Category: 3. Business

  • FX reserves up $20m despite debt payments

    FX reserves up $20m despite debt payments


    KARACHI:

    Pakistan’s foreign exchange reserves recorded a marginal increase during the week ended October 3, 2025, despite substantial external debt repayments.

    According to data released by the State Bank of Pakistan (SBP), the central bank’s reserves rose by $20 million to $14.42 billion. During the same period, the SBP made external debt payments, including the repayment of a $500 million Pakistan Sovereign Eurobond.

    The country’s total liquid foreign reserves stood at $19.81 billion, comprising $14.42 billion held by the SBP and $5.39 billion held by commercial banks.

    Meanwhile, the Pakistani rupee recorded a slight appreciation against the US dollar on Thursday, rising by Rs0.01 in the inter-bank market. By the end of the trading session, the rupee stood at 281.20 against the greenback, compared to 281.21 a day earlier.

    Moreover, gold prices in Pakistan remained unchanged at Rs425,178 per tola, despite a sharp fall in the international market where bullion lost over 1% and slipped below the $4,000 per ounce mark. The global decline followed a stronger US dollar and profit-taking by investors after the announcement of a ceasefire deal between Israel and Hamas.

    According to the All Pakistan Sarafa Gems and Jewellers Association, the price of 10 grams of gold also stayed stable at Rs364,521. A day earlier, gold had surged by Rs8,400 per tola, reaching a record high of Rs425,178 amid a rally in global markets that pushed bullion past the $4,000 milestone for the first time.

    Adnan Agar, market analyst and Director at Interactive Commodities, noted while gold prices hit historic highs, some correction was expected due to overbought conditions and global market pressure. He added that silver, which also reached an all-time high earlier this week, has started showing signs of consolidation as investors turn cautious after the extraordinary rally.

    Silver, spurred by momentum in the gold market, strong investment demand and a persistent supply deficit, rose above $50 per ounce for the first time, according to Reuters.

    Spot gold fell 1.1% to $3,993.41 per ounce by 12:38 pm ET (1638 GMT). US gold futures for December delivery fell 1.6% to $4,006.40.

    The US dollar index was up 0.5% and hovered near a two-month high, making dollar-priced bullion more expensive for overseas buyers.

    “Speculators are taking some gold chips off the table as the Gaza ceasefire takes effect since it reduces the temperature in a historically volatile region,” said Tai Wong, an independent metals trader.

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  • BBVA and the Spanish corporate voice in Europe

    BBVA and the Spanish corporate voice in Europe

    As part of these efforts to promote dialogue, last week we welcomed Teresa Ribera, Executive Vice President of the European Commission for a Clean, Just and Competitive Transition. The session provided an enriching discussion between the senior European Commission representative and the business community regarding the challenges Europe is facing in its decarbonization process, without undermining its industrial base or global economic leadership.

    Despite the uncertain geopolitical context, Ribera was optimistic, pointing out that Europe has “great opportunities and strengths” to achieve its goals. But she warned that it is time to take a “qualitative leap” that entails working on two fronts: the domestic agenda, moving towards greater integration of the Single Market; and the external agenda through the redefinition  of its trade policy.

    In her remarks, the Vice President underscored six strategic pillars, from global geopolitical transformation and the technological rivalry between the U.S. and China, to the central role of sustainability as a driver of competitiveness and the need for a more integrated Single  Market and a stronger capital market – which is key to financing our innovation.

    The Green Deal Industrial Plan is a key instrument to accelerate the decarbonization and modernization of the European industrial sector. Its objectives include promoting the production of clean technologies, reducing external dependencies and establishing a common, coherent framework that ensures equal opportunities among countries and sectors.

    For Vice President Ribera, the discussion is not about whether we should move towards climate neutrality ensuring that the Green Deal targets “continue moving forward”, but about “how to fit the pieces together in the most efficient way”, supporting our SMEs so that no one gets left behind in this transition. At the bank, we support this vision, as we understand that sustainability and competitiveness are not conflicting goals, but rather complementary ones. Therefore, the success of the European model will depend on its ability to combine its climate ambition, social inclusion and technological innovation.

    In the subsequent open dialogue with the business community, Ribera addressed some of the concerns that were shared by the presidents of the sectoral commissions: Federico Ramos (Circular Economy); Isabel Puig (SMEs) and Patxi Calleja (Energy). Their questions focused on the main pillars of European competitiveness: the circular economy, administrative simplification, the industrial strength of SMEs and access to European funding. In this regard, they highlighted the urgency of making further progress on regulatory simplification, and emphasized the importance of supporting SMEs to ensure their full integration, preventing the green transition from becoming a barrier to growth.

    We are at a decisive moment. The European Union cannot afford to stand still. A clean, just and competitive transition will only be possible if the public and private sectors act as true strategic partners, each fulfilling their share of the commitment. It is a shared effort to build a stronger, more united Europe – one that is ready to lead the future.

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  • New Method Mimics Photosynthesis to Produce Ethylene

    New Method Mimics Photosynthesis to Produce Ethylene

    To an astounding extent, running the modern world depends on a single process: petrochemical steam cracking. However, the steam cracking process emits enormous quantities of greenhouse gases. As part of a global effort to address this, a laboratory in Dalian, China, is now exploring novel options to use CO2 itself as a feedstock instead of petroleum, in a process that mimics natural photosynthesis.

    —

    In gargantuan manufacturing facilities around the world, hydrocarbons (normally from petroleum) are put under enormous pressure and raised to 850C in order to crack them into the basic building blocks of chemical production. These are then recombined or processed in various ways to create a vast array of products such as plastics, fertilizers, cosmetics, agrochemicals, paints, vitamins, and pharmaceutical ingredients. It is hard to overstate the importance of such basic chemicals as the source of all of the other materials that make civilization possible.

    Ethylene is one of these basic building blocks. Consisting of a molecule composed of two carbon and four hydrogen atoms, it is one of the most fundamental products that result after applying heat and pressure to a hydrocarbon feedstock such as petroleum. Producing ethylene and other basic chemicals is enormously energy-intensive, emitting around 1.05kg to 1.3kg of greenhouse gas equivalents for each kilogram of ethylene manufactured in the cracker.

    One way of reducing these emissions, which has already been implemented at some demonstration plants, is to power the steam cracker with renewable electricity. Another option is to use alternative feedstocks such as biological oils, an approach that is also already happening in small quantities. However, the global supply of waste cooking oil is limited, and oil-producing agricultural crops may compete with food production.

    For decades, therefore, scientists have been searching for alternative ways to produce ethylene and other cracker products. One alternative could be to use carbon dioxide (CO2)  – a waste product of combustion and a damaging greenhouse gas – as the feedstock. In this case, the reaction would be catalyzed not with heat and pressure but with light. Indeed, nature already produces some ethylene when sunlight drives a reaction between water (which is made of hydrogen and oxygen) and CO2. Grade school students are familiar with this process, known as photosynthesis.

    Could a process similar to photosynthesis be used to synthesize the chemicals that humans consume in such enormous quantities? 

    To make this possible, the crucial missing element – hydrogen – must be added to the mix. This is known as hydrogenation. Fortunately, over the past several years, it has become cheaper to produce hydrogen with electrolysis, using renewable electricity. 

    Now, a new paper from the Dalian Institute of Chemical Physics describes a potential system for production of ethylene in a laboratory environment, using hydrogenated CO2 as the feedstock and sunlight as the catalyst. 

    In previous attempts to achieve a photosynthesis-like reaction, scientists had used water as their hydrogen source, just as plants do; the hydrogen is split off from the H2O directly, in order to hydrogenate the CO2. In the new method, however, scientists used hydrogen manufactured elsewhere, and bombarded a titanium dioxide catalyst with ultraviolet light – a so-called “photocatalytic” process. This allowed them to produce ethylene at room temperature, without the need for a 850C steam cracker.

    Bringing this process from the laboratory to the factory is crucially dependent on the availability of cheap green hydrogen – in other words, hydrogen produced with renewable electricity. 

    BASF steam cracker in Nanjing, China. Photo: BASF SE.

    In an emailed response to Earth.Org, Daniel Keck, Head of Technology, Basic Petrochemicals at BASF said using this pathway to produce basic chemicals “can be an interesting alternative,” although he added that only low electricity prices can guarantee competitiveness. 

    “This is especially true for the specific example of CO2 activation, because it requires a large amount of electrical energy. In this sense, photocatalytic materials could be an interesting alternative but still require hydrogen as a feedstock that needs to be produced by electrolysis,” he added.

    The new approach presented in the paper, which was published last month, produced an extremely high yield of ethylene – more than 99%. However, the process relies on highly specific steps such as creating a type of “dipole” by situating holes on metallic gold nanoparticles with a titanium oxide layer. The process is, as such, limited to an experimental phase. 

    According to Keck, the method is still at a “very early stage of technology deployment.”

    “This conceptual approach will need to be further developed towards efficiency and overall system cost with the target to develop a commercial technology. While the approach offers benefits, the technology hurdles for deployment are not to be underestimated and will require several years of development,” he said.

    While the distance from the “lab to the fab” can be great, its potential when deployed at scale would be enormous. Global ethylene production, currently at 177 million tons per year, is projected to grow 262 million tons by 2035, with Asia accounting for more than 40%. A more sustainable path to ethylene production could impact not only this US$238 billion market but the future of our planet.

    Featured image: BASF SE.

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  • Govt allocates Rs9b for EV adoption

    Govt allocates Rs9b for EV adoption


    ISLAMABAD:

    The government has allocated Rs9 billion under the Pakistan Accelerated Vehicle Electrification (PAVE) scheme for the current fiscal year, aiming to subsidize the purchase of approximately 116,000 electric bikes and 3,000 electric rickshaws and loaders.

    Responding to a query raised by Anusha Rehman during Question Hour in Senate, State Minister for Railways, Finance and Revenue Bilal Azhar Kayani stated that the initiative falls under the recently launched New Energy Vehicle (NEV) Policy 2025–30, which is aimed at accelerating the adoption of electric vehicles and enhancing local EV manufacturing capabilities.

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  • Swiss companies target alternative export markets

    Swiss companies target alternative export markets

    Imogen FoulkesBern, Switzerland

    AFP via Getty Images A gloomy looking Karin Keller-Sutter, with economy minister Guy Parmelin, leave the US Department of State after talks in August.AFP via Getty Images

    So far President Karin Keller-Sutter has failed to reduce US tariffs on Swiss goods

    President Trump’s tariffs have caused shock worldwide, with governments scrambling to find a deal to placate him. Some have managed: the UK got in first, with a sweet deal of just 10%, the European Union crept in behind with 15%.

    Still more than they were paying before Mr Trump’s “liberation day”, but less than they had feared.

    Spare a thought then for Switzerland, which has been hit with punitive tariffs of 39%, and has so far been unable to persuade the US president to relent. Switzerland is not in the EU, so it can’t benefit from the deal struck by Brussels.

    But Switzerland is regularly ranked as the world’s most competitive and innovative economy. It is also one of the biggest investors in the US, creating, Swiss business leaders say, 400,000 jobs. That’s why they find the US strategy not only outrageous, but inexplicable.

    “Thirty nine percent tariffs: I was just shocked,” says Jan Atteslander, director of international relations for the Swiss business federation Economiesuisse.

    “This is unjustified, you can’t explain why they are so high.”

    Getty Images Bars of Swiss chocolate on a shop shelf.Getty Images

    Around 17% of Swiss exports go to the US

    Since the tariffs (the highest in Europe and the fourth-highest worldwide) were announced on 1 August, the Swiss government has been desperately trying to renegotiate with Washington, to no avail. The US president, it seems, has moved on to other matters.

    Around 17% of all Swiss exports go to the US, a market Switzerland cannot afford to lose overnight. Now that the tariffs have come into effect, the once muscular Swiss economy is suffering. Economic growth is shrinking, and job losses in key industries appear inevitable.

    Switzerland’s most lucrative exports to the US are pharmaceuticals. Ironically, they are not affected by the 39% tariffs, but might be subject to the 100% tariff on imported medicines that Trump recently threatened. That would be another huge blow.

    Another big Swiss exporter to the US is Switzerland’s world-leading medical technology industry.

    “It’s precision mechanics, it has its roots in the watchmaking industry,” explains Adrian Hunn, who is managing director of Swiss Medtech, the trade body representing the industry.

    MPS An MPS worker with short hair looks into a microscopeMPS

    The US is an important market for precision instrument firms like MPS

    The town of Biel, the historic home of Swiss watchmaking, and now the site of medical technology companies, demonstrates why there may be no winners, but only losers, from Washington’s tariff policy.

    The company MPS (short for micro precision systems), produces medical instruments from aortic valve replacements to the tiniest of surgical drills, used in hip or knee replacements. Just the kind of things a wealthy country with an ageing, and increasingly overweight population – like the US – needs.

    So precise is the production process, that even the machines used to produce the devices are made and specially calibrated locally.

    “It’s a very integrated way of working,” explains MPS’s CEO Gilles Robert.

    “Measuring equipment, milling tools, cutting liquids. That’s why we call it an ecosystem that we have here in Switzerland.”

    Mr Robert’s proudest product is the engine for the world’s only medically-registered artificial heart.

    Just 120 of them have been transplanted worldwide. “It’s a pump that will pulse in both sides, to create beating in both chambers, and allow people currently waiting for a transplant, people with terminal heart deficiencies, to keep on living.”

    Technology like this is very different from the car industry, where, often, the brakes are made in one country, the windscreen wipers or door handles in another, and everything is assembled in a third.

    That’s why Mr Robert is not convinced that Trump’s stated strategy of moving production to the US could work.

    “It would be extremely challenging if not impossible to separate the components from the actual product assembly,” he says. “And I think those types of skills would be extremely hard to find in the US.”

    MPS In a white lab coat, Gilles Robert speaks to a colleague who is holding an electrical device.MPS

    It would be “extremely challenging” to move production to the US, says Gilles Robert

    Trump has said the countries hit with tariffs will “eat them”. So can MPS absorb the 39%?

    “They had the best price before the new tariffs came into effect,” says Mr Robert.

    “We don’t have the leeway to give a discount to our customers, because the margins are already as low as they can be.”

    Instead, says Adrian Hunn of SwissMedTech, “Medical devices will get more expensive for US patients.”

    And he adds, probably for US taxpayers as well. “Costs for hospitals and healthcare systems in the US in many cases are funded by public reimbursement programmes, and this means taxpayers bear the burden.”

    Perhaps even more worrying for patients, since some high precision medical devices are made only in Switzerland, is the possibility that Swiss companies will stop exporting to the US altogether.

    “These are companies that have very good products,” says Jan Atteslander of Economiesuisse. “And they have told us, we just stopped delivering, sorry guys.”

    Mr Atteslander and Mr Hunn agree with the Swiss government’s strategy of not retaliating to the US tariffs. Switzerland’s David, the thinking goes, cannot realistically take on America’s Goliath.

    But the Swiss are actively chasing other markets. A trade deal with India – “the fastest growing economy on the planet, 1.4 billion potential consumers,” Mr Atteslander points out – came into force on 1 October.

    An agreement with South American trade block Mercosur has also just been concluded, Switzerland’s longstanding trade deal with China is being upgraded, and free trade with the EU, the market for 50% of all Swiss export, remains intact.

    So although the US tariffs are already damaging the Swiss economy, and some still cling to hope that Trump may change his mind, there is also a quiet confidence that Switzerland will, if it has to, weather this storm.

    “To be a successful export nation, you have to have resilience in your DNA,” says Mr Atteslander.

    The more long-term damage may be to the traditionally good business relations between the two countries. In Switzerland, there is a real feeling of hurt. The US wasn’t just an important market: the Swiss loved doing business there.

    Many thought they had found entrepreneurial soulmates, more oriented to the free market than their more regulated partners in the EU. Now, both Adrian Hunn of SwissMedTech and Gilles Robert of MPS have abandoned that notion – for now at least.

    “I lived six years in the US, so I was very close,” says Mr Hunn.

    “I have a lot of friends there. So, this, it didn’t change my view of America, but it did change my view, you know, of how the current administration in the US is acting globally, and treating allies.”

    “I studied a year in the US,” says Mr Robert.

    “It had an impact on me, on my way of looking at the world. How you can take risks, be an entrepreneur, and be positive about the future.”

    But, he adds hopefully: “Even though I’m sad about this situation, we will overcome, we’ll find solutions, and I’m sure in the end reason will prevail.”

    More Technology of Business

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  • Integrating pollution registers for corporate climate-risk assessment

    The year 2024 was confirmed by the Copernicus Climate Change Service to be the warmest year on record globally, and the first calendar year that the average global temperature exceeded 1.5°C above its pre-industrial level. As climate change intensifies, the financial and regulatory risks facing businesses are under increasing scrutiny. Governments and financial institutions worldwide are aligning corporate reporting requirements with the recommendations of the Task Force on Climate-related Financial Disclosures.

    The EU has taken a decisive step by implementing the Corporate Sustainability Reporting Directive (European Commission 2023), mandating around 50,000 companies, including 10,000 foreign companies, to report on climate-related risks from 2025. While disclosure requirements are becoming more stringent, recent studies suggest that corporate climate disclosure is becoming too costly and often a mere box-ticking exercise, with firms engaging in ‘greenwashing’ or selective reporting of non-material risks (Bingler et al. 2022). This raises a crucial question: how can investors, regulators, and consumers ensure they have a clear, standardised, and comparable understanding of climate risks across industries and geographies at a reasonable cost?

    In November 2024, European Commission President Ursula von der Leyen announced the Omnibus Environmental, Social, and Governance (ESG) Regulation to consolidate and simplify corporate sustainability reporting obligations. Our background research and this column recommend a methodology that can support the simplification of reporting, while providing comparable and standardised data and maintaining reporting requirements for a large number of companies without extra burden.

    A novel and cost-effective approach to measuring climate risk

    In our recent research (Erhart et al. 2025), we propose a comprehensive method for assessing corporate climate risks by integrating data from major pollutant release and transfer registers and greenhouse-gas reporting programmes with satellite observations across 30 countries, including Australia, Canada, the EU, and the US. Our study analyses data from 70,000 industrial firms and their 170,000 facilities, offering an unprecedented large-scale approach to evaluating both transition and physical climate risks required by the Corporate Sustainability Reporting Directive and the related European Sustainability Reporting Standard (Figure 1).

    Figure 1 Climate change transition and physical risks covered in our study

    Notes: ESRS: European Sustainability Reporting Standard. GHG: greenhouse gas.
    Data sources: European Environment Agency, EU Pollutant Release and Transfer Register, US Environmental Protection Agency (EPA), EPA Toxic Release Inventory, Facility Level Information from the EPA Greenhouse Gases Tool (FLIGHT), Canadian National Pollutant Inventory, Australian Clean Energy Regulator, National Greenhouse and Energy Reporting, Canadian Greenhouse Gas Reporting Programme, Australian National Pollutant Release Inventory.

    Key findings: Climate risks are not uniform

    Our research highlights that climate risks manifest differently across industries and locations.

    1. Transition risk. Measured through reported greenhouse gas emissions, transition risk is highest for industrial plants in the US. Companies with high emissions may continue to face regulatory and market pressures to decarbonise or risk losing investor confidence in the long run.

    2. Physical risk. Assessed via historical data on cooling energy needs (heat risk), flood exposure, and photovoltaic power potential, physical risks are highly location-dependent. For instance, heat risk is more severe for firms in Australia, Southern Europe, and the southern US, while flood exposure is more pronounced in Central Europe and the eastern US (Figures 2 and 3).

    Figure 2 Flood exposure (maximum historical water discharge at industrial company sites)

    Notes: White bubbles on the map indicate company facilities without historical flood risk, while blue bubbles indicate company facility locations with historical flood risk.
    Source: Erhart et al. (2025).

    Figure 3 Heat risk of industrial company sites in the sample in cooling degree days

    Note: Map colour scale: green is the lowest heat risk (in terms of cooling degree days) and red is the highest. 2019 observations were used.
    Source: Erhart et al. (2025).

    3. No strong correlation between transition and physical risks. Unlike common assumptions, our findings indicate that transition and physical risks are not necessarily correlated at the company level. Some firms may have low emissions but face high physical risks due to extreme weather exposure, while others with high emissions may operate in less climate-vulnerable locations.

    Figure 4 No strong correlation between transition and physical risks

    Notes: Combined figure of Pearson correlation ratios and significance levels (upper right cells), indicator histograms (diagonal cells), pairwise scatter plots of indicators (lower left cells). (a) Heat risk (cooling degree days, cdd). (b) Flood risk, maximum historical water discharge (metres). (c) Photovoltaic potential, long-term average daily total of kilowatt-hour (kWh) from optimally tilted 1kWp panel. (d) greenhouse gas (equivalent in kilogrammes, Co2eqKg). 2019 observations were used for the greenhouse gas emissions.
    Source: Erhart et al. (2025).

    Policy and investment implications

    These findings have critical implications for policymakers, investors, and corporate managers.

    • Standardising risk disclosure. The lack of correlation between transition and physical risks underscores the need for a more comprehensive risk-assessment framework that captures both dimensions. Current reporting standards should evolve to reflect this complexity.
    • Investor strategy and portfolio diversification. Investors need to look beyond headline emissions figures and assess the physical climate risks embedded in their portfolios. Firms with high flood or heat exposure may require additional adaptation investments.
    • Corporate risk management. Businesses must develop holistic climate-risk strategies that integrate both mitigation (reducing emissions) and adaptation (enhancing resilience to climate impacts).

    A call for better data integration

    Our study demonstrates that publicly available pollution registers and satellite observations of physical climate risks offer a valuable, yet underutilised, resource for regular climate-risk assessments. However, these datasets remain fragmented across jurisdictions, limiting their effectiveness for global risk evaluation. We recommend greater international coordination in environmental reporting and data integration to enhance transparency and comparability.

    With upcoming regulatory changes, companies, investors, and regulators must adopt more rigorous and data-driven approaches to climate-risk assessment. By leveraging pollution registers and satellite imaging and radar observations, we can gain a clearer and more actionable picture of industrial climate risks, ultimately fostering a more resilient and sustainable global economy.

    References

    Bingler, J A, M Kraus, M Leippold and N Webersinke (2022), “Cheap talk and cherry-picking: What ClimateBert has to say on corporate climate risk disclosures”, Finance Research Letters 47(Part B).

    Copernicus Climate Change Service (2025), Copernicus: 2024 is the first year to exceed 1.5°C above pre-industrial level, Global Climate Highlights 2024.

    Erhart, S, S Szabó, and K Erhart (2025), “Integrating pollutant registers for the climate change risk evaluation of industrial companies in Australia, Europe and North America”, Nature Scientific Reports 15(1207).

    European Commission (2023), “New rules on corporate sustainability reporting: The Corporate Sustainability Reporting Directive”.

    EU (2023), “Regulation of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector”, PE/87/2019/REV/1.

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  • How firms respond to import competition: Labour force reduction, product/industry switching, and off-shoring

    As global trade has expanded – especially with the ascent of China – concerns about job losses and deindustrialisation in high-income countries have grown. While many studies document the level of impact of import competition on employment, we know less about how firms adapt. Do they downsize, switch product lines/industries, or reorganise production through offshoring to cushion the blow? In a recet paper (Ito and Matsuura 2025), we address these questions using a uniquely rich panel of Japanese firms spanning 1997–2014, focusing on three margins of adjustment: employment (especially production workers), industry switching, and offshoring (imports of intermediates from Asia). We also ask when these adjustments occur – either immediately or with a lag.

    Figure 1 documents a clear rise in Chinese import penetration into Japan from the late 1990s onward, with only a crisis-era pause. Over the same period, Japan’s manufacturing share of employment fell from 20.8% in 1995 to 15.3% in 2015) (Figure 2), providing prima facie evidence of structural pressure.

    Figure 1 Import penetration ratio from China

    Note: Chinese import penetration is computed as Import from China/Domestic demand, where Domestic demand = Domestic production + Imports from the world – Exports to the word.
    Source: Authors’ calculations based on System of National Accounts (Cabinet Office) and JIP database (RIETI).

    Figure 2 Share of manufacturing employment in Japan

    Source: Authors’ computation from the System of National Accounts (Cabinet Office of Japan).

    How do firms respond to intensifying import competition from China? Table 1 presents the distribution of firms according to their response patterns. Firms are categorised into four groups based on their reactions. The first group consists of firms that neither reduce employment nor switch industries, labeled “NoAdjust”. The second group includes firms that adjust employment only (“EmplAdjustOnly”), while the third group comprises firms that switch industries only (“IndSwitchOnly”). The fourth group consists of firms that adopt both strategies – employment adjustment and industry switching – labeled “BothEmplSwitch”. Employment adjustment is defined as a reduction of 10% or more in the number of production workers over the previous five years. Industry switching refers to a change in a firm’s primary four-digit industry classification.

    To assess the impact of Chinese import competition, we compare firms operating in the top and bottom five industries based on the extent of change in Chinese import penetration. Among all firms shown in column (1), 54% made no adjustments (NoAdjust), 30.5% implemented only employment reductions (EmplAdjustOnly), 9.2% switched industries without adjusting employment (IndSwitchOnly), and 6.3% pursued both strategies (BothEmplSwitch). Columns (2) and (3) present firms in the bottom five and top five industries, respectively, based on the degree of change in Chinese import penetration. In the bottom five industries, shown in column (2), 58% of firms did not implement any adjustments (NoAdjust). While the share of firms engaging in industry switching – either alone or in combination with employment reductions – was low, the proportion of firms implementing only employment adjustments was similar to that observed for all firms. By contrast, in the top five industries, presented in column (3), the share of firms that made no adjustments was lower, at 48%. The proportion of firms that engaged only in industry switching or that strategy in combination with employment reduction was notably higher at 11% and 9.7%, respectively. These patterns suggest that firms exposed to greater import competition from China are more likely to respond with a combination of employment adjustment and industry switching.

    Table 1 Firm’s reaction patterns

    Source: Authors’ computation from the Basic Survey of Japanese Business Structure and Activities　（BSJBSA）and the Census of Manufacture (COM) data of the Ministry of Economy, Trade and Industry (METI).

     Econometric analyses using the multinomial logit model demonstrated the following:

    • Rising imports have led many firms to reduce their workforce, with production workers experiencing significant losses, in line with the cases shown for the US in Autor et al. (2013) and Acemoglu et al. (2016).
    • Firms that engaged in product switching experienced less severe employment losses than those that did not, suggesting that product switching could be an effective coping strategy. This finding resonates with those found in Iacovone et al. (2013) and Miranda et al. (2011), among others.
    • Import competition has an immediate effect on the employment of production workers, whereas overall firm-level employment adjustment and product switching tend to occur with a delay of two to three years.
    • Offshoring also plays a crucial role in mitigating the adverse effects of import competition. This finding, which complements that in Hayakawa et al. (2021), highlights the importance of offshoring in sustaining employment and suggests that globalisation should not simply be regarded as a factor that reduces job opportunities.

    Author’s note: The main research on which this column is based (Ito and Matsuura 2025) first appeared as a Discussion Paper of the Research Institute of Economy, Trade and Industry (RIETI) of Japan.

    References

    Acemoglu, D, D Autor, D Dorn, G Hanson and B Price (2016), “Import Competition and the Great US Employment Sag of the 2000s”, Journal of Labor Economics 34(1): S142-S198.

    Autor, D, D Dorn and G Hanson (2013), “The China Syndrome: Local Labor Market Effect of Import Competition in the United States”, American Economic Review 103(6): 2121-2168.

    Hayakawa, K, T Ito and S Urata (2021), “Impacts of Increased Chinese Imports on Japan’s Labor Market”, Japan and the World Economy 59, 101087.

    Ito, T and T Matsuura (2025), “Import Competition and Restructuring Strategies: Evidence from Japanese firm-level data”, RIETI Discussion Paper Series 25-E-059

    Iacovone, L, F Rauch and L A Winters (2013), “Trade as an engine of creative destruction: Mexican experience with Chinese competition”, Journal of International Economics 89(2): 379–392.

    Miranda, V, M-M Badia and I Van Beveren (2012), “Globalization drives strategic product switching,” Review of World Economics 148: 45-72.

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  • [International Day of the Girl Child] Samsung Solve for Tomorrow and Samsung Innovation Campus Uplift Girls in STEM – Samsung Global Newsroom

    [International Day of the Girl Child] Samsung Solve for Tomorrow and Samsung Innovation Campus Uplift Girls in STEM – Samsung Global Newsroom

    Observed annually on October 11, International Day of the Girl Child celebrates girls around the world. Through Solve for Tomorrow and Samsung Innovation Campus (SIC), Samsung Electronics helps young women pursue STEM (science, technology, engineering and mathematics) careers and empowers them to strengthen their communities.

     

    Ahead of this year’s International Day of the Girl Child, Samsung Newsroom highlights the impact of these programs and spotlights young women forging meaningful careers in technology.

     

     

    India: From Beginner to Hackathon Winner

    Growing up in Bangalore, Vaishnavi Kambar had no exposure to coding and never imagined joining a hackathon. After developing her skills at SIC and gaining experience as an intern, she went on to win HackToFuture 3.0. How does someone go from knowing little about programming to claiming victory so quickly? For Kambar, the answer wasn’t a single breakthrough but steady support and collaboration at SIC. There, she advanced her technical abilities and gained the confidence to perform at a high level.

     

     

    Early in the program, Kambar worried her mentor might grow frustrated with her questions. Instead, she found patience and guidance. She credits this empathy as the foundation that encouraged her to keep learning and to speak up when in doubt.

     

    For Kambar, SIC was a turning point. She learned to present ideas, work in teams and solve problems under pressure — experiences that reshaped how she sees herself. Now, she urges other young women interested in technology or innovation to approach the journey with courage and an open mind.

     

    “Just take the plunge, even if you feel like you don’t belong. I started with no coding knowledge and a biology background,” said Kambar. “At times I felt like an outsider, but I kept going, one step at a time. Each time I pushed through the fear, I grew stronger.”

     

     

    Armenia: From Learner to Leader

    In Armenia, Hasmik Kettsyan discovered SIC as a place to grow. Although she already had coding experience, she often felt isolated in tech settings as the only girl in the room. At SIC, encouragement and trust created an environment where she could apply coding theory to real-world problems — a key step in finding purpose in her work.

     

     

    “Different perspectives lead to better solutions, and the field gets stronger when more people are involved,” said Kettsyan, now a tech professional who encourages more young women to enter the field. “Find people who support you and keep pushing yourself. Your ideas matter more than you might realize.”

     

    Inspired by her time at SIC, Kettsyan is now paying it forward. Soon after completing the program, she organized a technology summer camp for younger students in her community and began writing a book on innovation that she hopes to publish. For her, inspiring others has become one of the most rewarding parts of the SIC experience — and it continues to drive her to give back.

     

    China: Learning Through Challenge

    Ziyun Xu, a recent graduate of New York University Shanghai, is headed to Yale University to pursue her dream of protecting the environment. As a high school freshman in 2019, she wasn’t sure how to begin research. That changed when she joined Samsung Solve for Tomorrow, where she quickly learned the rigors of the process and advanced rapidly as a young scientist.

     

     

    At one point, Xu revised her project seven times in just three days — each requiring a complete rethink of her approach — while also reviewing 280 sources to strengthen her paper. The experience laid the foundation for more advanced work that later took her research beyond the lab.

     

    In Guangxi, Xu and her teammates worked in the countryside to design better-ventilated cattle sheds for local families, improve silage feed and use fermented cow dung to raise earthworms. Although farmers were initially skeptical, they grew to appreciate the team’s efforts. “The owner of the cattle farm sincerely thanked us for everything we had done,” she recalled.

     

     

    Xu credits Solve for Tomorrow as the stepping stone to her dream, providing girls an outlet to explore science while serving their communities. She has since carried that spirit forward — mentoring younger students and presenting her findings at global conferences. “Every girl should believe that an idea from her youth might change some corner of the world,” she said.

     

     

     

    Germany: Expanding Opportunities for Girls in STEM Around the World

    For girls interested in STEM careers worldwide, Solve for Tomorrow and SIC have built a legacy of empowerment and community impact. As a global leader in youth education, Samsung also runs initiatives such as Girls’DAI. At the April 2025 event hosted by Samsung Electronics Germany, 36 girls toured the Samsung Space at the company’s headquarters in Eschborn — exploring three levels of AI technology, experiencing Galaxy AI firsthand and learning about responsible and creative uses of AI.

     

     

    “Our Girls’DAI has shown how much potential lies in the next generation — bold questions, creative ideas and an open view of technology. Anyone who wants to shape AI needs these perspectives,” said Katharina Strohmeier, Project Manager of Corporate Citizenship at Samsung Electronics Germany. “Girls bring these perspectives, and that makes the future smarter, fairer and more diverse.”

     

    Whether by supporting girls to become accomplished researchers or by offering hands-on exposure to the latest technology, Samsung is committed to opening educational opportunities for the next generation worldwide.

     

    Learn more about Samsung’s CSR initiatives in the links below.

     

    Samsung Solve for Tomorrow is a global STEM competition that empowers students to develop creative, real-world solutions to community challenges while building skills, confidence and connections that prepare them to lead and inspire change.

     

    Samsung Innovation Campus is a global education program that equips youth — including underrepresented groups — with advanced IT skills in areas like AI, big data and IoT, along with hands-on training and mentorship to pursue careers, startups and social impact in the digital era.

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  • Hyundai Motor and PlusAI Recognized in TIME’s ‘Best Inventions 2025’ for Autonomous Hydrogen Fuel Cell Truck

    Hyundai Motor and PlusAI Recognized in TIME’s ‘Best Inventions 2025’ for Autonomous Hydrogen Fuel Cell Truck

    SEOUL/SANTA CLARA, CALIF., October 10, 2025 – Hyundai Motor Company and PlusAI’s autonomous XCIENT Fuel Cell Class 8 heavy-duty truck has been named one of TIME’s ‘Best Inventions of 2025’.

    For over two decades, TIME has published its annual Best Inventions list, spotlighting innovations that transform how we live, work and move. This year’s selection of 300 groundbreaking solutions highlights the industry-defining potential of Hyundai Motor and PlusAI’s hydrogen-powered autonomous truck.

    The award-winning truck integrates Hyundai Motor’s proven XCIENT Fuel Cell Class 8 heavy-duty truck platform — the world’s first mass-produced hydrogen-powered heavy-duty truck — with PlusAI’s Level 4 autonomous SuperDrive™ virtual driver. The combination delivers a cutting-edge solution for long-haul freight, enabling zero-tailpipe-emission operations and enhanced logistics efficiency.

    “This recognition by TIME is a testament to the power of innovation and collaboration,” said Chul Youn Park, Senior Vice President and Head of Global Commercial Vehicle and Light Commercial Vehicle Business Division at Hyundai Motor Company. “It’s a true honor to be recognized by TIME’s Best Inventions, which celebrates innovations that shape a better future. At Hyundai, we aim to contribute to building a sustainable and safe freight ecosystem through hydrogen-powered commercial vehicles. We deeply value our partnership with PlusAI, which has been instrumental in realizing this shared vision.”

    David Liu, CEO and Co-founder at PlusAI, added, “It is an honor to have TIME recognize our collaboration with Hyundai Motor as one of the Best Inventions of 2025. This award underscores PlusAI’s leadership as an AI-native technology company, where our autonomous driving system is designed from the ground up to deliver innovation with safety and scalability at its core. By combining Hyundai’s hydrogen fuel cell platform with our cutting-edge autonomous driving software, we are setting a new benchmark for sustainable and transformative freight transportation.”


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  • Celltrion receives U.S. FDA approval for EYDENZELT® (aflibercept-boav), biosimilar referencing EYLEA® (aflibercept)

    Celltrion receives U.S. FDA approval for EYDENZELT® (aflibercept-boav), biosimilar referencing EYLEA® (aflibercept)

    • EYDENZELT® is approved for the treatment of patients with neovascular (wet) age-related macular degeneration (wAMD), macular edema following retinal vein occlusion (RVO), diabetic macular edema (DME), and diabetic retinopathy (DR)
    • Celltrion plans to enter the U.S. ophthalmology market to meet diverse needs of patients suffering from various eye conditions

    INCHEON, South Korea, Oct. 9, 2025 /PRNewswire/ — Celltrion, Inc. today announced that the U.S. Food and Drug Administration (FDA) has approved EYDENZELT® (aflibercept-boav), biosimilar referencing EYLEA® (aflibercept), for the treatment of neovascular (wet) age-related macular degeneration (wAMD), macular edema following retinal vein occlusion (RVO), diabetic macular edema (DME) and diabetic retinopathy (DR).[1]

    Aflibercept is a VEGF inhibitor formulated as an injection for the eye that blocks the growth of new blood vessels and decreases the ability of fluid to pass through blood vessels (vascular permeability) in the eye by blocking VEGF-A and placental growth factor (PlGF), two growth factors involved in ocular angiogenesis.

    “Timely access to effective therapies is essential for individuals affected by retinal diseases. We are proud to have EYDENZELT approved by the FDA, and we look forward to expanding the availability and access of biological treatments across the U.S.,” said Dr. Juby Jacob-Nara, Senior Vice President and Chief Medical Officer at Celltrion USA. “With EYDENZELT demonstrating biosimilarity to its reference product, we believe this approval will mark a significant milestone in the treatment landscape of retinal diseases—helping physicians broaden their options and improving patient outcomes.”

    The FDA approval was based on a totality of evidence including analytical, nonclinical, and clinical data. In a randomized, double-masked, parallel-group, multicenter phase III study of EYDENZELT, the efficacy, safety, pharmacokinetics, and immunogenicity of EYDENZELT was compared to EYLEA in patients with diabetic macular edema (DME). The 52-week trial included 348 patients with DME. The primary endpoint was the change in best corrected visual acuity measured at week 8 from baseline, comparing EYDENZELT and EYLEA. Results of the study showed that EYDENZELT met the predefined equivalence criteria, and secondary endpoints of efficacy, safety, and immunogenicity also showed trends similar to EYLEA.

    “Advanced age-related macular degeneration (AMD) is a leading cause of irreversible blindness and visual impairment in the world and nearly 20 million people in the U.S. are living with some form of age-related macular degeneration,” said Dr. David M. Brown, Director, Retina Consultants of Texas Research Centers, Co-chair, Medical Leadership Board Retina Consultants of America. “EYDENZELT will be an important new addition to our options for the treatment of our patients with serious retinal diseases.”

    EYDENZELT is Celltrion’s first FDA-approved biologic product in ophthalmology. EYDENZELT was also approved by the European Commission (EC) in February 2025.   

    ###

    About EYDENZELT® ( aflibercept-boav ) 

    EYDENZELT® (aflibercept-boav) is a vascular endothelial growth factor (VEGF) inhibitor referencing EYLEA® (aflibercept). EYDENZELT is approved based on a comprehensive data confirming the therapeutic equivalence EYLEA. In the U.S., EYDENZELT is indicated for the treatment of patients with neovascular (wet) age-related macular degeneration (AMD), macular edema following retinal vein occlusion (RVO), diabetic macular edema (DME) and diabetic retinopathy (DR).

    INDICATIONS

    EYDENZELT® (aflibercept-boav) is indicated for the treatment of patients with:

    • Neovascular (Wet) Age-Related Macular Degeneration (AMD)
    • Macular Edema Following Retinal Vein Occlusion (RVO)
    • Diabetic Macular Edema (DME)
    • Diabetic Retinopathy (DR)

    IMPORTANT SAFETY INFORMATION

    • EYDENZELT is contraindicated in patients with ocular or periocular infections, active intraocular inflammation, and hypersensitivity to aflibercept or any of the excipients in EYDENZELT.
    • Instruct patients and/or caregivers to report any signs and/or symptoms suggestive of endophthalmitis, retinal detachment, or retinal vasculitis without delay and should be managed appropriately.
    • Increases in intraocular pressure have been seen within 60 minutes of an intravitreal injection. Intraocular pressure and the perfusion of the optic nerve head should be monitored and managed appropriately.
    • There is a potential risk of arterial thromboembolic events (ATEs) following intravitreal use of VEGF inhibitors, including aflibercept products. ATEs are defined as nonfatal stroke, nonfatal myocardial infarction, or vascular death (including deaths of unknown cause).
    • The most common adverse reactions (≥5%) reported in patients receiving aflibercept were conjunctival hemorrhage, eye pain, cataract, vitreous detachment, vitreous floaters, and intraocular pressure increased.

    For more information, see Full Prescribing Information .

    About Celltrion , Inc.

    Celltrion, Inc. is a leading biopharmaceutical company that specializes in researching, developing, manufacturing, marketing and sales of innovative therapeutics that improve people’s lives worldwide. Celltrion is a pioneer in the biosimilar space, having launched the world’s first monoclonal antibody biosimilar. Our global pharmaceutical portfolio addresses a range of therapeutic areas including immunology, oncology, hematology, ophthalmology and endocrinology. Beyond biosimilar products, we are committed to advancing our pipeline with novel drugs to push the boundaries of scientific innovation and deliver quality medicines. For more information, please visit our website www.celltrion.com/en-us and stay updated with our latest news and events on our social media: LinkedIn, Instagram, X, and Facebook.

    About Celltrion USA

    Celltrion USA is Celltrion’s U.S. subsidiary established in 2018. Headquartered in New Jersey, Celltrion USA is committed to expanding access to innovative biologics to improve care for U.S. patients. Celltrion currently has ten biosimilar products approved by the U.S. FDA: INFLECTRA® (infliximab-dyyb), TRUXIMA® (rituximab-abbs), HERZUMA® (trastuzumab-pkrb), VEGZELMA® (bevacizumab-adcd), YUFLYMA®(adalimumab-aaty), AVTOZMA® (tocilizumab-anho), STEQEYMA® (Ustekinumab-stba) STOBOCLO® (denosumab-bmwo), OSENVELT® (denosumab-bmwo), and OMLYCLO® (omalizumab-igec) as well as a novel biologic ZYMFENTRA® (infliximab-dyyb). Celltrion USA will continue to leverage Celltrion’s unique heritage in biotechnology, supply chain excellence and best-in-class sales capabilities to improve access to high-quality biopharmaceuticals for U.S. patients. For more information, please visit www.celltrionusa.com, and stay updated with our latest news and events on our social media: LinkedIn.

    FORWARD-LOOKING STATEMENT

    Certain information set forth in this press release contains statements related to our future business and financial performance and future events or developments involving Celltrion, Inc. and its subsidiaries that may constitute forward-looking statements, under pertinent securities laws.

    These statements may be also identified by words such as “prepares”, “hopes to”, “upcoming”, “plans to”, “aims to”, “to be launched”, “is preparing”, “once gained”, “could”, “with the aim of”, “may”, “once identified”, “will”, “working towards”, “is due”, “become available”, “has potential to”, the negative of these words or such other variations thereon or comparable terminology.

    In addition, our representatives may make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Celltrion, Inc. and its subsidiaries’ management, of which many are beyond its control.

    Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect to the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them.

    Such forward-looking statements necessarily involve known and unknown risks and uncertainties associated with the company’s business, including the risk factors disclosed in its Annual Report and/or Quarterly Reports, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such statements.

    Celltrion, Inc. and its subsidiaries undertake no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws.

    Trademarks

    EYDENZELT® is a registered trademark of Celltrion, Inc.
    EYLEA® is a registered trademark of Regeneron Pharmaceuticals Inc.

    References

    [1] EYDENZELT U.S. prescribing information (2025)

    US–24-00028

    For further information please contact:
    Katie Gallagher
    [email protected]
    +1 617-657-1324

    SOURCE Celltrion


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