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  • Basel Committee shares report on interconnections between banks and non-bank financial intermediaries

    Basel Committee shares report on interconnections between banks and non-bank financial intermediaries

    • The report reflects the findings of an analysis conducted as part of the Committee’s forward-looking work to identify and analyse risks and vulnerabilities to the banking system.
    • The report identifies the services banks and non-bank financial intermediaries (NBFIs) provide to each other and the trends shaping the relationship between them.
    • The Committee will continue to monitor and investigate the interconnections between banks and NBFIs with a particular focus on synthetic risk transfers.

    The Basel Committee on Banking Supervision has today published a horizon-scanning report on the interconnections between banks and non-bank financial intermediaries (NBFIs). The NBFI sector has grown rapidly in recent years and includes a broad range of entities including investment funds, insurance companies, pension funds and other types of financial intermediaries.

    Banks and NBFIs are linked by a wide range of activities and services and the sectors are mutually dependent. Banks provide leverage, clearing, market-making and underwriting services to NBFIs, trade derivatives with NBFIs and, in some cases, own NBFIs. These activities expose banks to a wide variety of risks. NBFIs are also exposed to banks through short-term cash placements, investment in securities issued by banks and trading activities. The nature of their linkages is shaped by market conditions and by regulatory reforms over the last several years.

    To explore the risks associated with banks’ interconnections with NBFIs, the report builds on several case studies to discuss stylised scenarios that illustrate possible impacts of NBFI failure on banks and financial stability. The report also discusses the importance of granular, timely and high-frequency data in understanding and monitoring linkages between banks and NBFIs.

    The Committee will continue to monitor and investigate the interconnections between banks and NBFIs with a particular focus on synthetic risk transfers (SRTs). The investigation will seek to better assess the benefits and risks posed by SRTs.

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  • A Case Report of Pemphigus Vulgaris Initially Misdiagnosed as Tinea Capitis: Infectious Consequences of Diagnostic Delay in a Patient Treated With Rituximab

    A Case Report of Pemphigus Vulgaris Initially Misdiagnosed as Tinea Capitis: Infectious Consequences of Diagnostic Delay in a Patient Treated With Rituximab


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  • The sleep-heart link doctors are urging women over 45 to know

    The sleep-heart link doctors are urging women over 45 to know

    During the menopause transition, only 1 in 5 women have optimal scores using the American Heart Association’s health-assessment tool, known as Life’s Essential 8 (LE8). Among the tool’s eight components, four of them — blood glucose, blood pressure, sleep quality and nicotine use — are key in driving future cardiovascular risks, with sleep being particularly crucial for long-term cardiovascular health.

    The findings – published on July 8 in Menopause – were made by researchers at the University of Pittsburgh, Albert Einstein College of Medicine and Baylor University.

    “Previously we’ve shown that the menopause transition is a time of accelerating cardiovascular risk,” said senior author Samar R. El Khoudary, Ph.D., M.P.H., professor of epidemiology at Pitt’s School of Public Health. “This study underscores that it’s also an opportunity for women to take the reins on their heart health.”

    The team analyzed health data collected from about 3,000 women who participated in the Study of Women’s Health Across the Nation (SWAN), an ongoing, longitudinal, multi-site, multi-ethnic study of midlife women that began in 1996. The researchers compared the women’s LE8 scores at baseline, around age 46, to their evolving health trajectories over time, from subclinical cardiovascular disease measures, such as increased carotid-artery thickness, to cardiovascular events, including heart attacks and strokes, to mortality of all causes. The team also examined impacts of each of the individual LE8 components: nutrition, physical activity, smoking abstinence, sleep, body mass index, blood lipids, blood sugar and blood pressure.

    The analysis showed that four LE8 components — blood glucose, blood pressure, sleep quality and nicotine use — were the most important factors driving the study participants’ future cardiovascular risks.

    Above all, sleep emerged as a potential predictor for long-term effects of cardiovascular disease events and all-cause mortality, though it was not linked to the shorter-term effects of carotid-artery thickening. The team found that at midlife, meeting the bar for healthy sleep, defined in Life’s Essential 8 as seven to nine hours on average for most adults, may contribute to women’s heart health and longevity, a hypothesis that should be tested in a future clinical trial, said Ziyuan Wang, Ph.D. candidate at Pitt Public Health and first author.

    Low total LE8 scores correlated with increased cardiovascular risk, as expected — however, only 21% of the midlife women studied had an ideal LE8 score.

    “With heart disease being the leading cause of death in women, these findings point to the need for lifestyle and medical interventions to improve heart health during and after menopause among midlife women,” said El Khoudary.

    Other authors on the study were Ziyuan Wang, M.S., Emma Barinas-Mitchell, Ph.D., Maria M. Brooks, Ph.D., Jared W. Magnani, M.D., M.Sc., and Rebecca C. Thurston, Ph.D., all of Pitt; Carol A. Derby, Ph.D., of Albert Einstein College of Medicine; and Kelly R. Ylitalo, Ph.D., of Baylor University.

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  • Studies Highlight Real-World Gaps in Third-Line mCRC and Evolving Role of Molecular Profiling in GI NETs

    Studies Highlight Real-World Gaps in Third-Line mCRC and Evolving Role of Molecular Profiling in GI NETs

    Rocío García-Carbonero, MD

    The prospective, observational, real-world PROMETCO study (NCT03935763) may help address the evidence gap in third-line treatment of patients with metastatic colorectal cancer (mCRC), particularly among those with poorer performance statuses who are often underrepresented in clinical trials, according to Rocío García-Carbonero, MD.

    In the second part of an interview with OncLive®, García-Carbonero discussed findings presented at the 2025 ESMO Gastrointestinal Cancers Congress showing an increase in adverse effects (AEs) and serious AEs among patients with mCRC being treated in the third-line setting who had an ECOG performance status of 2.

    In a separate session on gastrointestinal neuroendocrine tumors (GI NETs), García-Carbonero highlighted the importance of molecular profiling in managing poorly differentiated neuroendocrine carcinoma of the colon—a highly aggressive subtype with poor prognosis—and underscored the need for education on diagnostic nuances.

    In the first part of the interview, García-Carbonero detailed findings from a subgroup analysis of the phase 3 FRESCO-2 trial (NCT04322539) evaluating fruquintinib (Fruzaqla) in mCRC, exploring outcomes based on metastatic sites.

    OncLive: What was the rationale for initiating the PROMETCO study, and why was it important to capture real-world outcomes specifically in patients receiving third-line therapy for mCRC?

    García-Carbonero: The PROMETCO study is a real-world, prospective study. I believe it’s the first international, real-world, prospective study conducted in patients with mCRC who have progressed on 2 prior lines of therapy since their diagnosis of metastatic disease and were about to start a third-line treatment. That’s when patients consented to enrollment.

    We collected prospective data from real-world clinical practice, including treatment patterns, safety, efficacy, progression-free survival [PFS], and overall survival. It’s an important study—it enrolled 738 patients and reflected the current real-world standard of care.

    Importantly, the study included approximately 10% of patients with an ECOG performance status of 2, a subgroup that is generally underrepresented in clinical trials. It’s critical that we gather efficacy and safety data in this population.

    What findings were observed, particularly regarding safety and outcomes in patients with poorer performance status?

    We presented a safety analysis based on performance status. We also examined baseline characteristics in the subgroup of patients with poorer performance status. We found that patients with ECOG performance status of 2 tended to have more advanced disease, a higher incidence of right-sided colon cancer, greater liver involvement, and a higher number of metastatic sites overall.

    These disease characteristics translated to approximately a 10% higher rate of AEs and serious AEs in this subgroup, with the most notable increase observed in anemia—likely reflecting the burden of more advanced disease.

    These findings are important for practicing clinicians, [as they] provide insight into what to expect when treating patients who are frequently underrepresented in clinical trials.

    Moving on to your session on outcomes in patients with GI NETs, what were your key takeaways for clinicians regarding the prognosis of patients in real-world clinical practice?

    The session on GI NETs was very pragmatically oriented. The 3 case [studies] we discussed represented the spectrum of neuroendocrine neoplasms we encounter in clinical practice. This is a highly heterogeneous group of tumors, [ranging from] very indolent disease to [highly aggressive forms]. Patients often assume that all NETs or neoplasms are indolent, but that’s not always the case.

    What were the key diagnostic and molecular insights from the poorly differentiated GI neuroendocrine carcinoma case that are important for clinicians to consider?

    I presented a case of poorly differentiated neuroendocrine carcinoma of the colon, which is a scenario with a very poor prognosis and represents a highly aggressive tumor type. We discussed diagnostic procedures that may be indicated [in such cases]. For example, during this interactive session, we posed questions to the audience. It was striking to see that 25% of respondents said they would order a gallium PET scan. However, gallium PET imaging is indicated for well-differentiated tumors because it assesses somatostatin receptor expression, and it’s not appropriate for poorly differentiated carcinomas.

    Another key takeaway [from the discission] was the importance of molecular profiling. At least 20% of these tumors harbor [potentially druggable] molecular alterations, and we need to search for them. If you have the ability to profile the tumor, you should, because you may find [opportunities for targeted treatments] beyond classical cytotoxic chemotherapy that could benefit your patients.

    In the case I presented, there was a BRAF mutation, but other tumors may be microsatellite instability–high, have high tumor mutational burden, or harbor RAS mutations. There are now emerging targeted therapies for many of these alterations. We need to continue shifting the field toward a more molecularly driven approach, as I believe our patients will significantly benefit from it.

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  • Supreme Court rejects Fawad Chaudhry’s plea to halt trials, directs him to LHC

    Supreme Court rejects Fawad Chaudhry’s plea to halt trials, directs him to LHC

    The Supreme Court has dismissed former federal minister Fawad Chaudhry’s request to suspend ongoing trial proceedings in multiple cases, advising him instead to approach the Lahore High Court for relief.

    Chief Justice Yahya Afridi, heading the bench, repeatedly emphasized judicial functionality during the hearing, remarking, “Be thankful the courts are functioning.”

    The court directed Fawad to seek the consolidation of all May 9-related cases through the Lahore High Court, noting that legal proceedings should not infringe upon the rights of any party. Both Fawad Chaudhry and Special Prosecutor Zulfiqar Naqvi were summoned to the chief justice’s chamber during the hearing, where the same sentiment about the importance of judicial operation was reiterated.

    Chief Justice Afridi also pointed out that as cases are spread across various districts, many petitioners — including Fawad — are already benefiting from exemptions granted by the Lahore High Court.

    However, Special Prosecutor Naqvi objected, arguing that the High Court had dismissed the case on technical grounds without addressing its merits and failed to issue a speaking order regarding the Registrar’s Office’s objections. In response, the Supreme Court maintained that such matters must be resolved at the High Court level.

    Fawad’s plea to pause trial proceedings until a final decision was made was also turned down, with the court stating that granting such a stay falls under the jurisdiction of the High Court.

    Fawad further complained that his trial hearings often continued past midnight, to which the chief justice again responded, “Be thankful the courts are functioning.”

    Chief Justice Afridi concluded that any Supreme Court ruling could potentially affect both parties and reiterated that the High Court is the appropriate forum for the matter.


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  • Water stored in dams has caused a shift in Earth’s magnetic poles

    Water stored in dams has caused a shift in Earth’s magnetic poles


    Aerial view of the Kariba Dam, in the Kariba Gorge of the Zambezi river basin between Zambia and Zimbabwe.

    Over the past two centuries, humans have locked up enough water in dams to shift Earth’s poles slightly away from the planet’s axis of rotation, according to new research.

    Earth’s outermost solid layer sits atop goopy molten rock, so it can move relative to the magma below it. Anytime mass is redistributed around the planet’s surface, like when ice sheets grow or shrink, this outermost rock layer wobbles and moves around. Imagine slapping a lump of clay onto one side of a spinning basketball: to maintain momentum, the part of the ball with the clay on it will shift slightly toward its equator and away from its axis of rotation. When this happens on Earth and the outermost rock layer wobbles around, different areas of the surface end up sitting directly over the axis of rotation. The geographic poles then pass through different spots on the surface than before, a process called true polar wander.

    A new study in Geophysical Research Letters finds the construction of nearly 7,000 dams from 1835 to 2011 shifted the poles about a meter (3 feet) in total and caused a 21-millimeter (0.83-inch) drop in global sea levels. Together, these dams hold enough water to fill the Grand Canyon twice.

    The results demonstrate another way human activities have affected the planet, according to the study authors. The polar shift is small, but it could help scientists understand how the poles will move if major glaciers and ice sheets melt due to climate change.

    “As we trap water behind dams, not only does it remove water from the oceans, thus leading to a global sea level fall, it also distributes mass in a different way around the world,” said Natasha Valencic, a graduate student in Earth and planetary sciences at Harvard University and lead author of the new study. “We’re not going to drop into a new ice age, because the pole moved by about a meter in total, but it does have implications for sea level.”

    In the new study, Valencic and her colleagues used a global database of dams to map the locations of each dam and the amount of water each impounds. They analyzed how the water impoundment from 6,862 dams shifted Earth’s poles from 1835 to 2011.

    Their results showed global dam building caused Earth’s poles to shift in two distinct phases. From 1835 to 1954, many dams were built in North America and Europe, shifting these areas toward the equator. The North Pole moved 20.5 centimeters (8 inches) toward the 103rd meridian east, which passes through Russia, Mongolia, China, and the Indochina Peninsula.

    Then, from 1954 to 2011, dams were built in East Africa and Asia, and the pole shifted 57 centimeters (22 inches) toward the 117th meridian west, which passes through western North America and the South Pacific.

    Over the entire period from 1835 to 2011, the poles moved about 113 centimeters (3.7 feet), with about 104 centimeters (3.4 feet) of movement happening in the 20th century.

    The results show that researchers need to take water impoundment into consideration when calculating future sea level rise. In the 20th century, global sea levels rose by 1.2 millimeters per year on average, but humans trapped a quarter of that amount behind dams – a significant fraction, according to Valencic. And sea level rise does not happen uniformly around the globe.

    “Depending on where you place dams and reservoirs, the geometry of sea level rise will change,” she said. “That’s another thing we need to consider, because these changes can be pretty large, pretty significant.”

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  • New clues revealed on how planets like ours begin to form

    New clues revealed on how planets like ours begin to form

    image: ©Lan Zhang | iStock

    Astronomers have made significant strides in understanding how planets like the ones in our solar system form by detecting planet-forming “pebbles” around two young stars

    These tiny rocky particles were discovered orbiting DG Tau and HL Tau, two stars located approximately 450 light-years from Earth, providing a rare opportunity to understand the earliest stages of planetary formation.

    Planetary seeds in action

    The new observations show large reservoirs of solid material, or pebbles, in the wide discs of dust and gas that surround these young stars. These discs, known as protoplanetary discs, are the birthplaces of planets.

    Over time, these tiny pebbles clump together, forming larger and larger bodies that eventually create planets like Earth, Jupiter, and other worlds in our solar system.

    The importance of this discovery lies in the fact that these pebbles have been found at distances similar to Neptune’s orbit, which suggests that the entire planetary system could be forming right now in these distant stellar nurseries.

    Understanding the missing link in planet formation

    Although astronomers have always known that dusty discs often surround young stars and have discovered thousands of fully formed planets in other star systems, the in-between stage has always been much harder to observe.

    Astronomers struggle with determining the size of the particles; smaller grains are easily visible using optical and infrared telescopes, but as the grains grow and clump into larger pebbles, their surface area decreases, making them harder to detect.

    To solve this mystery, astronomers used MERLIN, which is a unique array of seven radio telescopes spread across the UK. This robust network is capable of detecting the radio signals emitted by centimetre-sized pebbles, which shine brightest at similar wavelengths.

    A breakthrough using e-MERLIN

    Using e-MERLIN, researchers captured a striking image of DG Tau’s disc showing centimetre-sized pebbles already present at long distances from the central star. A similar pattern of rocky seeds has also been observed around HL Tau. These findings suggest that planet formation begins much earlier and farther out than previously understood.

    The project behind this breakthrough is known as PEBBLeS (Planet Earth Building-Blocks – a Legacy eMERLIN Survey), a large-scale effort to map and study the building blocks of future planetary systems.

    The success of e-MERLIN will soon enable more powerful observations. The upcoming Square Kilometre Array (SKA) telescopes, currently under development in South Africa and Australia, will increase astronomers’ ability to study protoplanetary discs. With greater sensitivity and resolution, the SKA will be able to observe hundreds of developing planetary systems across our galaxy.

    When science operations with the SKA-Mid telescope begin in 2031, researchers will be ready to build on the work started with e-MERLIN.

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  • Xabi Alonso outlines plans for Real Madrid revival after ‘painful’ PSG defeat

    Xabi Alonso outlines plans for Real Madrid revival after ‘painful’ PSG defeat

    The Xabi Alonso era at Real Madrid began with promise, but it just hit its first major bump — and it was a big one.

    A 4-0 defeat to Paris Saint-Germain in the Club World Cup semi-final left fans stunned and the new boss searching for answers.

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    In truth, it wasn’t just a loss. It was a loud reminder that Madrid are not where they need to be.

    Alonso didn’t shy away from the reality. He called the defeat “painful” and admitted that PSG’s polished display was a level above.

    “We were two goals down and we couldn’t find our footing,” he said. “It was a painful defeat… Sometimes it’s good to see our mistakes.”

    In just his first month in charge, Alonso has already tasted the heat of the hot seat. But he’s not throwing in the towel. In fact, he’s rolling up his sleeves.

    📲 Follow The Sporting News on WhatsApp

    What kind of Real Madrid Xabi Alonso wants to build?

    The former midfield maestro knows what it takes to succeed at the highest level. But now he has to make it work from the dugout.

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    His vision? A unit that sticks together — and doesn’t crack under pressure.

    “We want to build a team that plays as a unit, with everyone playing together,” he said. Alonso isn’t focused on individuals or flashy names.

    He’s preaching collective effort. And after conceding two goals in the first ten minutes, it’s easy to see why.

    While PSG looked like a team built with patience and precision, Real Madrid appeared rushed and rattled. Alonso admitted as much. “It’s not only because you want to be braver that you’re better.”

    Still, the Spaniard sees this as a new beginning — not the end. “This will be a restart from 0,” he said. Madridistas, consider that your official kickoff whistle.

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    There’s no silverware this season. But for Alonso, the real prize might just be the long-term rebuild. After all, Rome wasn’t built in a day — and neither was a Champions League winner.

    Real Madrid news and related links

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  • As Glaciers Melt, Volcanic Eruptions Are Expected to Increase – extremetech.com

    1. As Glaciers Melt, Volcanic Eruptions Are Expected to Increase  extremetech.com
    2. Melting glaciers and ice caps could unleash wave of volcanic eruptions, study says  The Guardian
    3. Scientists warn hundreds of dormant volcanoes could soon erupt thanks to climate change  MSN
    4. Glacier retreat could lead to volcanic eruptions worldwide, including in Antarctica: Study  Down To Earth
    5. Warming climate, volcanos raise risk of ice falls on Chile’s glaciers  Reuters

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  • The Power of Naming Space Weather Events

    The Power of Naming Space Weather Events

    Editors’ Highlights are summaries of recent papers by AGU’s journal editors.
    Source: Perspectives of Earth and Space Scientists

    Our modern society is increasingly reliant on multiple technologies that are vulnerable to the adverse effects of space weather. This necessitates effective public communication and awareness of various space weather phenomena as well as increased public engagement and preparedness for risk mitigation.

    Chabanski et al. [2025] advocate for the development and implementation of a standardized naming convention of geomagnetic storms, along the lines of existing naming conventions in meteorology, astronomy, and geography.

    The authors surveyed the top 50 geomagnetic storms over the past 47 years (since 1978), of which only five had names assigned by the scientific community. Drawing on lessons learned in other scientific disciplines, they propose the possible formation of an international working team comprised of International Space Weather Coordination Forum participants. This international team would implement a theoretical framework and a unified international standard for defining the criteria, protocols, and procedures for naming and cataloguing geomagnetic storms based on their minimum Disturbance Storm Time (Dst) indices and their solar origins.

    This proposed initiative is about not only assigning names to geomagnetic storms but also empowering the public with the knowledge necessary to navigate the challenges of the 21st-century space environment.

    Citation: Chabanski, S., de Montety, F., Lilensten, J., Poedts, S., & Spogli, L. (2025). The power of a name: Toward a unified approach to naming space weather events. Perspectives of Earth and Space Scientists, 6, e2025CN000285. https://doi.org/10.1029/2025CN000285

    —Andrew Yau, Editor, Perspectives of Earth and Space Scientists

    Text © 2025. The authors. CC BY-NC-ND 3.0
    Except where otherwise noted, images are subject to copyright. Any reuse without express permission from the copyright owner is prohibited.

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