Category: 3. Business

• Two head-to-head phase III trials demonstrated superior efficacy, including overall survival versus a daratumumab-based triplet in DREAMM-7  
• Blenrep, a first-in-class anti-BCMA ADC, could transform treatment as early as first relapse where additional effective and accessible options are needed^1,2,3
• Sixth regulatory approval for Blenrep combinations with applications under review in all major markets 

GSK plc (LSE/NYSE: GSK) today announced the approval of Blenrep in the European Union (EU) for the treatment of adults with relapsed or refractory multiple myeloma in combination with bortezomib plus dexamethasone (BVd) in patients who have received at least one prior therapy, and in combination with pomalidomide plus dexamethasone (BPd) in patients who have received at least one prior therapy including lenalidomide.

The approval is based on superior efficacy results demonstrated by Blenrep combinations in the pivotal DREAMM-7 and DREAMM-8 phase III trials in relapsed or refractory multiple myeloma. These include statistically significant and clinically meaningful progression-free survival (PFS) for Blenrep combinations versus triplet standard of care combinations in both trials and overall survival (OS) versus a daratumumab-based triplet in DREAMM-7.^2,3,4 The safety and tolerability profiles of the Blenrep combinations were broadly consistent with the known profiles of the individual agents.^2,3

Hesham Abdullah, Senior Vice President, Global Head Oncology, R&D, GSK, said: “Today’s approval of Blenrep combinations is a redefining moment for patients with relapsed or refractory multiple myeloma in the EU. Blenrep has the potential to extend remission and survival, with superior efficacy versus standards of care in our DREAMM clinical trial programme and the option to administer in both academic and community-based settings.”
 
More than 50,000 cases of multiple myeloma are diagnosed in Europe each year, accounting for more than a quarter of global incidence.⁵ Blenrep is the only anti-BCMA (B-cell maturation antigen) antibody-drug conjugate (ADC) approved in multiple myeloma, providing patients with a differentiated mechanism of action to potentially help slow disease progression and extend survival.¹ Blenrep combinations can be administered to a range of patient types across oncology treatment settings, enabling broad accessibility of an anti-BCMA therapy. 

María-Victoria Mateos, MD, PhD, Head of Myeloma and Clinical Trials Unit, Haematology Department and Professor of Medicine at the University of Salamanca, Spain, and DREAMM-7 principal investigator, said: “With the approval of Blenrep combinations in the EU, we now have additional tools in our efforts to keep patients in remission longer, maintain quality of life and extend survival. The robust efficacy supported by the DREAMM-7 and DREAMM-8 trials, together with manageable outpatient administration in academic and community settings, positions Blenrep combinations as a fundamentally differentiated treatment approach for multiple myeloma patients starting from first relapse.”

Both DREAMM-7 and DREAMM-8 showed statistically significant and clinically meaningful PFS improvements for the Blenrep combinations compared to standard of care triplet combinations in the second line or later treatment of multiple myeloma.^2,3 In DREAMM-7, the Blenrep combination (n=243) nearly tripled median PFS versus the daratumumab-based comparator (n=251) (36.6 months versus 13.4 months, respectively (hazard ratio [HR]: 0.41 [95% confidence interval (CI): 0.31-0.53], p-value<0.00001).² DREAMM-7 also met the key secondary endpoint of OS, showing a statistically significant and clinically meaningful 42% reduction in the risk of death at a median follow-up of 39.4 months favouring the Blenrep combination versus the daratumumab-based comparator (HR: 0.58; 95% CI: 0.43-0.79; p=0.00023). The median OS was not reached in either arm of the study. The three-year OS rate was 74% in the Blenrep combination arm and 60% in the daratumumab combination arm.⁴ In DREAMM-8, at a median follow-up of 21.8 months, the median PFS was not yet reached (95% CI: 20.6-not yet reached [NR]) with the Blenrep combination compared to 12.7 months in the bortezomib combination (95% CI: 9.1-18.5) at the time of primary analysis.³

Blenrep combinations consistently benefited a broad range of patients, including those with poor prognostic features or outcomes, such as high-risk cytogenetics or those refractory to lenalidomide. Both trials also showed clinically meaningful improvements across all other secondary efficacy endpoints, including deeper and more durable responses versus the respective comparators.^2,3

DREAMM-7 and DREAMM-8 showed that eye-related side effects associated with Blenrep can be managed and reversed with appropriate dose modifications and follow-up. This allowed patients to maintain benefit and resulted in low rates of discontinuation due to eye-related side effects (≤9%) in both trials.^2,3 The most commonly reported non-ocular adverse events (>30% of participants) in the Blenrep combination arm were thrombocytopenia (87%) and diarrhoea (32%) in DREAMM-7, and neutropenia (63%), thrombocytopenia (55%) and COVID-19 (37%) in DREAMM-8.^2,3

Blenrep combinations are also approved in relapsed or refractory multiple myeloma in the UK⁶ and Japan⁷ as well as other markets, including Canada and Switzerland (based on the results of DREAMM-8). Applications are currently under review in all major markets globally, including the US⁸ and China⁹ (based on the results of DREAMM-7, with Breakthrough Therapy Designation for the combination and priority review for the application).

About multiple myeloma

Multiple myeloma is the third most common blood cancer globally and is generally considered treatable but not curable.^10,11 There are approximately more than 180,000 new cases of multiple myeloma diagnosed globally each year.⁵ Research into new therapies is needed as multiple myeloma commonly becomes refractory to available treatments.¹ Many patients with multiple myeloma are treated in a community cancer setting, leaving an urgent need for new, effective therapies with manageable side effects that can be administered outside of an academic centre.^12,13

About Blenrep 

Blenrep is an ADC comprising a humanised BCMA monoclonal antibody conjugated to the cytotoxic agent auristatin F via a non-cleavable linker. The drug linker technology is licensed from Seagen Inc.; the monoclonal antibody is produced using POTELLIGENT Technology licensed from BioWa Inc., a member of the Kyowa Kirin Group.

Indication

In the EU, Blenrep is indicated in adults for the treatment of relapsed or refractory multiple myeloma:

• in combination with bortezomib and dexamethasone in patients who have received at least one prior therapy; and
• in combination with pomalidomide and dexamethasone in patients who have received at least one prior therapy including lenalidomide.

IMPORTANT SAFETY INFORMATION FOR BLENREP

Refer to the Blenrep EMA Reference Information¹⁴ which will soon be available for a full list of adverse events and the complete important safety information in the EU.

About DREAMM-7

DREAMM-7 is a multicentre, open-label, randomised phase III clinical trial evaluating the efficacy and safety of belantamab mafodotin combined with bortezomib plus dexamethasone (BVd) compared to daratumumab combined with bortezomib plus dexamethasone (DVd) in patients with relapsed or refractory multiple myeloma who previously were treated with at least one prior line of multiple myeloma therapy, with documented disease progression during or after their most recent therapy. The trial enrolled 494 participants who were randomised 1:1 to receive either BVd or DVd. Belantamab mafodotin was administered at a dose of 2.5mg/kg intravenously every three weeks in combination for the first eight cycles and then continued as a single agent. The primary endpoint was PFS as per an independent review committee, with secondary endpoints including OS, duration of response (DOR), and minimal residual disease (MRD) negativity rate as assessed by next-generation sequencing. Other secondary endpoints include overall response rate (ORR), safety, and patient reported and quality of life outcomes. 

PFS results were presented at the American Society of Clinical Oncology (ASCO) Plenary Series in February 2024 and published in the New England Journal of Medicine. OS results were presented at the American Society of Hematology (ASH) Annual Meeting in December 2024.^2,4

About DREAMM-8

DREAMM-8 is a multicentre, open-label, randomised phase III clinical trial evaluating the efficacy and safety of belantamab mafodotin in combination with pomalidomide plus dexamethasone (BPd) compared to bortezomib and pomalidomide plus dexamethasone (PVd) in patients with relapsed or refractory multiple myeloma previously treated with at least one prior line of multiple myeloma therapy, including a lenalidomide-containing regimen, and who have documented disease progression during or after their most recent therapy. The trial included 302 participants who were randomised 1:1 to receive either BPd or PVd. Compared to the patient population studied in the DREAMM-7 trial, patients in DREAMM-8 were more heavily pre-treated in that all had prior exposure to lenalidomide, 78% were refractory to lenalidomide, 25% had prior daratumumab exposure and of those most were daratumumab refractory. Belantamab mafodotin was administered at a dose of 2.5mg/kg intravenously for the first cycle and then 1.9mg/kg intravenously every four weeks. The primary endpoint was PFS as per an independent review committee, with key secondary endpoints including OS and MRD negativity rate as assessed by next-generation sequencing. Other secondary endpoints include ORR, DOR, safety, and patient reported and quality of life outcomes. 

Results were first presented at the 2024 ASCO Annual Meeting and published in the New England Journal of Medicine.³ Updated PFS results were presented at the European Hematology Association (EHA) Congress in June 2025.¹⁵

GSK in oncology

Our ambition in oncology is to help increase overall quality of life, maximise survival and change the course of disease, expanding from our current focus on blood and women’s cancers into lung and gastrointestinal cancers, as well as other solid tumours. This includes accelerating priority programmes such as antibody-drug conjugates targeting B7-H3 and B7-H4, and IDRX-42, a highly selective KIT tyrosine kinase inhibitor.

About GSK

GSK is a global biopharma company with a purpose to unite science, technology, and talent to get ahead of disease together. Find out more at gsk.com.

Cautionary statement regarding forward-looking statements

GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Such factors include, but are not limited to, those described in the “Risk Factors” section in GSK’s Annual Report on Form 20-F for 2024, and GSK’s Q1 Results for 2025.

References

1. Nooka AK, Kastritis E, Dimopoulos MA, et al. Treatment options for relapsed and refractory multiple myeloma. Blood. 2015 May 14;125(20). doi:10.1182/blood-2014-11-568923.
2. Hungria V, Robak P, Hus M, et al. Belantamab Mafodotin, Bortezomib, and Dexamethasone for Multiple Myeloma. N Engl J Med. 2024 Aug 1;391(5):393-407. doi: 10.1056/NEJMoa2405090. Epub 2024 Jun 1. PMID: 38828933.
3. Dimopoulos MA, Beksac M, Pour L, Delimpasi S et al. Belantamab Mafodotin, Pomalidomide, and Dexamethasone in Multiple Myeloma. N Engl J Med. 2024 Aug 1;391(5):408-421. doi: 10.1056/NEJMoa2403407. Epub 2024 Jun 2. PMID: 38828951.
4. Hungria V, Robak P, H Marek, et al. Belantamab Mafodotin, Bortezomib, and Dexamethasone Vs Daratumumab, Bortezomib, and Dexamethasone in Relapsed/Refractory Multiple Myeloma: Overall Survival Analysis and Updated Efficacy Outcomes of the Phase 3 Dreamm-7 Trial. Presented at the 66th American Society of Hematology (ASH) Annual Meeting and Exposition. December 2024.
5. Global Cancer Observatory. International Agency for Research on Cancer. World Health Organization. Multiple Myeloma fact sheet. Available at: https://gco.iarc.who.int/media/globocan/factsheets/cancers/35-multiple-myeloma-fact-sheet.pdf. Accessed 5 March 2025.
6. GSK press release issued 17 April 2025. Blenrep (belantamab mafodotin) combinations approved by UK MHRA in relapsed/refractory multiple myeloma. Available at https://www.gsk.com/en-gb/media/press-releases/blenrep-belantamab-mafodotin-combinations-approved-by-uk-mhra-in-relapsedrefractory-multiple-myeloma/.
7. GSK press release issued 19 May 2025. Blenrep (belantamab mafodotin) combinations approved in Japan for treatment of relapsed/refractory multiple myeloma. Available at https://www.gsk.com/en-gb/media/press-releases/blenrep-belantamab-mafodotin-combinations-approved-in-japan/.
8. GSK press release issued 25 November 2024. Blenrep combinations accepted for review by the US FDA for the treatment of relapsed/refractory multiple myeloma. Available at: https://www.gsk.com/en-gb/media/press-releases/blenrep-combinations-accepted-for-review-by-the-us-fda-for-the-treatment-of-relapsedrefractory-multiple-myeloma/.
9. GSK press release issued 9 December 2024. Blenrep (belantamab mafodotin) combination accepted for priority review in China in relapsed/refractory multiple myeloma. Available at: https://www.gsk.com/en-gb/media/press-releases/blenrep-belantamab-mafodotin-combination-accepted-for-priority-review-in-china-in-relapsedrefractory-multiple-myeloma/.
10. Sung H, Ferlay J, Siegel R, et al. Global Cancer Statistics 2020: GLOBOCAN Estimates of Incidence and Mortality Worldwide for 36 Cancers in 185 Countries. CA Cancer J Clin. 2021;71(3):209-249. doi:10.3322/caac.21660.
11. Kazandjian D. Multiple myeloma epidemiology and survival: A unique malignancy. Semin Oncol. 2016;43(6):676–681.doi: 10.1053/j.seminoncol.2016.11.004.
12. Gajra A, Zalenski A, Sannareddy A, et al. Barriers to Chimeric Antigen Receptor T-Cell (CAR-T) Therapies in Clinical Practice. Pharmaceut Med. 2022 Jun;36(3):163-171. doi: 10.1007/s40290-022-00428-w. Epub 2022 Jun 7.
13. Crombie J, Graff T, Falchi L, et al. Consensus recommendations on the management of toxicity associated with CD3×CD20 bispecific antibody therapy. Blood (2024) 143 (16): 1565–1575. doi: 10.1182/blood.2023022432.  
14. European Medicines Agency. Available at: https://www.ema.europa.eu/en/medicines/human/EPAR/blenrep-0. Accessed 8 July 2025.
15. Dimopoulos MA, Beksac M, Pour L, et al. Updated results from phase 3 DREAMM-8 study of Belantamab Mafodotin, Pomalidomide and Dexamethasone versus Pomalidomide plus Bortezomib and Dexamethasone in relapsed/refractory multiple myeloma. HemaSphere | 2025;9(S1) 846 EHA 2025 Congress.

The Council of the EU has reached a political agreement to alter the thresholds for compensation for delayed flights after more than 12 years of negotiations. The deal reforms the EU air passenger rights regulation – Regulation (EC) 261/2004 – which established common rules for airlines’ liability for breaches of air passenger rights, including flight delays and cancellations – in the biggest shake-up the aviation industry has seen for over a decade.

Although the 2004 regulation mandated a duty of care for airlines to provide passengers with compensation for flight disruptions, there has been criticism that passengers were unaware of their rights and that the rules were not always consistently applied by airlines, leading to some passengers losing out on compensation.

The proposals, which are still to receive formal approval from the European Parliament, will see passengers have to wait longer to claim for compensation, but some passengers will be entitled to claim more compensation for delays.  The proposals simplify the categories of compensation from three under the current rules, to two types of claims under the proposed revisions. 

Currently short-haul passengers can claim €250 to €300 for delays of more than two hours, provided the journey is less than 1,500km and inside the EU; or €400 for delays of more than three hours for flights inside the EU more then 1,500km. Under the new rules, these two categories will be combined into one, with passengers travelling either within the EU or under 3,500km able to claim delay compensation from €300 if they have been delayed by at least four hours.

Long-haul passengers currently travelling more than 3,500km can claim from €600 for delays of more than four hours. Under the new rules, they will be required to travel more than 3,500km and wait at least six hours, but will only be entitled to claim from €500 in compensation.

Going forward passengers who are informed that their flight is cancelled less than 14 days before its departure will also be entitled to compensation. Airlines will have to provide passengers with pre-filled forms to claim compensation

The Council’s agreement also provides a non-exhaustive list which outlines circumstances which are and are not to be considered extraordinary for the purposes of allowing airlines not to compensate passengers. Airlines will also not be entitled to refuse compensation due to “extraordinary circumstances” unless they can show that they took all reasonable steps to prevent disruptions.

The new rules will establish several important passenger rights, including the right to be rerouted. Airlines will be required to offer passengers rerouting “at the earliest opportunity”, including the possibility to be rerouted through flights operated by other carriers or alternative modes of transport, where suitable. If an airline fails to provide an appropriate rerouting within three hours of a disruption, passengers may be entitled to organise their own alternative travel and claim reimbursement of up to four times the original ticket cost.

The proposals also offer greater clarity over what assistance passengers can reasonably expect during delays. The right to refreshments, food and accommodation has been clarified. If an airline fails to provide this, then passengers are permitted to make their own arrangements and be reimbursed accordingly.

There is also a specific provision concerning ‘tarmac delays’ where delays occur after passengers have boarded a plane but it has not taken off. Passengers will be entitled to minimum assistance and should be disembarked from the aircraft after three hours of delay.

The Council said that passengers should also be better informed about their rights when experiencing delays. There will be stricter information obligations for airlines to supply to passengers to ensure they are better informed about their rights, alongside strict deadlines for responses to passenger claims. Under the new rules, passengers will have up to six months from the disruption to submit a request or a complaint to the airline. Meanwhile airlines will have 14 days from the submission of the request being introduced to pay compensation, or to provide a clear and substantiated reply to a passenger.

Commenting on the development, Brian Grierson, a commercial and aviation litigation expert at Pinsent Masons, said the reforms have something in them for both airlines and passengers. “This is a significant change to the respective rights of passengers and airlines when they are managing delays,” he said. “While passengers and consumer rights groups may be unhappy with the proposed lengthening of the period of delay before compensation is due, the proposed reforms hand passengers some new and significant new rights when experiencing delays and disruption to their journeys.”

In particular, Grierson said the proposed right to be rerouted would be “a powerful new right for passengers facing disruption” in future. He added: “It will be interesting to see if this prompts airlines to work more closely together to ensure the swift re-booking of disrupted passengers with alternative airlines to avoid the risk of paying compensation of up to four times the price of the original fare.

If approved, the revised regulation will apply to flights to and from the EU. The UK has its own rules on air passenger rights, which were translated into UK law after Brexit. The EU proposals will not directly affect the UK’s position unless the UK government decides to make further changes to its own domestic regulation. However, Grierson said the changes will affect all flights which either start or end in the EU and all flights operated by an EU carrier, meaning that airlines that travel between the UK and the EU will need to be aware of the changes.

Given the protracted negotiations to get to this point, Alex Bertram of Pinsent Masons said EU members’ proposals will be significant in providing much-needed clarity on air passenger rights. “Airlines and passengers will welcome the steps taken by the Council to clarify what does and does not constitute ‘extraordinary circumstances’ for the purpose of denying eligibility for compensation,” he said, “but the approach in determining and adjudicating whether ‘all necessary steps to prevent disruption’ have been taken remains to be seen.”

Can you tell us more about this project and what it means for the Group?

Absolutely. This is a major project for us and for the European semiconductor ecosystem. We will build and operate three large air separation units, two hydrogen production plants and all the associated infrastructure. The aim is to continuously supply one of the world’s leading players in the semiconductor industry with the essential gases – including nitrogen, oxygen, hydrogen, argon, helium and CO₂ – needed to manufacture electronic chips. We’re talking about supplying gases of the highest purity, with strict quality controls and guaranteed delivery.

The location of this project is also key. Air Liquide is the leader in supplying gases to the semiconductor industry in Europe, particularly in Germany, and in particular in the Dresden region. We have been investing for over 30 years to support our customers in this segment on the continent: in Germany, but also in France, in the Benelux countries, and in Italy. We are deploying our entire portfolio of specific solutions there to meet the needs of our electronics customers. This project enables us to consolidate our position as the global leader in the semiconductor market, a key growth driver for the Group.

The semiconductor market is booming. How is Air Liquide differentiating itself to support this growth?

Indeed, the global semiconductor market is expected to reach $1 trillion by 2030. To strengthen its sovereignty in the face of global challenges, Europe, which currently accounts for around 10%² of global semiconductor production capacity, is actively supporting investment in new fabs. The aim is to double its market share to 20% of global production capacity.

In this context, Air Liquide’s strategy is clear: to be as close as possible to our customers and support them in their development. By building units directly on our customers’ sites, such as in Dresden, we are meeting essential needs for reliability, quality, and security of supply.

We also offer the broadest portfolio on the market, from bulk gas delivery to advanced materials, distribution equipment and related services. This comprehensive approach enables us to provide complete solutions to our customers.

I must say that beyond our unique expertise and agility in responding to the specific needs of this demanding sector, our strength also lies in our organization. It is important to note that Air Liquide has a business unit entirely dedicated to its customers in the semiconductor industry in Europe.

Beyond the size of the investment, how is this project innovative and environmentally responsible?

Our vision is that innovation and sustainable development are complementary. The new production units in Dresden will combine digital technologies, standardization, and modularity to offer our customers the highest level of reliability and quality of supply.

In addition, on-site production will drastically limit the carbon footprint associated with transportation, and the electricity used to power our facilities should come from 100% renewable sources. In this way, we are helping our customers develop the technologies of the future while controlling their own environmental impact. This is a perfect illustration of the implementation of our ADVANCE strategic plan, which combines financial and extra-financial performance.

Italy-based energy company Saipem and Subsea7 have signed a binding merger agreement, forming a new entity in the energy sector.

The combined entity, to be named Saipem7, is projected to have revenues of around €21bn ($24.75bn), with EBITDA (earnings before interest, taxes, depreciation and amortisation) exceeding €2bn and a substantial backlog worth €43bn.

The merger, with the memorandum of understanding signed in February this year, is expected to generate more than €800m in free cash flow and create significant shareholder value.

A shareholders’ agreement has been signed by Eni, CDP Equity and Siem Industries, ensuring support for the merger.

The CEO of Saipem7 will be Alessandro Puliti, designated by Eni and CDP Equity, while Kristian Siem of Siem Industries will serve as the chairman of the board.

The merger aims to benefit clients by combining the strengths of both companies, including a global reach across more than 60 countries, a diversified fleet and a combined workforce of approximately 44,000.

The transaction is set to yield annual cost and capital expenditure synergies of around €300m from the third year post-completion.

Saipem7 plans to distribute at least 40% of its free cash flow to shareholders annually after lease liabilities are covered.

The merger will be executed through an EU cross-border statutory merger, with Saipem absorbing Subsea7 and retaining its incorporation in Italy.

The newly formed company will be headquartered in the Italian city of Milan and listed on the Milan and Oslo stock exchanges.

Post-merger, Siem Industries will hold an 11.8% stake in Saipem7, while Eni and CDP Equity will own 10.6% and 6.4%, respectively.

Subsea7 shareholders will receive 6.688 new Saipem shares for each Subsea7 share, leading to an equal shareholding between Saipem and Subsea7’s current shareholders upon completion.

Saipem7 will consist of four business units, with the Offshore Engineering & Construction segment operating as an autonomous company under the name Subsea7, branded as ‘Subsea7, a Saipem7 Company’.

This unit will incorporate Subsea7’s businesses and Saipem’s Asset Based Services, encompassing offshore wind operations.

Other business units are Onshore Engineering & Construction, Sustainable Infrastructures and Drilling Offshore.

The merger, subject to customary conditions and regulatory approvals, is expected to be completed in the second half of 2026.

Financial advisory roles have been assigned to Goldman Sachs Bank Europe and Deutsche Bank for Saipem, and Kirk Lovegrove & Company and Deloitte for Subsea7.

Clifford Chance and Advokatfirmaet Thommessen are providing legal counsel to Saipem, while Freshfields, Elvinger Hoss Prussen and Advokatfirmaet Wiersholm are advising Subsea7.

“Saipem and Subsea7 merger agreement sealed” was originally created and published by Offshore Technology, a GlobalData owned brand.

 

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

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KARACHI – Gold prices in Pakistan moved down, wiping out the record-breaking surge seen just the day earlier as the price of 24 karat gold plummeted by staggering Rs5,900 per tola to Rs359,000.

As per Saraffa Association, bullion rates moved down after previous session when prices touched a new high of Rs364,900 amid record buying. This jaw-dropping drop comes mere hours after the precious metal smashed its previous record of Rs. 363,700 set in April.

Today Gold Rates

Date	24‑Carat Gold Price (per tola)	Change
23 July 2025	Rs 364,900	—
24 July 2025	Rs 359,000	–Rs 5,900

Gold Price in Pakistan This Week

Dates	Price
23-July	Rs364,900
22-July	Rs361,200
21-July	Rs361,200
18-July	Rs357,600
17-July	Rs355,100
16-July	Rs356,000
15-July	Rs359,000

The shockwave didn’t stop there. The price of 10 grams of 24 karat gold tumbled by Rs. 5,058, settling at Rs. 307,784, while 22 karat gold followed suit, falling by Rs. 4,637 to Rs. 282,145.

Silver was also caught in the downward spiral. Per tola silver lost Rs. 24, now priced at Rs. 4,057, and the 10-gram rate slid by Rs. 20 to Rs. 3,478.

Globally, gold prices plunged by $61 per ounce, sinking to $3,363 from $3,424. Silver also dipped internationally, dropping by $0.26 to $39.08 per ounce.

 

Traders trimmed wagers on the European Central Bank delivering another interest-rate reduction by the end of the year, after President Christine Lagarde indicated officials have scope to pause their cutting cycle.

Money markets now show a 70% probability of a quarter-point cut, compared with about 90% before Thursday’s monetary policy decision. The ECB kept interest rates unchanged for the first time in more than a year as predicted by a majority of economists.

This second edition of the Guidance on Avoided Emissions is a comprehensive update empowering businesses, investors, and policymakers to assess, validate, and communicate the climate impact of their solutions and portfolios—beyond their direct emissions footprint.

Avoided emissions (AE) represent the greenhouse gas (GHG) reductions that occur when comparing a low-carbon solution to a reference scenario without that solution in place. This guidance provides a robust, science-aligned methodology to quantify and disclose AE, enabling companies and investors to scale climate solutions with integrity and transparency.

What’s New in Version 2.0?

• Expanded methodology: A more comprehensive approach for assessing AE, including guidance on data, reference scenario definition, contribution validation, and optional steps for allocation and consolidation.
• Eligibility gates: Clearer and more inclusive criteria to ensure climate credibility, science alignment, and legitimate impact.
• Reporting and communication: Standardized templates and best practices to support transparent disclosure, impact validation, and third-party review.
• Implementation tools: Sector-specific guidance, technical templates, and a growing use case repository in an open access online hub
• Alignment with global frameworks: Built on the latest climate science and harmonized with initiatives and standards like GHG P, IPCC, PCAF, and ISO.

Who Is This For?

This guidance is designed for:

• Businesses: To assess and report the decarbonization impact of their products and services.
• Investors: To evaluate climate-aligned opportunities and steer capital toward high-impact solutions.
• Policymakers: To inform innovation and transformative policy mechanisms that accelerate decarbonization.
• Standard setters and NGOs: To support methodological convergence and credibility in intervention-based impact assessment and disclosure.

Why It Matters

Avoided emissions are a critical lever for accelerated, system-wide decarbonization. By applying this guidance, companies can:

• Demonstrate the climate impact of your solutions.
• Make informed decisions that maximize decarbonization potential.
• Avoid greenwashing through credible, transparent, and conservative assessments and disclosure.
• Strengthen your role as solution providers in global climate challenges and the Net Zero transition.

Download the Guidance on Avoided Emissions v2.0

Explore more about Avoided Emissions