT REPORTS
PEDRO VASCONCELOS
EXECUTIVE CHAIRMAN
EDPR SUNSEAP
By 2025, one of our aims is to manage beyond the 2 GW installed
capacity mark in APAC. The region needs this growth, and it will
come from renewable technologies.
The Inflation Reduction Act will raise
$740 billion
almost half of which is aimed at
fighting climate change
Moving our attention up North, in 2021 the Canadian Net-Zero
Emissions Accountability Act became law, placing the country’s net-
zero emissions targets by 2050 at the heart of legislation. Across the
pond, the EU is balancing security of supply and a projected harsh
winter, against an ambitious 55% reduction in GHG emissions by
2030 and carbon neutrality by 2050 with its REPowerEU strategy.
Singapore is not falling short, having announced their Green Plan
for 2030 in 2021, with a host of goals in place for the next decade,
including the decarbonization of oil and gas, and the chemicals
island of Jurong.
A couple decades ago, few would have thought wind and solar
energy would become cost-efficient; if anything, they were seen
as the subsidized prerogatives of a few Northern geographies. Fast
forwarding to 2022, 1 TW of PV energy has been installed globally,
which equates to over 6% of the world’s total energy consumption
– a ramp up that is representative of the wider industry and its
explosive momentum, producing around 2000% more energy
worldwide than in 2011.
ULRICH LANG
CEO
SMART BLADE
Turbines started growing in size very rapidly but their efficiency was
not ideal because of poor aerodynamics - so we focused on making
them more efficient.
 WE NEVER STOP
INNOVATING BECAUSE
THE FUTURE
WON’T WAIT.

WE ARE
EVERYTHING
ENERGY.

GET TO KNOW US
www . edf-re . com
CONTENT BY WWW.INVESTMENTREPORTS.CO PILLARS OF THE GREEN TRANSITION | 4

of solar energy has been installed globally,
6% of the world’s total energy consumption
Despite promising European efforts to ramp up PV production,
the East keeps dominating the sector in terms of both demand and
panel manufacturing. Ann Mettler, VP of Breakthrough Energy
warns that “Europe risks becoming an incubator for the world that
does not manifest its achievements in scale[...]In solar, we were an
early leader, invested huge amounts into R&D, but today there is
not sufficient production.”
Eastern regions have one critical advantage; that of cost. Christoph
Inglin from Energetix tells us that “the cost of installing solar
panels in the U.S. is twice what it is in Singapore.” Aided by this
major advantage, the 700 square kilometer nation aims to deploy
at least 2 gigawatt-peak (GWp) of solar energy by 2030, which is
equivalent to powering 350,000 households a year.
Permitting issues and a lack of harmonized policy have been
particularly problematic for the development of projects in the
wind sector. Even in countries at the forefront of the wind energy
industry, permits may take years to be approved, if they are at
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Y INVESTMENT REPORTS
FREDRIK EKSTROM
SENIOR VP, HEAD OF NASDAQ STOCKHOLM
The green transition era will create many opportunities, but there is
an important task we all have: to support this change with the help of
technology and innovation.
all. CEO of Swedish wind energy developer OX2, Paul Stormoen,
claims that “at times we feel like we are hitting a wall when it
comes to getting our projects approved and, all in all, it seems like
old environmental laws are hurting the environment more than
helping it.” Permitting remains a bottleneck, and yet, wind energy
production has increased at an astonishing rate in the past few
decades. In 1997, installed wind capacity worldwide was 7.5 GW; in
2021, it was over 800 GW, which equates to a growth of more than
100 times in 24 years.
total installed wind capacity, which grew
over 100 times in the past 24 years.
T he Journey to Electrification
As utopic as limitless renewable power might sound, the sought
after electrified economy is fundamentally reliant upon the grid.
Tristan Grimbert from EDF Renewables warns that “we have the
GWs, but we cannot currently support development with the
current grid infrastructure.” Mettler insists that “the grid is the
infrastructure that underpins the whole transition[...]it has not
received enough attention, both by investors and governments.”
Peak Power’s CEO, Derek Lim Soo, is certain that AI controlled, or
‘smart grids’ “will be the catalyst to advancing the energy transition,
but it will take time to realize a full modernization.”
Green energy sources still suffer from weather dependent
intermittence, which, without curated management, can cause grid
imbalances. If an efficient solution to the problem of storage is
achieved, renewables will be in full capacity to deliver. Most battery
storage capacity was installed in the last five years, adding up to
16 GW at grid-scale by 2022. Bloomberg New Energy Finance’s
(BNEF) latest forecasts speak of a 20-fold increase in battery
DIEGO PAVIA | CEO, EIT INNOENERGY
It is not only about innovation, but about creating
industrial traction too - only then are jobs created
and a real transformation is achieved. 2050 is too far
ahead - we can make huge improvements by 2025.
STEFAN OLANDER | CEO, SOLTECH
Sweden’s goal is to go from 1% to 10% by 2040 in solar
energy development - nothing is brighter than the sun.
capacity by the end of this decade. An alternative and increasingly
popular energy storage element is that of hydrogen. With nearly
three times the content of gasoline, hydrogen can be stored through
electrolysis, and then released by using the gas as fuel in an engine
or fuel cell. As the lightest of all elements, it retains a low density at
ambient temperature, requiring advanced storage methods.

Oil giants, such as Chevron, have an extensive history working with

hydrogen and are tripling their investments by 2028 to develop new
energy methods. Jeff B. Gustavsson, President of Chevron’s New
Energy Division says: “Over an eight-year period, this represents $10
billion – $2 billion going to decarbonizing our traditional oil and gas
business, and $8 billion to grow these new businesses.” Ashutosh
Misra from Air Liquide adds that “hydrogen could account for 20%
of the total energy demand of the world over the next 30 years, and
will be one of the critical components of the decarbonized energy HOW
DO YOU SEE
mix moving forward.” ExxonMobil is looking to build a carbon
capture hub for their operations and the APAC region. “We have an
upstream company that plays to our competitive advantage, because

THE
we have the subsurface data, understand the geology, and therefore
have a deep understanding to identify the geological formations deep
underground that can be suitable to safely store CO2,” said Geraldine

WORLD?
Chin, Chairman and Managing Director, ExxonMobil Asia Pacific.

STRATEGIES VOICED BY THE WEST

HEATHER ZICHAL
CEO, AMERICAN CLEAN POWER ASSOCIATION
By 2030, we expect to lower carbon emissions
[in the U.S.] by 40% and have around one million
people working in the clean energy sector.

ROBERT HORNUNG | CEO, CANREA

Getting to net-zero will require wind and solar to
produce more than a third of Canada’s electricity
by 2050 - in a system twice as big as it is today.

WALBURGA HEMETSBERGER
CEO, SOLARPOWER EUROPE
The EU Commission aims to install 750 GW of solar
capacity by 2030, 44% more than initially planned.
GILES DICKSON | CEO, WINDEUROPE
We need to invest in supply chains, get
governments to support that and start incentivizing
European sourcing and manufacturing.
When it comes to electrification, Eaton’s CEO Craig Arnold says
“the tip of the spear is what is happening in the automotive industry
with manufacturing these systems at scale.” Ralf Pfitzner, Head of
Sustainability for Volkswagen, believes the inflection point of EV
development and production has already been met: “we anticipate
that by 2030, EVs will account for roughly half of our total sales. In
Europe, we are already at 70%.” Even more ambitious about market
potential and customer demand for EVs is Sweden’s Volvo, where
Head of Advanced Technology and Sustainability, Henrik Green says
their “portfolio will be completely composed of EVs by 2030.”
At Gevo, we believe we can make the world a better place.
We are committed to reducing greenhouse gas emissions
and delivering net-zero carbon footprint fuels and chemicals.
Our plan is to work with farmers that use regenerative agricultural
practices, to sustainably source our raw material, corn, while
also increasing soil health, sequestering carbon, and providing
nutritional products to the food chain. Our processes are
designed to reduce or eliminate the fossil footprint of produc-
tion energy by using wind electricity and biogas to produce
sustainable aviation fuel or SAF with a net-zero carbon footprint.
At Gevo, along with our partners, we are on a mission to solve
problems across the whole business system to create net-zero
fuels and chemicals. We see a better world. We can make it
happen together.
Learn more at gevo.com

CONTENT BY INVESTMENT
chevron new energies.
accelerating lower
carbon solutions.
Solving the complex energy challenges of tomorrow will take
collaboration and innovation today. That’s why Chevron New
Energies is here. We’re investing in a lower carbon future with
a $10 billion capital allocation through 2028 to help deliver
the solutions that will help us get there. We look forward to
collaborating in new ways to accelerate progress in lower carbon
solutions like carbon capture and storage, hydrogen, offsets,
renewable fuels, and emerging technologies. Our goal is to help
reduce emissions of the industries that enable modern society.
Because it’s only human to know we’ll reach a lower carbon
future together. Learn more about Chevron New Energies at
Chevron.com/New-Energies
CHEVRON, the CHEVRON Hallmark and THE HUMAN ENERGY COMPANY are
registered trademarks of Chevron Intellectual Property LLC. © 2022 Chevron U.S.A. Inc.
7 | PILLARS OF THE GREEN
Y TRANSITION
INVESTMENT REPORTS
CAN THE SUPPLY CHAIN DELIVER?
THOMAS BECKER | CSO, BMW
We have agreements with all our battery suppliers;
it does not matter where they are producing, we
demand 100% renewable energy sources.
DON BUBAR | CEO, AVALON ADVANCED MATERIALS
There is no shortage of lithium - it is all
about finding, refining and turning it into the
derivative products needed for batteries.
HELENA HEDBLOM | CEO & PRESIDENT, EPIROC
The technology shifts towards electrification,
automation and digitalization will shape the future
of mining, helping it transform into a green sector.
The electrification of the automotive sector requires the
charging infrastructure, and that of a grid that can support it.
BMW’s VP of Sustainability and Mobility Strategy, Thomas Becker
points out that buildings “can support charging half a dozen EVs.
But once we ramp up to hundreds or thousands, we need to change
the electrical infrastructure in our buildings and offices.” If there
are not enough charging stations the product is rendered useless
for the customer, and demand stagnates. For such a wide-spread
operation to be actualized, policy needs to enter the playing field.
M ining for Scale
One may feel a bitter-sweet taste when the means for mass clean
energy production are right around the corner, yet the infrastructure
to underpin it is not yet there and the critical materials to support it
need to scale exponentially. Batteries, solar panels, wind turbines,
smartphones - they all require minerals. China’s stronghold on
rare earths and critical metals production is largely attributed
to a consistent level of investment and long-term vision, which
evolved over several decades. Battery Mineral Resources’ CEO,
Martin Kostuik claims that “North America, South America, and
to an extent Europe itself, definitely have the potential - but not
immediately. This potential is not actualized for one simple reason,
which is under-investment in the mining industry in the last
decades.”
Mining for critical metals in North America and Europe remains
an incipient stage industry compared to China, but the wheels
are set in motion to start planning for a more centralized future.
“Rare-earth elements have huge potential for the green transition,
from water and food transportation to wind-turbine construction,
EVs and so on,” says Badrinath Veluri, President of the Rare Earth
Industry Association (REIA).
www.soltechenergy.com
 Across the board, mining companies are shifting gears to
meet global demand for the green transition. The CEO of one of
the largest gold mining companies in the world, Mark Bristow
from Barrick Gold says “today, about 20% of Barrick’s business
is copper, but we are looking to double that. When it comes to
strategic metals, I consider copper to be the most important of all.”
Phillips S. Baker, CEO of Hecla Mining, the largest silver producer
in North America, adds: “Solar energy is a foundational renewable
source, and a technology of which silver is the key component.
The positive shift in demand has been mirrored in our production,
which has risen by 30% since 2018 and I am expecting a further 30-
50% growth over the next five years.”
MIDDLE EAST AMBITIONS
FRANCESCO LA CAMERA
DIRECTOR-GENERAL, IRENA
Anything short of radical and immediate action
will diminish the chance of staying on the 1.5°C
or even 2°C path.
MOHAMED JAMEEL AL RAMAHI
CEO, MASDAR
Masdar has worked closely with Central Asia,
Eastern Europe, and Africa. We aim to have 100
GW global gross capacity in the next five years.
RAINER HOEFLING
CHIEF MARKETING OFFICER, BOROUGE PLC
We are taking steps to go into recycling ourselves
to be more involved in the circular economy. I
view this as our future license to operate.
F inancial Markets Rise to the Challenge
As we run across the pillars for the green transformation -
renewables, battery storage, technology, innovation, and critical
materials; one cannot ignore the role that financial institutions
and international markets are playing.
The UN forecasts $3 to $5 trillion of investment is needed
per year between now and 2050 for the climate transition to
be successful. McKinsey sets the target at $9 trillion per year.
One of the greatest challenges faced by companies globally
is the lack of international harmonization when it comes to
ESG disclosure, which can lead to greenwashing. “Integrating
sustainable practices into a company’s operations and having good
ESG disclosure is key to attracting global capital as responsible
investing continues to grow and integrate into the mainstream,”
+65 6394 9349
info@energetix.sg
CONTENT BY INVESTMENT
says David Arnold, CFO, TMX Group. Now, more than ever,
investors are putting pressure on companies to have sustainability
and ESG at the forefront of their operations.
Multiple businesses have established their own internal strategies
to report ESG, and others have contracted platforms that
amalgamate varying standards across continents. But given that
an umbrella yardstick has yet to be established, international
stock exchanges have risen to the occasion. “A financial market
plays an important role in supporting both companies that have
made a successful green transition and companies that are still
in an incipient phase” said Fredrik Ekstrom, Senior VP, Head of
Nasdaq Stockholm. Nasdaq now offers access to the Green Equity
Designation for companies whose turnover predominantly stems
from green activities, and they have invested in Puro.Earth, a
market where companies can use carbon removal credits to offset
unavoidable residual emissions.
The Toronto Stock Exchange (TSX) has created an ESG reporting
database with IHS Markit, launched The Voluntary Climate
Marketplace (TVCM) - which allows companies to purchase carbon
credits emitted by green projects, and created the S&P/TSX Battery
Metals Index to measure company performance. Larry Lawrence,
Head of Sustainable Finance at the U.S. Intercontinental Exchange
(ICE) says “within the sustainable finance data organization
department, we are bringing capabilities to increase clarity around
debt instruments, private companies and their missions, and
portfolio profiles. Access to verifiable information such as stats,
data, and tools is paramount; it is almost like the marketization of
ESG and climate data.”
Given the challenges faced internationally, many countries
are presently operating in survival mode. “While the global
commitment to an orderly climate transition remains clear, a
pragmatic approach to balance the short-term crisis response and
long-term goal achievement is necessary” said Karen Fang, Global
Head of Sustainable Finance, Bank of America.
A iming at a Moving Target
Consensus remains that climate targets for 2030 remain incredibly
ambitious. At this stage, leaders and companies are juggling a
tight-rope to navigate through the immediate obstacles, whilst
implementing and developing core competencies, technology and
innovation to carry us into the era of sustainability and the circular
economy. The green transition itself is not a silver bullet to resolve
the world’s problems, but rather a necessary step in ensuring
humanity’s ability to continue inhabiting the world, as closely to
what we know it to be today.
PV excellence
from long experience
 Culture HIGH, LOW + EVERYTHING IN BETWEEN

Salt-Preserved
Lemons
MOROCCO

(See #04 on
following spread)

50 NE WSWEEK .COM OCTOBER 21, 2022

 Grown-Up Easy-Bake Challenge
Queer Eye’s Antoni Porowski’s new TV challenge emerged from a favorite childhood toy. ▸ P.56
F ROM LE F T: CHRI S G RIF F IT H S /G E T T Y; G E T T Y; TOP RIG HT: G A BRIE L OL SE N/G E T T Y

UNCHARTED

Salt: A Global Pantry

Salt is as familiar as water and the air we breathe, and it’s just as essential to us. Historically,
people have depended on salt for preserving food so they had a supply to last them through lean
times. Salt was an essential, sought-after commodity then—and still is today. the miracle of salt
(Artisan Books) celebrates salt’s essential role in helping us make the best use of our food
by preserving and enhancing it, so that it not only keeps well but also tastes delicious. From
the puckery preserved lemons of the Middle East to the sweet-salty desserts of Brittany, discover
culturally important condiments, dishes and drinks from around the world.—Naomi DuguiD

NE WSWEEK .COM 51
Culture

05

Breton Salted Butter Cake

02
Acadian Salted Scallions
NOVA SCOTIA
Salted scallions—oignons
verts salées—are a staple of
the Acadian pantry. Acadians
have a distinctive culinary
culture and their language
is a distinctive version
of French. In the Acadian
kitchen, salted scallions are
a taste of summer during
the winter, and they can
be used as an aromatic
seasoning all year round.
BRITTANY, FRANCE
Brittany is known for salt from the
Guérande, north of the mouth of
the Loire River, and this sweet-
salty cake known as Kouign-Amann
is a creative example of the
frugal practicality of the people
there. Leftover bread dough is
enriched with butter and sugar,
transforming the finished pastry
into a caramelized rustic cake.
5
2
1
4

01

Corned Beef Hash 3

PENNSYLVANIA
To make corned beef—also
called salt beef or salt
brisket—the meat is soaked in
a brine for 8 days, then gently
04
boiled in water aromatic
with spices for three to four Salt-Preserved Lemons
hours, resulting in meltingly MOROCCO
tender meat. Use it to make A Moroccan staple, salt-preserved
this classic breakfast dish lemons are an incredibly versatile
found in Pennsylvania and pantry essential. Lemons are
New England. But it can be commonly quartered and then
comfort food for any time of rubbed with salt before being
day. The name comes from 03 stuffed into jars. After a few
the French hâcher, meaning Salt Production months, the preserved lemons will
to chop, because the beef LAC ROSE, SENEGAL be very soft and sweet tasting,
and all the other ingredients perfect for everything from
The water at Lake Retba, known
are chopped small. sauces to roast chicken to cake.
as Lac Rose is supersaturated,
and there salt can be gathered
from underneath the water. In
the hot sun, the salt crystallizes
on the surface of the water and
then sinks to the bottom, forming
a thick crust. Tinted pink when
it’s first harvested, the salt looks
white after it has spent a few
days in the sun drying out.

52 NE WSWEEK .COM MONTH 00, 2022


06
Brined Tomatoes
EASTERN EUROPE
The distinctive Eastern European
take on tomatoes is very simple
to make and a refreshing
accompaniment to any meal.
Brined tomatoes, preserved by
6 fermentation without vinegar,
are a distinctive food, a great way
to extend the summer. You can
vary the flavors: some versions
include a little chile, allspice,
parsley, celery or all of them;
some add a splash of vinegar.
7 10
8
07
Basturma
ARMENIA
Basturma, also known as pastirma,
is salted and pressed, coated in a
paste called chaiman, and then hung
again to dry and cure. The result is
a delicious form of cured beef that
is very lean and—in countries like
the Republic of Armenia, Turkey
and Egypt—has historically been
an important ingredient when
making sure that meat would last
the winter was a matter of survival.
Photography by NAOMI DUGUID
09
Salted Black Beans
CHINA
Called dou chi in Mandarin, fermented
black beans are made from cooked
black soybeans that are inoculated
with aspergillus spores, salted or
soaked in an intensely salty brine, and
fermented. They’re a versatile larder
ingredient, adding intense umami to
any food they’re combined with.
9
10
Kimchi
KOREA
Though chile-seasoned napa
cabbage (baechu) is the most
common version, kimchi is also
made with other vegetables. To
make it, wedges of cabbage are
immersed in a flavored brine,
then stored in a cool place while
the lactic acid fermentation takes
place. Serve it as a cross between
08 condiment and side salad, always
refreshing and flavorful, or use
Mango Lassi
classic red napa kimchi as an
INDIA
unusual filling for an omelet
Salt is an essential ingredient in
to provide heat and crunch.
hot-season drinks in different
parts of India, most often black
salt, or kala namak, which is
used to flavor cooling green
mango juice. Also on the
subcontinent, lassi, made from
yogurt and water, is usually a
salted savory drink, although
in the West, people most often
make sweet versions (banana or
mango lassi being the go-tos).
Adapted from THE
MIRACLE OF SALT by
Naomi Duguid, published
by Artisan © 2022.
NE WSWEEK .COM 53

BANGLADESH: Pushing for Development
Bangladesh - Pushing for Development
L
ying in the midst of a group of large and
fast-growing emerging economies, with
a domestic market of 165m – ranking in
the world’s top ten – and a growing, skilled
workforce, Bangladesh is one of the world’s
most dynamic and promising countries. The
World Bank has said that the South Asian nation
is “at an inflection point in its development
path” as it pushes towards middle-income
status, with an eye on becoming a developed
country within the next two decades.
“Bangladesh is now one of the five
fastest growing economies in the world,”
Bangladeshi Prime Minister Sheikh Hasina
told the UN General Assembly in September
2022. “We are 41st in terms of GDP. We
have reduced the poverty rate from 31.5%
to 20.5% in the last decade. Our per capita
income has trebled to $2824 in just a
decade. Even amidst the pandemic, the
economy of Bangladesh expanded by 6.94%
in the fiscal year 2020-21…We are working
towards transforming Bangladesh into a
knowledge-based developed country by 2041.”
As Hasina noted, Bangladesh achieved
GDP growth of 8.15% the year before the
covid-19 pandemic, having notched up an
expansion of 7% each of the three previous
years consecutively. It is now aiming to
InnStar - Bangladesh’s green building champion
W
ith growth expected to average 7%
annually to 2033, Bangladesh is “a
thriving investment hub” according to
global professional services company PWC.
Preferential trade agreements and pro-business
policies are major attractions, PWC has said,
noting the growth of both FDI and exports.
Bangladesh’s economic success has been
driving the development of the property sector,
with the country’s urban population trebling
between 1990 and 2018, according to real estate
company JLL. Dhaka is the largest-growing
megacity in the world, property segments
such as residential townships, healthcare,
tourism, and logistics all showing great promise.
High-end real estate and construction
company InnStar is catering to this fast-growing
market, delivering properties that not only meet
consumer demand, but address the pressing
challenge of climate change – a particularly
important issue in low-lying Bangladesh.
“Climate change is real and every industry
needs to begin considering their contribution
towards reducing carbon emissions,” says
InnStar chairman Arman Haque. “Whatever we
do as a company has to be sustainable, or at
least move towards that direction. In 2017 InnStar
mandated that every commercial building we
build will be US Green Building Council LEED
certified. Today, we have three USGBC LEED
Sheikh Hasina
Prime Minister of Bangladesh
accelerate growth even further through
a wave of mega-project infrastructure
investments, while continuing to strengthen
the environment for investors. The government
is in the process of establishing 100 special
economic zones across the country with
one-stop services for businesses, as well as
high-tech parks to develop technology and
Arman Haque
Chairman
certified buildings under construction and a
couple more on the way. InnStar currently has the
highest number of LEED projects in the country.”
On founding the company thirteen years ago,
Haque saw a gap in the market for a company
focused on customer service and absolute
credibility to clients, and these are facets that
continue to distinguish InnStar from the rest of
the market. The company treats every customer
with equal importance, without any assessment of
their ability to buy. They believe that if they can
peak someone’s interest today, that person may
Content from
The International Investor
innovation-intensive industries. Foreign direct
investment from the United States alone
averaged $1bn a year before the pandemic,
a figure both countries are keen to increase.
“Bangladesh has the most liberal investment
policy in South Asia,” Sheikh Hasina told
a business roundtable in New York. “It
includes protection of foreign investment by
law; generous tax holiday[s]; concessionary
duty on import of machinery; unrestricted
exit policy; full repatriation of dividend[s]
and capital on exit, to name a few. Foreign
investment is protected by relevant acts of
parliament and bilateral investment treaties.”
Bangladesh’s natural strengths as a hugely
fertile country, combined with this favourable
investment climate, have made it the world’s
third largest producer of vegetables and fourth
largest producer of rice, while it boasts the fifth
largest inland fisheries industry on the planet.
For some investors it is best known for its huge
ready-made garment industry; the country is the
world’s second-largest RMG exporter. Other
sectors on the rise include pharmaceuticals,
ceramics, shipbuilding, and ICT.
“With India on the west, China on the
north and South East Asia on the East…
Bangladesh is in the middle of a combined
market of 4 billion people,” Hasina said.
be a potential customer tomorrow. InnStar aims
to meet changing needs in compliance with global
standards. This customer centric and transparent
model has allowed InnStar to expand rapidly.
“As we continue to grow, we will seek
partnerships in all shapes and forms that offer
a unique business proposition for InnStar and a
developing Bangladesh,” says Haque. “Moving
forward, our group is particularly interested in real
estate tech-focused partnerships to support our
successful and sustainable expansion. However,
we are also open to diversified industries.”
Haque leads from the front, empowering his
team to make their own decisions. He says that
“Investors should put their trust in Bangladesh
because of our strong potential for economic
growth and proven track record of local businesses.
You would be hard pressed to get such strong
entrepreneurial spirit in individuals anywhere
else.” says Haque. “Bangladesh is a highly
reliable source for global buyers and investors,
as it continues to develop its infrastructure
with special economic zones, multi-faceted
transport systems, and economic facilities, which
will enable growth for generations. Whoever
invests in Bangladesh now with their relevant
expertise can enjoy consistent growth and profit.”
 Content from
BANGLADESH: Pushing for Development The International Investor

Beacon Pharmaceuticals
Bringing life-saving medicines to the world
Bangladesh’s economy is growing fast, with the country targeting an
economic expansion of 7.5% for the 2022/23 fiscal year, to build on an
average GDP growth rate of 6.6% over the last 13 years. In recent years
Bangladesh’s pharmaceutical industry has also risen in importance, part
of a general trend of economic and social growth that has enabled the
country to move from least developing country to developing country status.

T
he pharmaceutical industry in
Bangladesh is one of the fastest
growing industries in the country,
and is forecast to grow to $6 billion
by 2025, up 114% from 2019 levels,
according to a report from market insight
and analysis firm Research and Markets.
Although Bangladesh previously had
the capacity to manufacture 90% of its
own pharmaceuticals, for life saving drugs,
like cancer medicines and technologically
advanced drugs, Bangladesh has long
been import-dependent. This is changing.
“We are well known both locally and
globally as a quality, innovative and latest
drugs manufacturer. From its inception,
we have started to produce technologically
advanced dosage forms, which were
basically import dependent, says Mohammed
Ebadul Karim, managing director of Beacon
Pharmaceuticals, one of the leading
Bangladeshi pharma companies. “Globally
there is a scarcity of affordable life-saving
drugs. Our aim is to offer these drugs
for global patients at affordable price, so
that no one will die without getting the
advanced treatment of cancer”, he added.
Beacon Pharmaceuticals was
established in 2006, at the time when
Bangladesh already had the capacity to
produce most drugs in the country. Karim,
however, dreamt of a company which
could serve patients with lifesaving drugs.
Beacon Pharmaceuticals’ focus is on
life saving cancer drugs; the company
has dedicated facilities for manufacturing
Oncology, Biotech, advanced antibiotics
(Cephalosporin) & conventional products.
“We brought the advanced technologies
like freeze-drying from Western countries
to Bangladesh, as well as new high-tech
solutions. We, now manufacture more than
hundred oncology products and have one
of the largest anti-cancer portfolios,” Karim
says. In total, Beacon manufactures more
than 350 generic drugs, bringing an average
of 15 to 20 new products to market every year.
The company began with a global vision
Mohammed Ebadul Karim
Managing Director
and has since expanded its reach to the extent
that patients in 135 countries are now using
its products. The company prides itself on
offering high tech new products at fair pricing,
and as a result has earned a reputation for
being a pharmaceutical pioneer whose efforts
have improved quality of life across the
globe. “In many countries, our products are
already in used for a decade” says Mr. Karim.
During the global coronavirus pandemic,
Beacon Pharmaceuticals launched two
products: Favipiravir - an oral tablet for
covid treatment and Ramdisivir injection,
with high demand both domestically
and internationally for the products.
Governments in different countries have
approached Beacon Pharmaceuticals
about potential partnerships. “There is
such huge demand, which has created real
opportunities,” says Karim. “There are huge
demands from Latin America and Asian
countries. We have tried to meet global
demand after fulfilling local demand; we
gave free support to all doctors and hospital
staffs in Bangladesh during covid,” he adds.
Increasingly, the company is looking
at becoming a pioneer in research and
development. “I believe in exploring
business opportunities, particularly in the
manufacturing of active pharmaceutical
ingredients (APIs) and Biological products
like Monoclonal Antibodies,” Karim says,
adding that Bangladesh is increasingly a
great location for this kind of work. “It is
cost-effective for world-class quality; you get
capable scientists here at reasonable prices.”
Beacon Pharmaceuticals is currently
exploring the idea of developing new oncology
facilities that will cover not only the North
American and European market but will also
help to meet the huge global demand. “We
have very good R&D facilities and good R&D
teams. We currently have two R&D facilities
in Bangladesh and plan to build more abroad,
not only in Asia but also in North America.”
The company is also currently in the process
of finalising some business tie-ins with global
leaders in the industry, and is open to others.
“We are interested in more partnerships,”
says Karim. “We want to manufacture
advanced drugs here. For the past 10
years we have been the leader in oncology
in Bangladesh. We hope that in the next
2-3 years we will be also entering many
countries in the CIS region, Africa as well
as Latin American countries,” he says.
Despite potentially expanding operations
outside of Bangladesh, Karim is bullish about
his country, with the economy expanding fast,
the nation coming out of the global pandemic
strongly, and more awareness of Bangladesh
as a great investment destination, which
can only benefit pharmaceutical companies.
“The local market is growing very fast. It is
growing yearly 18-20% and we are aiming to
be one of the top ranked pharma companies in
Bangladesh” he says. “It is a big and lucrative
market for investors, with governmental
policies very favourable for investors.”
Culture

PA RT I N G S H OT

Antoni Porowski
Do you sometimes miss the chilDlike joy of making that single Where did the idea for Easy-
cookie in an Easy-Bake Oven? Well, Queer Eye’s Antoni Porowski is ready Bake Battle come from?
to scratch that nostalgic itch with Netflix’s Easy-Bake Battle: The Home Cook- I knew that I wanted to do some
ing Competition (October 12). “It was a long time in the making,” Porowski kind of cooking competition show,
says about the reality series where home cooks compete in both sweet and taking notes of what I learned
savory cooking challenges for a $100,000 grand prize, using full-size ovens from Queer Eye. The thought of
with restrictions mimicking the classic toy ones. “These innovative home really empowering people, taking
cooks...show the genius stuff they come up with.” The contestants’ diversity a home cook and showing what
was important to Porowski, an executive producer of the series. “I think in the they do. Just the idea of making
food space, we have such a wonderful opportunity to tell diverse stories.” No everything easy is kind of what I do.
matter who you are, “show us who you are through your food…open up that It’s figuring out simpler ways of how
little personal culinary memoir of yours.” What does Porowski like to cook in to get dinner on the table quicker.
the small ovens? “A classic Easy-Bake Oven is perfect to toast your nuts because
they will never burn. They get really nice and crunchy and brown.” What was something you would
have made in an Easy-Bake Oven?
I wasn’t allowed fast food [as a
kid], except on my birthday. I
remember watching Saturday
morning cartoons and there would
“In the food be commercials for Easy-Bake and
space, we they had collabs with McDonald’s

have such a and Pizza Hut. It was mind blowing.

wonderful What inspired you to start

opportunity the pet food brand Yummers

to tell diverse with Jonathan Van Ness?

During the pandemic, I went from
stories.” doing everything to doing nothing
at all. I started researching different
things that you can give dogs and
I started creating my own meal
toppers. So when JVN and I started
exploring the idea, we were involved
in the recipe testing and learning.
It was just such a fun process.

What do you think it is about Queer

Eye that people connect with?
I don’t think that we’ll ever
RYA N D UFFIN

get tired of true kindness, not

just performative, but actually
showing up. —H. Alan Scott

▸ Visit Newsweek.com for the full interview

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