Category: 3. Business

When it comes to nutrition trends, protein is having a major moment. Walk down the aisle of any grocery store and you can find protein-infused popcorn, yogurt, ice cream and more. And, of course, there are plenty of protein powders and shakes to buy. If you rely on the latter to get more protein into your diet, you’ll want to pay attention: Recently, Consumer Reports launched an investigation to look into what those powders and shakes actually contain. The results: Of the 23 brands it tested, more than two-thirds contained more lead than food safety experts say is safe to consume in one day.

Before rushing to throw out all the protein products currently in your pantry, read on to learn more about what this news really means — including how concerned you need to be.

Is there lead in protein powders and shakes?

Consumer Reports tested 23 protein powders and ready-to-drink shakes. Through this testing, it was found that approximately two-thirds of those tested contain more lead in a single serving than experts say is safe, which is under 0.5 micrograms a day. Some even had up to 10 times the recommended daily intake, according to the report.

Of all of the protein powders and shakes tested, plant-based options had, on average, much higher levels of lead than those that were dairy or animal-based. The dairy-based protein products had the lowest amount of lead, but several still had high enough numbers that experts from Consumer Reports advised against using them daily. NBC Select has not independently verified these findings.

Why is consuming high levels of lead potentially dangerous?

According to the World Health Organization (WHO), consuming high levels of lead can impact your body in various ways and is considered to be harmful. Once lead is consumed, it is distributed to various organs — including the brain, kidneys and bones. High levels of lead exposure have been connected to anaemia, hypertension, renal impairment, cardiovascular issues and more, according to WHO.

Which brands had high levels of lead?

As mentioned, Consumer Reports tested 23 protein powders and ready-to-drink shakes. Based on the results, it sorted the tested items into three categories: what you should avoid, what you should limit and what its experts deemed safe to consume. NBC Select has not independently verified these findings.

Those results can be found below:

Products to avoid

• Naked Nutrition Vegan Mass Gainer
• Huel Black Edition

Suggested to limit to once a week

• Garden of Life Sport Organic Plant-Based Protein
• Momentous 100% Plant Protein (no longer available)

Okay for occasional use

How protein companies are responding to this new report

We reached out to all 23 of the manufacturers with protein powders and shakes that were deemed not safe for daily consumption by Consumer Reports. At the time of publication, six companies responded to our request for comment.

Here’s what they said:

Garden of Life: “At Garden of Life, we carefully select ingredients to meet our high standards for quality and safety in order to ensure that our products are safe. Certain substances, such as heavy metals, commonly occur in the environment in soil and water. This may result in low levels of heavy metals in agricultural raw materials. Garden of Life products are tested for heavy metals, and the levels are below established food safety thresholds.

All of our products are safe to consume and consistently adhere to our own and established government standards and food safety guidance. We can assure that our products are safe for daily use because we apply this food safety guidance as our product release criteria.”

Huel: “We are extremely disappointed by this report, which the NPA described here as ‘alarmist, misleading and unscientific’ and the CRN have described here as creating a ‘misleading impression of risk.’ We have responded in this article in full.

Trace minerals such as lead occur naturally in our planet and so are found in soil, water and plants. For context, a meal of sausages, potatoes, cabbage and carrots can contain around 5 micrograms (µg) of lead, and most adults consume between 20 and 80 micrograms (µg) per day from normal foods. Huel is no different from everyday meals in this respect.

The Consumer Reports article is based on California’s Proposition 65, which uses an ultra conservative threshold of 0.5 micrograms (µg) of lead per day. California rules divide the observable effect limit by 1000 to allow a margin for error. For comparison, the EU benchmark is 270 micrograms (µg) per serve.

It is important to understand that the Consumer Reports approach reflects a uniquely cautious regulation rather than an internationally accepted measure of consumer safety.

Over the past three years, we have carried out 17 independent tests on Huel Black Edition powder alone, with results consistently showing lead levels between 1.5 and 2.2 micrograms (µg) per 90 g serving. These results are well within all recognised safety limits. Huel has also recently been accredited by NSF, the gold standard for product safety and quality, and the most recent NSF report showed undetectable levels of lead (‘non-detectable’ at their 3.6 microgram (µg) tolerance). It is important to note that we are talking about miniscule variations here of 2 millionths of a gram versus 6 millionths of a gram.”

Kos: “Please note that all KOS products are third-party tested in accordance with USDA Organic and FDA standards…Traces of metal and lead are found within the natural environment, and we do our best to filter them out as much as possible.”

Momentous: You can find a full statement from the brand here. A spokesperson for the brand also told us: “[The] Momentous products tested have been discontinued and are no longer commercially available. Momentous began selling its latest formulation for both Whey and Plant proteins earlier this year, with v1 products (used for the report) being fully sunsetted in all channels by March 2025.”

Orgain: “At Orgain, we carefully select ingredients to meet our high standards for quality and safety in order to ensure that our products are safe. Certain substances, such as heavy metals, commonly occur in the environment in soil and water. This may result in trace amounts being present in agricultural ingredients — such as plants, grains and other raw materials — that go into our products. Orgain products are tested for heavy metals, and the levels are below established food safety thresholds. 

Our products are safe to consume and consistently adhere to our own and established government standards and food safety guidance. We can assure that our products are safe for daily use because we apply this food safety guidance as our product release criteria.”

Optimum Nutrition: “We share Consumer Reports’ commitment to consumer safety. All our Optimum Nutrition and BSN products are made in compliance with the FDA’s Good Manufacturing Practices, and we hold ourselves to even higher standards.

We test for heavy metals in the raw materials we use, formulate products so they are compliant with California Prop 65 criteria (among the strictest in the world), and test finished products through accredited third-party labs.

The health and safety of our consumers is our top priority. We’re pleased to see that Consumer Reports recommends our Optimum Nutrition Gold Standard Whey and BSN Syntha-6 as ‘better choices for daily consumption’.”

Other protein powders and shakes from Consumer Reports’ testing

Through its testing, Consumer Reports identified the below seven protein powders and shakes that contain low enough levels of lead for experts to consider them safe for daily consumption.

This chocolate ready-to-drink shake is plant-based and contains 32 grams of protein in one bottle, according to the brand. The formula is sugar-free and contains 9 amino acids., which can help with energy, according to Owyn. I’ve had this drink on a handful of occasions and find it to have a pleasantly sweet chocolate taste. The consistency is on the thicker side, so if that bothers you, you may want to skip.

This protein powder is intended for those trying to gain muscle. It has 53 grams of grass-fed protein, 110 grams of carbs and 15 grams of health fats, according to the brand. It also contains creatine, which can help with muscle gain and post-workout recovery, according to Transparent Labs.

Made from whey, this protein powder has 24 grams of protein for 120 calories per serving. You can use it before a workout, as a meal replacement or in between meals. Reviewers like the rich chocolate flavor and find that it dissolves easily in liquid.

This powder is made from whey and has 24 grams of protein and two grams of sugar in a single serving. Reviewers note that the cookies and cream flavor tastes like a milkshake. You can drink it by simply mixing it with water or milk or mix it into a smoothie or oatmeal.

The protein in this powder is sourced from grass-fed European dairy cows, according to the brand. It has 20 grams of protein per serving and is free from soy. A 1.4-pound tub has 25 servings and you can choose from vanilla, strawberry, chocolate or unflavored.

Another option for those looking to pack on muscle, this powder is calorie-dense and has 52 grams of protein in a single serving. It also has creatine to support muscle growth and vitamins A, C and E for overall health, according to the brand.

Why trust NBC Select?

Bethany Heitman is a weekend editor at NBC Select and a journalist who regularly reports on recall alerts — including recalls surrounding air conditioners and hand soap. She also commonly covers common questions pertaining to health and wellness — like whether plastic baby bottles are safe.

Catch up on NBC Select’s in-depth coverage of tech and tools, wellness and more, and follow us on Facebook, Instagram, Twitter and TikTok to stay up to date.

WASHINGTON — Planet Labs received a $12.8 million contract from the National Geospatial-Intelligence Agency (NGA) to deliver maritime data and analytics for regions across the Asia-Pacific.

The award, announced Oct. 16, is part of the agency’s Luno program. Planet is tasked to provide advanced analytics for maritime operations and reconnaissance, including vessel detections and monitoring. Under the deal, Planet will partner with SynMax Intelligence, a Houston-based geospatial analytics firm, to fuse Planet’s near-daily imaging data with SynMax’s Theia analytics platform — an AI-driven tool that detects and classifies maritime events.

“These insights are crucial for revealing illegal, unreported, and unregulated fishing, illicit ship-to-ship transfers and vessel spoofing,” Planet said in a statement.

NGA’s Luno program

The contract falls under Luno B, one of two components of NGA’s broader Luno program — a five-year, $490 million ceiling indefinite delivery/indefinite quantity (IDIQ) vehicle designed to accelerate the agency’s adoption of commercial satellite imagery, artificial intelligence and advanced analytics.

Luno is split into Luno A, focused on commercial analytic services powered by machine learning and computer vision, and Luno B, which integrates commercial AI tools directly into NGA’s analytic workflows.

Planet is part of a roster of commercial intelligence vendors competing for Luno task orders. Recent winners also include Maxar Intelligence (renamed Vantor), BlackSky, Electromagnetic Systems, Ursa Space and NV5 Geospatial.

“This is our first win under this program as a prime,” said Charlie Candy, Planet’s chief revenue officer, during an Oct. 16 appearance at the company’s investor conference.

Maritime domain awareness

Candy said the NGA award underscores Planet’s growing push into maritime domain awareness, a segment increasingly driven by national security demand.

“Our satellites capture over 25 million square kilometers of ocean imagery every day, and we’re expanding this capability,” he said. “A projected growth in demand is primarily driven by national security needs.”

Planet’s constellation — currently about 140 imaging satellites — maps the entire Earth daily, generating an unparalleled archive of data. “We image over 200 million square kilometers of land, coastline, open water every day,” Candy said, noting that the company now holds a catalog of more than 3,000 images for every location on land.

That trove of imagery feeds Planet’s AI training models, enabling the company to automate detection and monitoring tasks at global scale. Candy said Planet operates over 50 ground stations and fully automated mission control centers to downlink and process satellite data in near real time.

Partnership with SynMax

For this Luno B task order, Planet is leveraging SynMax’s AI analytics to enhance situational awareness at sea. SynMax specializes in fusing satellite imagery with artificial intelligence and other multi-source data for the energy and maritime industries.

Theia, SynMax’s proprietary analytics platform, classifies vessel movements and detects “dark” ships that operate without broadcasting location signals — a growing concern for defense, trade security and environmental regulators.

Planet and SynMax have a history of collaboration. The companies first partnered in 2022 to deliver energy intelligence and dark vessel monitoring for the energy and commodities sectors, using PlanetScope imagery to track hydraulic fracturing and offshore operations. The alliance deepened in March 2024 into a formal strategic partnership, allowing Planet to market SynMax’s Theia tool for vessel monitoring and spoofing detection as part of its commercial offerings.

Focus on government customers

Candy said Planet’s sales teams are now primarily focused on government customers, while the company continues to work with analytics partners like SynMax to serve commercial sectors such as insurance, energy, finance and supply chain.

The NGA contract signals a deeper alignment between commercial space data providers and U.S. intelligence agencies, which are increasingly leaning on private-sector capabilities to maintain global situational awareness.

Related

“I’m especially excited about this partnership with AWS and Meta because it gives Vikk AI access to world-class technology, mentorship, and resources that will help us scale faster and smarter,” said Allos. “Beyond the technical advantages, it’s an opportunity to showcase the entrepreneurial drive fostered by our Rady School, and to turn cutting-edge AI into real solutions that empower consumers and transform industries.”

He added that the Rady ecosystem continues to contribute to the company’s growth. Vikk AI and Rady School of Management collaborated in the Spring quarter of 2025 through a capstone course.  

A total of five MBA students were enrolled as part of the engagement, contributing over 200 hours of research and strategic analysis.  Rady School students worked closely with the Vikk team on product analytics, market positioning, and early-stage AI feature validation, helping them refine the business model and align the company’s technology roadmap with customer needs.

 “I’m very grateful for the Rady students who participated in our capstone project—their fresh perspectives and contributions added real value and reflect the collaborative, entrepreneurial spirit that Rady instills,” Allos said.

Through the partnership, Vikk AI will receive $200,000 in AWS cloud credits, direct mentorship from Meta and AWS engineers, and access to an elite network of AI founders—further solidifying its place at the forefront of legal technology innovation.

Learn more about Rady’s Captsone Projects by visiting the MBA Capstone Project: Rady Action Project webpage. 

Learn more about research and education at UC San Diego in:

Artificial Intelligence

Using bioinformatics, researchers identified region-specific biomarkers—FGFR4, FLT1, and WNT5A—that drive distinct tumor behaviors and may serve as diagnostic and therapeutic targets.¹ Additionally, the researchers identified 2 promising drugs, dovitinib and nintedanib, which could enhance precision treatment strategies for patients with colorectal cancer (CRC).

The findings from this analysis are published in BMC Cell Communication and Signaling.

“By integrating bulk-RNA-[sequencing] data with secretome data, we developed an approach that enabled us to infer the process of cellular interaction in CRC through the construction of an interactome,” wrote the researchers of the study. “This analysis revealed the presence of distinct molecular markers depending on the tumor’s site of origin.”

Comprehensive genomic profiling (CGP) is increasingly shaping precision medicine in CRC by revealing how specific genetic alterations influence prognosis and treatment decisions.² Using next-generation sequencing, CGP can analyze hundreds of cancer-related genes and key biomarkers in a single test, helping guide therapy selection, identify actionable mutations, and support enrollment in clinical trials. Although a recent study showed that CGP-guided therapies have not yet yielded significant survival advantage, mutations in TP53 and SMAD4 were linked to poorer outcomes, and PTEN alterations were associated with improved survival. These insights highlight the growing role of CGP in informing personalized CRC care and identifying potential targets for future drug development.

In this study, researchers analyzed gene expression data from the TCGA-COAD database, focusing on tumor location and purity to uncover molecular differences in CRC.¹ Using RNA-seq data, they identified region-specific ligands and receptors based on a reference secretome list, revealing key signaling pathways within the tumor microenvironment. The researchers then built an interactome to visualize these cell-to-cell interactions and pinpoint the most influential genes. Finally, survival analysis and drug susceptibility assessments were performed to evaluate the prognostic potential of these genes and identify candidate drugs for targeted CRC therapy.

Distinct molecular signatures were revealed between right- and left-sided CRCs, highlighting how tumor location influences biological behavior. Through integration of secretome data and interactome analysis, FGFR4, FLT1, and WNT5A emerged as key biomarkers linked to carcinogenesis, fibroblast recruitment, and cell division. These genes demonstrated strong diagnostic and prognostic potential, underscoring their role in tumor progression and treatment response. Importantly, drug analysis identified dovitinib and nintedanib as promising targeted therapies, as both agents interact with multiple biomarkers, offering new opportunities for personalized CRC treatment.

Overall, the researchers believe the study advances understanding of CRC by uncovering region-specific biomarkers that influence tumor behavior and therapeutic response. The identification of FGFR4, FLT1, and WNT5A as key molecular drivers provides a foundation for developing more precise diagnostic tools and personalized treatments. Moreover, the prediction of dovitinib and nintedanib as potential targeted therapies highlights opportunities to enhance treatment efficacy and overcome drug resistance. Together, these findings offer valuable insights into the tumor microenvironment and lay the groundwork for future experimental validation and clinical translation in CRC care.

“Nonetheless, the conclusions are constrained by the absence of experimental validation,” acknowledged the researchers. “Future investigations should incorporate comprehensive in vitro and in vivo studies to substantiate the diagnostic and therapeutic efficacy of these candidate genes and drugs. Such validation is essential to elucidate their mechanistic roles and to advance their clinical application in CRC management.”

References

1. Caxali GH, Aal MCE, Osvaldo CWG, et al. Integrating the secretome and interactome to identify novel biomarkers and therapeutic targets in colorectal cancer. Cell Commun Signal. 2025;23(1):428. doi:10.1186/s12964-025-02424-4

2. Steinzor P. Genomic profiling in colorectal cancer reveals prognostic markers. AJMC^®. September 11, 2025. Accessed October 17, 2025. https://www.ajmc.com/view/genomic-profiling-in-colorectal-cancer-reveals-prognostic-markers

Treatment with the combination of osimertinib (Tagrisso) and platinum-based chemotherapy and pemetrexed led to an improvement in overall survival (OS) compared with osimertinib monotherapy across subgroups of patients with EGFR-mutated non–small cell lung cancer (NSCLC), including those with poor prognostic factors, according to data from an exploratory analysis of the phase 3 FLAURA2 trial (NCT04035486).¹

Previously reported data from the trial’s final OS analysis showed that patients treated with osimertinib plus chemotherapy (n = 279) achieved a median OS of 47.5 months (95% CI, 41.0-not calculable [NC] vs 37.6 months (95% CI, 33.2-43.2) for those treated with osimertinib alone (n = 278; HR, 0.77; 95% CI, 0.61-0.96; P = .02).^1,2

The exploratory analysis, which was presented at the 2025 ESMO Congress, examined outcomes for patients based on the following 6 prognostic factors:¹

• Central nervous system (CNS) metastases (yes vs no)
• Bone metastases (yes vs no)
• Liver metastases (yes vs no)
• EGFR mutation status (exon 21 L858R mutation vs exon 19 deletion)
• TP53 status (altered vs wild-type)
• Plasma EGFR mutations in circulating tumor DNA (ctDNA; detected vs undetected)

• In the trial’s final OS analysis, osimertinib plus chemotherapy yielded a median OS of 47.5 months vs 37.6 month for osimertinib alone.

• An exploratory analysis presented at the 2025 ESMO Congress showed the OS benefit was consistent with osimertinib plus chemotherapy across subgroups, including those with poor prognostic factors.

• Data from FLAURA2 supported the 2024 FDA approval of osimertinib plus chemotherapy for EGFR-mutated advanced NSCLC.

“Hazard ratios for OS favored the combination arm, regardless of baseline prognostic factors, and were consistent with the overall population,” lead study author Pasi A. Jänne, MD, PhD, said in a presentation of the data. Jänne is a senior physician, senior vice president for Translational Medicine, director of the Belfer Center for Applied Cancer Science, director of the Chen-Huang Center for EGFR Mutant Lung Cancers, and the David M. Livingston, MD, Chair at Dana-Farber Cancer Institute, as well as a professor of medicine at Harvard Medical School in Boston, Massachusetts.

What Were the FLAURA2 OS Outcomes by Prognostic Subgroup?

In patients harboring CNS metastases at baseline, the median OS was 40.9 months (95% CI, 35.2-46.6) for osimertinib plus chemotherapy (n = 116) compared with 29.7 months (95% CI, 25.6-35.8) for osimertinib monotherapy (n = 110; HR, 0.72; 95% CI, 0.52-0.99). The 3-year OS rates in this subgroup were 57% (95% CI, 48%-66%) and 40% (95% CI, 31%-49%), respectively. In patients without CNS metastases at baseline, the median OS was not reached (NR; 95% CI, 45.0-NC) for osimertinib plus chemotherapy (n = 163) vs 43.9 months (95% CI, 37.8-53.3) for osimertinib alone (n = 168; HR, 0.77; 95% CI, 0.57-1.05).

Patients harboring EGFR exon 21 L858R mutations treated with osimertinib plus chemotherapy (n = 106) achieved a median OS of 38.1 months (95% CI, 33.4-42.0) vs 32.4 months (95% CI, 28.0-37.6) for osimertinib alone (n = 107; HR, 0.76; 95% CI, 0.55-1.07). The respective 3-year OS rates were 54% (95% CI, 44%-63%) and 42% (95% CI, 32%-51%). In patients harboring EGFR exon 19 deletions, the median OS was NR (95% CI, 47.2-NC) for osimertinib plus chemotherapy (n = 172) vs 43.0 months (95% CI, 35.7-51.9) for osimertinib alone (n = 169; HR, 0.76; 95% CI, 0.56-1.02).

Among patients with EGFR mutations detected in plasma ctDNA, the median OS was 38.4 months (95% CI, 33.2-46.6) for osimertinib plus chemotherapy (n = 148) vs 32.5 months (95% CI, 28.8-35.8) for osimertinib monotherapy (n = 161; HR, 0.79; 95% CI, 0.60-1.03). The 3-year OS rates in this subgroup were 53% (95% CI, 45%-61%) for osimertinib plus chemotherapy vs 42% (95% CI, 35%-50%) for osimertinib alone. In patients without EGFR mutations detected in plasma ctDNA, the median OS was NR (95% CI, 50.8-NC) and NR (95% CI, 46.0-NC) for the combination (n = 65) and osimertinib monotherapy (n = 48), respectively (HR, 0.79; 95% CI, 0.44-1.44).

In the subgroup of patients with liver metastases at baseline, osimertinib plus chemotherapy (n = 43) generated a median OS of 36.6 months (95% CI, 24.4-NC) compared with 28.0 months (95% CI, 21.3-32.5) for osimertinib alone (n = 66; HR, 0.66; 95% CI, 0.41-1.05). The 3-year OS rates were 54% (95% CI, 38%-68%) and 35% (95% CI, 24%-47%), respectively. In patients without liver metastases at baseline, the median OS was 49.6 months (95% CI, 43.0-NC) for osimertinib plus chemotherapy (n = 236) vs 41.8 months (95% CI, 35.7-49.8) for osimertinib alone (n = 212; HR, 0.83; 95% CI, 0.64-1.07).

For patients with bone metastases, the median OS was 40.2 months (95% CI, 33.9-47.2) for osimertinib plus chemotherapy (n = 132) vs 32.3 months (95% CI, 26.7-36.5) for osimertinib monotherapy (n = 142; HR, 0.76; 95% CI, 0.56-1.02). The 3-year OS rates were 55% (95% CI, 46%-63%) and 42% (95% CI, 34%-50%), respectively. In patients without bone metastases, the median OS was NR (95% CI, 46.6-NC) and 44.5 months (95% CI, 38.3-NC) for osimertinib plus chemotherapy (n = 147) and osimertinib alone (n = 136), respectively (HR, 0.79; 95% CI, 0.57-1.10).

Finally, in patients harboring TP53 alterations, those given osimertinib plus chemotherapy (n = 46) experienced a median OS of 51.1 months (95% CI, 35.0-NC) vs 43.1 months (95% CI, 34.0-50.1) for those administered osimertinib alone (n = 40; HR, 0.71; 95% CI, 0.40-1.27). The 3-year OS rates were 65% (95% CI, 49%-77%) and 58% (95% CI, 41%-71%), respectively. In patients with TP53 wild-type disease, the median OS was NR (95% CI, 46.6-NC) for osimertinib plus chemotherapy (n = 33) and NR (95% CI, 41.3-NC) for osimertinib alone (n = 34; HR, 0.70; 0.32-1.54).

How Was the FLAURA2 Trial Designed?

Notably, prior data from this study supported the February 2024 FDA approval of osimertinib plus platinum-based chemotherapy for use in patients with locally advanced or metastatic NSCLC harboring EGFR exon 19 deletions or exon 21 L858R mutations, as detected by an FDA-approved test.³

FLAURA2 enrolled patients at least 18 years of age with previously untreated, pathologically confirmed locally advanced or metastatic nonsquamous NSCLC harboring EGFR exon 19 deletions or exon 21 L858R mutations.¹ Patients were also required to have a World Health Organization performance status of 0 or 1. Patients with stable CNS metastases were allowed to enroll, and brain scans were mandatory at baseline.

Patients were randomly assigned 1:1 to receive osimertinib at 80 mg per day in combination with pemetrexed at 500 mg/m² and carboplatin at area under the curve 5 or cisplatin at 75 mg/m² once every 3 weeks for 4 cycles, followed by osimertinib at 80 mg once per day plus pemetrexed at 500 mg/m² once every 3 weeks as maintenance therapy; or osimertinib alone at 80 mg per day. Treatment beyond disease progression was permitted at investigator discretion.

Investigator-assessed progression-free survival per RECIST 1.1 criteria served as the trial’s primary end point. OS was a key secondary end point.

Disclosures: Jänne reported serving on an advisory board or committee for AstraZeneca, Mirati Therapeutics, Boehringer Ingelheim, Plizer, Roche/Genentech, Chugai, El Lilly, Ignyta, Takeda, Novartis, Voronoi, SFJ Pharmaceuticals, Biocartis, LOXO Oncology, PUMA, Sanofi, Transcenta, Daichi Sankyo, Bayer, Silicon Therapeutics, AbbVie, Monte Rosa, Merus, Allorion Therapeutics, Accutar Biotech, Scorpion Therapeutics, Merus, Frontier Medicines, Hongyun Biotechnology, Duality Biologics, Blueprint Medicines, Dizal Pharmaceuticals, GSK, Tolremo, Myris Therapeutics, and Bristol Myers Squibb; and receiving grants or contracts from AstraZeneca, Boehringer Ingelheim, Eli Lilly, Takeda, PUMA, Astellas Pharmaceuticals, and Daiichi Sankyo. He also is the co-inventor of the Dana-Farber Cancer Institute (DFCI)–owned patent on EGFR mutations licensed to Lab Corp, and he reported royalties on DFCI-owned intellectual property on EGFR mutations licensed to Lab Corp.

References

1. Jänne PA, Planchard D, Kobayashi K, et al. FLAURA2: exploratory overall survival analyses in patients with poorer prognostic factors treated with osimertinib ± platinum-pemetrexed as first-line treatment for EGFR-mutated advanced NSCLC. Presented at: 2025 ESMO Congress; October 17-21, 2025; Berlin, Germany. Abstract LBA77.
2. Tagrisso plus chemotherapy demonstrated a median overall survival of nearly four years, the longest benefit ever reported in a global Phase III trial in EGFR-mutated advanced lung cancer. News release. AstraZeneca. September 7, 2025. Accessed October 17, 2025. https://www.astrazeneca.com/media-centre/press-releases/2025/tagrisso-plus-chemotherapy-demonstrated-a-median-overall-survival-of-nearly-four-years.html
3. FDA approves osimertinib with chemotherapy with chemotherapy for EGFR-mutated non-small cell lung cancer. FDA. February 16, 2024. Accessed October 17, 2025. https://www.fda.gov/drugs/resources-information-approved-drugs/fda-approves-osimertinib-chemotherapy-egfr-mutated-non-small-cell-lung-cancer

By Steve Gelsi and Greg Robb

While the economy seems to be chugging along, the list of possible threats appears to be getting longer as banks clock signs of tariff stress

Fifth Third Bank Chief Executive Tim Spence says his business clients are optimistic about the economy despite uncertainty over tariffs and other unknowns.

Bankers tend to use a variety of data points to gauge the state of the economy, depending on the institution and the individual doing the forecasting. And after this week’s stock-market drop for bank stocks, they’ve scoured every one of them.

Despite the customary optimism from banks as a way to encourage economic activity, this week’s earnings updates revealed that lenders continue to watch for key data points around tariffs impacting client costs, as well as some weakness in certain sectors – such as sluggish home construction and softness in the auto-financing business.

Banks are also increasing their scrutiny of their business-lending activities, after bank stocks sold off this week due to the fallout from high-profile bankruptcies at auto-parts seller First Brands and subprime auto lender Tricolor. But so far, they haven’t reported any alarming rises in delinquent loans, another key metric.

JPMorgan Chase & Co. (JPM) Chief Executive Jamie Dimon raised the possibility of more “cockroaches” in the form of credit problems, which has banks studying their balance sheets.

Fifth Third Bancorp (FITB) Chief Executive Tim Spence summed up the current environment as “nauseous optimism” – a variation on the more common term, “cautious optimism.”

The nauseousness comes from tariff uncertainty that “absolutely continues to weigh” on some clients, he said. It’s a factor in more persistent inflation, which in turn impacts consumer spending and borrowing.

On the other hand, expected interest-rate cuts by the Federal Reserve are providing hope among businesses of improved demand and investment.

Clients that have put off capital improvements are now seeking loans, Spence noted.

“We are getting requests now for financing that are reflected in the pipeline in the middle-market business, in particular, to support that sort of shift from rent to own,” Spence said. “So I think that’s quite positive.”

The bank’s customers in the logistics business function as a “good bellwether” on the economy and have also been somewhat upbeat, he added.

“We’re hearing from logistics clients that there hasn’t exactly been a huge rebound, but that the activity has stabilized and is moving on the upswing,” Spence said, with help from businesses lifted by government infrastructure investments and AI-infrastructure efforts.

On the down side, however, has been residential construction and autos, according to Spence.

Credit problems appear to be idiosyncratic for now

Dimon’s comments about the possibility for more trouble in bank loans came up again Friday on an earnings call for Huntington Bancshares Inc. (HBAN), as the bank reported stronger-than-expected third-quarter earnings.

“I’m obviously aware of Jamie’s comments this week, but I don’t see it broadly affecting the industry, and many of those who reported are suggesting the consumer is in relatively good shape,” said Huntington CEO Stephen Steinour. “We certainly are not seeing forward indicators in terms of delinquency or other measures.”

Bankers this week told MarketWatch that the U.S. economy is so complex, there’s no single indicator that would sum up the outlook for the consumer. Since economic downturns tend to crop up for a variety of reasons, it’s challenging at best to anticipate the most important data point among thousands.

“As we look at the data, we’re not seeing any imminent signs of a recession,” Zach Wasserman, Huntington’s chief financial officer, told MarketWatch. He said the bank uses a battery of both internal and external data to weigh economic strength on the horizon.

Unemployment remains a key macro factor, because if people can’t pay back their loans, banks’ credit will suffer. If more people lose their jobs, it’s widely expected to have a negative impact on bank credit.

To gauge the health of the consumer, banks also look at credit-card spending, as well as interest-rate changes in the U.S. Treasury market and corporate bond markets.

Bank balance sheets tend to benefit when the Treasury yield curve holds on to its historic shape of a steep yield curve. But signs that short-term rates may be dropping sharply could also signal a flattening of the yield curve, which is less favorable for banks.

Loan growth is another key metric, with Huntington Bank now forecasting 2025 loan growth of about 8%, up from its earlier estimate of 6% to 8%.

But questions continue to swirl around problems with collateral that caused Fifth Third to lose money on loans to Tricolor, while other lenders took losses on loans to First Brands.

Asked about banks’ credit strength this week, St. Louis Fed President Alberto Musalem said his understanding is that the credit concerns at regional banks appeared related to individual circumstances, and were not systemic or tied to general macroeconomic conditions.

Also read: Zions takes $50 million loan loss as another credit ‘cockroach’ appears. Regional-bank stocks are falling.

-Steve Gelsi -Greg Robb

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

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Introductory Remarks at the IMF’s Western Hemisphere Department Press Briefing

By Rodrigo Valdés, Director of the Western Hemisphere Department
2025 Annual Meetings

October 17, 2025

Over the past months, Latin America and the Caribbean have been navigating through shifting winds of a changing and uncertain global environment. Our Regional Economic Outlook discusses how the region has fared and the challenges ahead. Let me share a few highlights from our report.

Growth in Latin America and the Caribbean has experienced no major disruptions in the first half of 2025. It is projected to remain steady at 2.4 percent in 2025 and moderate slightly next year, with risks tilted to the downside.

Despite uncertainty, global conditions have been broadly supportive:

1. Commodity prices have stabilized after a brief period of volatility;
2. Financial conditions have eased amid declining sovereign spreads and a weaker US dollar; and
3. Regional exports have kept pace with global trends.

Labor markets remained robust, generally supporting private consumption in most economies. Low trade exposure of many economies to the United States and lower tariffs compared with other emerging economies have also provided buffers.

Against this background, macroeconomic policy calibration remains a challenge in several countries. While most countries are expected to strengthen their fiscal positions, structural primary balances are projected to be lower than anticipated, indicating unwelcome delays in fiscal consolidation.

In fact, with public debt ratios rising, fiscal consolidation is increasingly important to mitigate risks of decompression in risk premiums. Insufficient fiscal effort complicates not only debt sustainability but also the effectiveness of monetary policy—I will come back to this later.

On the monetary policy front, inflation remains above target in some countries, amid relatively balanced risks. While robust labor markets and fiscal concerns slow disinflation, recent exchange rate appreciation is helping in some cases.

Central banks have responded appropriately, remaining data driven, and inflation expectations are stable but also remain above targets. Continued caution is warranted, especially in cases where economic slack is not evident and inflation remains above targets.

Looking ahead, the region’s potential growth remains stuck in its low historical average and lagging its peers. This reflects slowing labor force expansion, low capital accumulation, and stagnant productivity.

This year’s report has undertaken two analytical studies to better understand some policy challenges.

One focuses on interactions between monetary and fiscal policies. Reforms to enhance central bank independence have helped achieve price stability. However, high public debt and deficits can constrain monetary policy. To safeguard price stability, countries must focus on advancing fiscal consolidation and improving fiscal frameworks. Lower debt levels make monetary policy more effective, aiding convergence to inflation targets.

The second investigates some drivers of low total factor productivity in the region. Exploring firm-level data, we show that this is partly explained by persistent resource misallocation and sluggish productivity growth among firms. More productive firms face barriers to expand, which calls for reforms to address frictions—including size-based regulations, financial constraints, and limited competition.

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The Fund remains closely engaged with the region through policy advice, capacity development, and financial support.

In terms of program engagement, since April, Barbados completed its arrangement under the Extended Fund Facility and the Resilience and Sustainability Facility, and a new Flexible Credit Line (FCL) has been launched with Costa Rica, while Colombia canceled its FCL.

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To sum up, the global landscape is shifting, but this is no reason for inaction. As the saying goes, countries may not control the winds, but they can adjust their sails. Reinforcing policy frameworks, rebuilding fiscal buffers, and fostering growth opportunities are the sails to adjust.

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Before returning to Julie, let me also remind you that I will be leaving the Western Hemisphere Department by the end of this month, moving to the Fiscal Affairs Department. WHD new director will be Nigel Chalk – sitting here – who already supervises several countries and activities and guarantees a seamless transition.

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Deloitte has agreed to pay $34mn to investors who blamed the auditor for losses stemming from the collapse of one of US’s largest nuclear power projects, a rare legal settlement by a Big Four firm.

Former shareholders in the South Carolina utility Scana said Deloitte failed to spot red flags and allowed management to hide mounting problems with the construction of two nuclear reactors a decade ago.

Scana shares tumbled when it eventually abandoned work on the reactors in 2017, leading to its cut-price sale to a rival utility and jail time for its former chief executive, who pleaded guilty to misleading regulators. The fiasco also pushed construction company Westinghouse into bankruptcy.

Lawyers for Scana’s shareholders claimed Deloitte should pay a portion of losses estimated at $800mn, because the firm repeatedly signed off on financial statements in which the company indicated the project would be finished on time.

A judge will need to approve the settlement, which was filed in South Carolina federal court on Friday, but plaintiff lawyers called it an “excellent result” for shareholders. It comes on top of a $192.5mn settlement from Scana and its officers in 2020.

“The $34mn recovery from Deloitte is one of the largest securities class-action settlements against an auditing firm in the last decade,” the lawyers wrote.

“The settlement was also reached after extensive litigation, at a time when the parties were fully aware of the strengths and weaknesses of their respective positions, and was the culmination of extensive arm’s length negotiations overseen by a well-respected mediator.”

Deloitte on Friday said: “Deloitte stands behind the quality of its audit work and is participating in this settlement to avoid the ongoing cost and distraction of extended litigation.”

Investors face a high legal bar for implicating auditors in the securities frauds of their clients because audits are meant to provide only “reasonable assurance” that financial statements are free of error. In the largest recent settlement, PwC paid $65mn in 2015 over claims related to the collapse of the brokerage MF Global.

Years of litigation shined a harsh spotlight on Deloitte’s audit, particularly how the firm dismissed claims from a Scana whistleblower who said as early as 2015 that the reactors would not be completed in time to trigger vital government subsidies.

One of Deloitte’s own construction experts conducted an internal review of the firm’s work after the fact, and penned a six-page handwritten memo concluding it should have done more to investigate the whistleblower’s claims.

Deloitte has said it stands behind its work and argued in court that Scana’s financial statements contained plenty of warnings about the project’s risks. Its settlement does not indicate an acceptance of liability.

Accolades  |  October 17, 2025

World Tax

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World Tax, the International Tax Review’s annual guide to the world’s leading tax advisory practices, has recognized Gibson Dunn in eight categories in the 2026 editions of its EMEA and APAC guides. The firm was recognized in France – General Corporate Tax; France – Tax Controversy; France – Transactional Tax; Hong Kong – General Corporate Tax; Hong Kong – Private Client; UK – General Corporate Tax; UK – Indirect Tax; and UK – Transactional Tax. Partners Sandy Bhogal, Elaine Chen, Jérôme Delaurière, Ben Fryer, Brian Gilchrist, Sanford Stark, and Jeff Trinklein were also recognized individually in the 2026 edition.

The guides were published on October 16, 2026.