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The world's 500 largest companies generated $31.2 trillion in revenues and $1.7 trillion in profits in 2014. Together, this year's Fortune Global 500 employ 65 million people worldwide and are represented by 36 countries.

Fortune Global 500

Global business is back. After limping through a worldwide financial crisis and economic slowdown, the 500 largest companies ranked by revenues shattered all sorts of performance records in 2013: They racked up combined revenues of $31.1 trillion, up 2.5% from 2012, and profits soared 27% to nearly $2 trillion. China’s 95 companies (up from 89 last year) posted $5.8 trillion in revenues. The U.S. has four fewer companies on the list than last year but remains (for now) the country leader, with 128 corporations on the list—including No. 1 Wal-Mart Stores—reporting $8.6 trillion in revenues. 

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"Bahrain is transforming its economy by moving beyond oil and fast- tracking new industries centered on innovation and sustainability. How is the country attracting investment, developing local talent, and tackling infrastructure and regulatory challenges to secure long-term growth? Hear insights on how the country is positioning itself as a regional hub for business and a model for 	economic resilience. "

MPW Spotlight: Bahrain's Path To Economic Transformation

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A big thank you to our panel of brilliant founders. We're now going to move on to talk about Bahrain, another country that is transforming its economy beyond oil and focusing on new areas of business that are both innovative and sustainable. And here to tell us how the country is doing this. And particularly how it is positioning itself for long term economic resiliency. Please welcome Her Excellency Nour Bint Al Kuli, the Minister of Sustainable Development for Bahrain, and also the chief executive of the Bahrain Economic Development Board, and she'll be in conversation with my colleague Mihal Levbraham. Thank you so much for joining us. Um, I wanna start by asking you just kind of a, a basic question. Um, so 86% of Bahrain's GDP is now made up of non-oil sectors, which is probably a surprise to some people from, uh, outside of the Gulf region. Um, what have been the, the pillars of this kind of new transformed economy thus far, at least? Of course, if you allow me first, I, I want to, um, say that it's a pleasure to be here. It's a pleasure to, to spend time with powerful women. Um, I'm very grateful to our, our, our friends and family in Saudi for, for the invite and also for a fortune for hosting or choosing uh Saudi specifically in the Middle East to host this international event. Um, grateful also for the opportunity to. light more on on Bahrain, um, so we are Saudi's neighbors. If people are not aware, small island, uh, close to the eastern province. We do have a bloodline between us and Saudi, so we have a causeway that's been there almost celebrating 40 years, uh, next year I believe. Um, so for us our economy and the Saudi economy has been interconnected for for many, many, many years, and, and we see ourselves as an integral part of the GCC economy. Um, but you're absolutely right. When you look at the split, people think, um, a GCC oil rich countries, oil must be the biggest contributor to their economy. But actually, in fact, for us, oil is not even the biggest sector in our economy and hasn't been for the past almost two years now. Um, and that's the result of a journey that stretches over, over decades, um, but if we look at just the past 20 years, um, we've had a transformation in the way we were looking at our economy and what we want to achieve, uh, and that was really, um, solidified after launching Vision 2030 for Bahrain back in 2008, and the vision said that our economy going forward would be driven by the private sector and that we have to remain competitive and in order to remain competitive. Um, and allow the private sector to lead in that transformation. The government has to make sure that our procedures are seamless, or straightforward, are easy to understand, our legislation are supportive of private sector building in Bahrain. We have to make sure that we have the right to human capital in Bahrain to drive that, um, and we have to make sure actually it's specifically said there that we have to make sure that we do that without um impacting the environment and while making sure that we maintain our culture. Um, so today, uh, we have financial services sector being the largest sector of our economy, contributing about 17%, and that's really building on the history of Bahrain being a financial hub, um, in the region. And even within that sector there's been a lot of transformation in recent years. We hear a lot about technology for us the biggest growth areas at the moment are through FinTech. Um, the second largest actually is manufacturing. That's again a decision that was taken more than 40, 50 years ago of um investing in in an aluminum smeltzer, and that led to a downstream, um, manufacturing industry. And now that's being diversified thanks again to, to tech and, and the openness of the country. So yeah, there's a lot of transformation, um, driven by those factors and so one of your key areas of focus is growing outside investment and local investment well, um, to. Private sector obviously um how how do you, what's the strategy there and, and what areas are I mean you just touched on some of the bigger sectors what areas are most attractive from an outside investor's perspective. So as a country we focus on, we make sure that we always articulate our key sectors. So we have 5 key sectors financial services, manufacturing for us logistics is very important. Tourism is a huge, um, a huge sector for us with a huge potential and also ICT or technology and, and, and, uh, digitization. So each of those sectors has a sector strategy with clear KPIs and this is where we want, where we want to reach. And so we, we use that and, and under each what I said earlier is we look at what human capital do we need. So what, what training courses do we need? How many people do we need, what jobs are being created, and then we. A lot of efforts into to make sure that we have the right human capital that to fill in those jobs. We look at legislation all the time. We keep reviewing legislation. We keep looking at how can we further improve what we're doing. So just one example that we did, and I know Saudi's looking into that, and that's very, very exciting. Uh, is, is introducing a data, uh, embassy law, so basically for data centers which for us in this day and age, it's an essential infrastructure, uh, um, um, that you need for, for projects to succeed. So Bahrain a few years ago introduced a data legislation law. So what, what it allows allows countries to host data in Bahrain and treats that data as an embassy. So no court order in Bahrain can access that data and that gets a lot of comfort for for companies. So, uh, legislation for us. Important infrastructure is important. Um, the, the, the population is small, right, about 1.5, 1.5 million. It's also a very young population as it is here in Saudi. In what ways does the small size of the population actually help in, you know, bringing about a fast transformation? We see the size as an advantage for us. We actually say our small size is an advantage for us because we can do things collectively. And there is a whole of government, whole of society approach when we do introduce something. It also means that you can use Bahrain and the way we see it is Bahrain is the testing ground for countries in the region and the wider in a region because you could come and test your idea in a smaller scale and if it goes wrong, so what it's 1.5 million people, it didn't really go wrong. But if it succeeds, go up and and scale it up and use Bahrain as, as your, your really testing grounds. So there's a lot of programs for financial services and for technology to come and, and, and, and take advantage. Also means that we can easily identify where the gaps are and it means that we work very closely with the private sector. We call ourselves the Team Bahrain. We don't really talk as government, private sector, and society. There's a Team Bahrain. Um, a really ethos in the country and we do this collectively for us as economic development board, we have a board that's half made up of government but also the other half is made up of, of family businesses and, and private sector representatives, and that collaboration is really how we, we operate in the. Um, the whole, the, the economies of the whole Gulf region obviously are, are growing. International Monetary Fund projects the growth of the region's economies at an average rate of 3.5% this year, 4.2% next year. That's higher than the projected growth rate of. You know, average advanced economies, um, can you talk a little bit more about how Bahrain differentiates itself from your neighbors? You touched on some of these, you know, unique attributes, but what else would you say about it? Is it a differentiator? Sure, um, what I wanna say is this we were talking about this backstage, but it's really an exciting time for, for the GCC, um, for the main region for us who. Been here who've lived here has always seen the potential in the region. It's really nice for the rest of the world to recognize where this region is is heading, and I know there are huge numbers talking about conservative numbersize of the economy today is about 2 trillion in the GCC, projected to be about 3 trillion in 2030, doubling by 2050. That is a huge. momentum that is happening thanks to stability, thanks to having visions, thanks to having strategies and really everyone coming together and making sure that we have the right infrastructure for it. For us, we see Bahrain as the gateway to the GCC. We see it again as as an economy that's complementary to what's happening in the region. We always look to see what Saudi's doing. For us we could be the service center. We see ourselves as the service center to Saudi. If Saudi's developing a huge market in in, say, um, is developing manufacturing, what Bahrain is looking to do is how can I complement what is happening in Saudi in terms of providing the human capital and also being a place where support functions could also set up to support what. Happening in Saudi similar to UAE where UAE is a is a big financial hub at the moment. Bahrain could be the tech hub, could be the back office, the, the, the center of excellence, uh, the support functions for, for those, as well as attracting, of course, the, the, the beginnings of the big companies. OK, well, I think, uh, you made an incredible pitch for your country. I will say I, uh, I, I, I'll I'll know. An invitation. I'll help you out. I also, I've had incredible saudi food here and I also was lucky enough to eat at a Bahraini restaurant last night, so I'm appreciating all of the cuisine from the region. other people when they come to visit the region, you have to try the food. It's, it's, it's a big plus for the region. So please enjoy your time if you're visiting. Thank you so much, Eric. Thank you. Thank you.

AI is both a climate problem and a potential solution. Training and running AI models consumes significant energy—just a short conversation with ChatGPT produces roughly the same emissions as boiling a kettle. Yet AI also holds the key to breakthroughs in energy efficiency, carbon tracking, and climate modeling. Can businesses scale AI while staying serious about decarbonization—or is it an either–or choice?

Can You Have Your AI and Decarbonization Too?

Joe Kiani, cofounder and CEO of med tech company Masimo, opens up about the company’s ongoing legal battle with Apple over alleged patent infringement and trade-secret theft, as well as the proxy battle he's currently embroiled in with his board. Note: Apple continues to deny Masimo’s IP claims.

The inventor behind Apple’s watch shutdown discusses lawsuit and proxy battle

Photo illustration by Fortune. Photo provided by Masimo.

Leadership

Joe Kiani, cofounder and CEO of med tech company Masimo, opens up about the company’s ongoing legal battle with Apple over alleged patent infringement and trade-secret theft. Note: Apple continues to deny Masimo’s IP claims.

Joe Kiani, cofounder and CEO of med tech company Masimo, opens up about the company’s ongoing legal battle with Apple. 

I'm, your affiliation has changed a little bit. Yeah. Yeah. Let's just say I don't buy Apple products anymore. Welcome to Leadership. Next, the podcast about the changing rules of business leadership. I'm Alan Murray and I'm Mia, I uh started Massimo in 1989 in my condominium that had an attached garage. So I guess it was a real garage start up. I had just gotten my masters in the area of adaptive filters and A I signal processing. And before starting Massimo, I had a consulting job where I was working for another company to make a, a low-cost pulse flexy while I was trying to develop this cheap pulse oximetry for them. I realized when I moved with the probe on my finger, my oxygen saturation would go from 98 to 100% 70 or 60%. And I knew my physiology hadn't changed. It was just a small motion of my hand. I set out to solve that problem. I know I knew about a class of filters known as adaptive filters that could figure out uh what frequencies to let in and what frequencies to block. Kind of like your noise canceling headphones. Um And I thought I could use that to get rid of this NBA noise where my motion was in the same bandwidth as the signal we were looking for. I took a $40,000 loan on my condominium. Uh and then friends and family invested another $80,000 several months later. And with that, we created basketball. And today we're a publicly traded company with nearly $2 billion in revenue and about 10,000 employees. I'm gonna ask you the Apple question. I know your company, you and your company have come up against some, some pretty significant challenges. And, and I want to hear uh again a little bit of an origin, origin story of just uh the, the legal battle with Apple and how that started. Take us back if, if you don't mind, we introduced a product called IP 02, which was the first pulse oximetry for the smartphones. A few months later, we got a call from Apple uh saying, hey, we want to meet with you, you guys are the platinum of noninvasive monitoring and we'll sign an ND A come tell us everything we want to work with you. So I was excited. I really wanted to work with Apple and I went there personally with a couple of my team members and spent half a day with them. Uh The meeting went really well and I thought we're gonna work together. But unfortunately, a few months later uh I learned that they're trying to recruit my team. They ended up taking 25 of my team members or CTO. Fast forward. In 2019, I saw six patents issued to Apple. All impulsive symmetry, all with our chief technical officer that used to work for our sister company, uh Willow Circle Corps and one of the, the disclosures, well, all of them were on our stuff. One of them was a trade secret. It wasn't even something we patented. So at that point, we decided to sue them for trade secret and later patent infringement. Fortunately, the uh it's not, I can't say it's a happy ending because we're not done, done yet, but we got a win, a major win at the ITC Apple's watches with Pulse Symmetry were enjoined in the US. Um And they're appealing it, I don't think they're gonna win the appeal. We have a really strong case. Uh But uh we're waiting for that. That's probably about a year away, but there's still a couple of trials left to go and uh hopefully we'll ultimately get our justice. There's this ongoing proxy battle now, um which we can get into, I'm sure you love this topic. Um But, but tell me first about the acquisition because it's a really interesting one for you guys. I mean, audio in general, um which you just talked about, I think would surprise some people. But how did the acquisition come about for Sound United. We've been working on our wearables and the Hears for many, many years, maybe 15 years as it was emerging, ready to come out. We try to create our own team, uh president of Consumer Business salesforce and it was daunting slow. And finally, one of our board members, Julie Simer. She said, Joe, if you really are serious about these products, you're gonna have to acquire a company that's already in the consumer space. We ended up buying Sound United because it had not only some of the features, we were looking for a team that had a focus on sales and marketing to consumers, about 3 400 people, engineering uh team that was really good at audio and we were getting into the hears. So we wanted that but they also had relationships across the world with retailers in the consumer space like Best Buy, we ended up buying them for about one time revenue with positive cash flow. It was non diluted from day one and uh we loved some of the products they had, they were iconic brands, high-end brands that we thought would sustain for maybe a century if needed to. Your shareholders weren't as enthusiastic about this acquisition. Did that catch you by surprise? What did you make of it? It did, it did because I'm not new to this. I just, we're celebrating our 35th anniversary and it's not the first time I took on a giant and we beat them and we won. So I believe my track record would put them at ease that I haven't lost my mind. There's a new large opportunity. We're gonna go from a $10 billion.10 total available market to like 100 and $50 billion.10. And with good reasons why we should be a major player in those spaces like continuous monitoring. Why people buy these wearables most of the time they're buying it for the health sensing and there's about a third of the population that buy these smart watches that have chronic illnesses. So I thought once we explain where we're going and I knew we're going to consumer space and they understood why we bought it. They would appreciate it. Um, unfortunately, yeah, you're right. They did not. I think uh I learned the hard way that while we have some shareholders that may have been with us for a decade, they make that decision on an annual basis. It's not like they decide they're going to be in it for 10 years. If it keeps raising the price goes up on the stock, 10 15% a year, they're happy and they keep staying in their stock. They didn't want to take a step back to jump 10 steps forward. Uh So I think there's a mismatch. I run Massimo as though it's gonna be around another 100 years and I need to figure out how to make sure it's there 100 years from now. And I think our investors invest in Massimo thinking about the year ahead and uh that kind of took them. Um I think out of that mode because they knew there would be some investment period before we would uh come out with great results.

Air Products CEO Seifi Ghasemi lived and went to school in an oil refinery in Iran in the 1950s.

This CEO immigrated to America with “nothing” before scaling a $12.6 billion energy empire

You, you grew up in Iran, you were educated, began your education in Iran. Yes, I was educated in that. I went to a special school which was for six years, which was actually the school was in a refinery and we lived in the refinery. That's why I know the oil and gas business pretty well in a refinery. Yes, our school was right in the middle of the refinery in, in a city of a dark, the purpose of that school was to train people who knew enough about the refinery to become future managers. We are talking about 19 fifties now. But you left Iran. I left Iran in 1966. I came to the United States. I was very fortunate. I went to Stanford University and I started working in the United States. I am married to a lovely lady which we are still married for 55 years. But she was very curious to see the culture in the country. I was born and we went there in 1971. I taught at the university there for two years. And then I ended up working for the government and I was put in charge of developing the steel industry for the country. And then in 1979 when the turmoil happened, that wasn't a place for me and my wife to live in because my wife happens to be Jewish and I left everything behind and came to the US with nothing. And we started from scratch.

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