Topic

Vietnam

The country the world knows as a war, and everything that came before and after it.

1: in business
10:19: average
10 min: in total
12: across the network

All briefs1

Vinaphone

Vinaphone isn’t competing for customers — it’s managing a state asset inside a triopoly that leaves 2% of the market to everyone else.

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10:34

Airbus

The European airliner maker as it stood in 1998: a consortium of national aerospace firms, bound by treaty and paid by airliner sales.

11:24

Philip Morris International

PMI didn’t pivot to smoke-free—it built a regulatory firewall around Iqos while keeping cigarettes profitable.

12:10

Anglo American plc

A century-old mining giant that cut 138,000 jobs in two years while rebranding as a green critical-minerals champion — with no evidence its new identity changes who pays or who bears the cost.

10:53

ArcelorMittal is the world’s second-largest steelmaker — a $33 billion hostile merger of Mittal Steel and Arcelor in 2007. It operates across mining, smelting, and recycling in 14 countries. In 2025, it produced 55.6 million tons of steel against 74.6 million tons of capacity — 53% in Europe, 40% in the Americas. It sources 72% of its iron ore and 91% of its coke internally. The Mittal family surrendered control to close the deal. It is not a technology company. It is not growing. It is a vertically integrated commodity producer whose scale is structural, not strategic.