Category: 3. Business

  • Fighting cancer with a tiny molecule shows big promise

    Fighting cancer with a tiny molecule shows big promise

    Reading time: 2 minutes

    Stefan Moisyadi (center) with his research team.

    A tiny molecule called a nanobody may succeed where today’s cancer drugs often fail, according to University of Hawaiʻi at Mānoa researcher Stefan Moisyadi, who has been refining the concept for nearly a decade.

    “Antibodies won the Nobel Prize for immunotherapy,” said Moisyadi, a scientist at the Yanagimachi Institute for Biogenesis Research at the John A. Burns School of Medicine (JABSOM). “They work in some cancers, but not all. In colorectal cancer, they hardly work at all. But when we used nanobodies, bingo, it worked.”

    The study, published in eGastroenterology, shows how Moisyadi and his team from JABSOM, the UH Cancer Center, and the College of Tropical Agriculture and Human Resilience used mRNA (messenger ribonucleic acid) to make the body produce nanobodies that block PD-L1—a molecule that helps tumors hide from the immune system. By stopping PD-L1, nanobodies allow immune cells to recognize and attack cancer.

    Smaller, stronger and more affordable

    Nanobodies are about one-tenth the size of regular antibodies, cheaper to make, and more resilient under stress, according to the research.

    “They don’t trigger an immune response in the patient,” Moisyadi said. “They penetrate better because they’re small. They can even refold back to their original shape when conditions improve. Basically, they’re indestructible—they work much better and they’re cheaper.”

    Basically, they’re indestructible—they work much better and they’re cheaper.
    —Stefan Moisyadi

    While traditional antibody treatments can cost patients more than $200,000 a year, nanobody therapy—delivered as mRNA, similar to the COVID-19 vaccines—could cost only a fraction of that, making it far more accessible to patients.

    “People can’t afford antibody treatments,” Moisyadi said. “Here we make an RNA version. The patient’s own cells turn it into a protein… It goes into the circulation, finds the tumor, and blocks PD-L1.”

    In mouse studies, the treatment cut tumor growth by about 50%—a major result for a cancer that rarely responds to immunotherapy.

    Now collaborating with the University of Maryland, Baltimore County, Moisyadi hopes to see this breakthrough continue growing from its roots in Hawaiʻi.

    “This works,” he said. “We have the chance to be on the cutting edge. We need to have leaders’ buy-in because everyone here is still focused on antibodies.”

    Read more at JABSOM

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  • Tata Electronics buys Chinese iPhone supplier Justech’s India unit

    Tata Electronics buys Chinese iPhone supplier Justech’s India unit

    Tata signage is visible during the launch of the TATA EV charging hub in Mumbai, India, on September 9, 2025.

    Indranil Aditya | Nurphoto | Getty Images

    Tata Electronics has acquired Chinese industrial firm Justech Precision’s India unit for close to $100 million, according to two people familiar with the matter, as the Tata Group subsidiary bolsters its manufacturing capacity to benefit from Apple’s focus on iPhone manufacturing in India.

    The transaction was concluded in August, with HSBC Bank and HDFC Bank advising on the deal, according to the people close to the deal.

    Headquartered in the city of Kunshan in Jiangsu, China, Justech Precision has been a supplier to Apple since 2008. It provides industrial equipment, such as computer numerical control machines used for precise cutting and fabrication tasks, to Foxconn, the world’s largest assembler of Apple products.

    Justech Precision Industry India, incorporated in late 2019 and based in the southern Indian state of Tamil Nadu did not respond to CNBC’s requests for comments, neither did Tata Group. Tata Electronics declined to comment.

    In January, Tata Electronics reportedly bought a 60% stake in Taiwanese contract manufacturer Pegatron’s India operation that operates an iPhone plant, Reuters reported. The deal’s value was not disclosed.

    The acquisitions come as Tata Electronics, which began assembling iPhones in India in 2023, seeks to expand its manufacturing capacity as Apple reportedly plans to source all of the iPhones for the U.S. market from India by the end of 2026.

    Apple, which still manufacturers most of its smartphones in China, has been taking urgent steps to build capacity in India with contract manufacturers Tata Electronics and Foxconn, pivoting away from China amid higher tariffs and geopolitical tensions.

    Foxconn still accounts for two-thirds of India’s total iPhones shipments, with Tata making the remaining one-third, according to Neil Shah, co-founder and vice president at market research firm Counterpoint Research, who expects that market share could change soon as Tata scales up its manufacturing.

    Tata currently operates two plants in the southern Indian state of Tamil Nadu and one in neighboring Karnataka, which was formerly owned by Wistron.

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    Prime Minister Narendra Modi has in recent years worked to promote India as a smartphone manufacturing hub, eager to embrace Apple and use it as a symbol to attract other high-tech firms to the country for manufacturing and development.

    But Apple has also faced challenges in its early experiments manufacturing in the country, most notably at a Wistron factory in Bengaluru assembling older model iPhones, which saw a labor riot in late 2020.

    Apple is looking to build "highly localized" partners to become "truly diversified," instead of bringing Chinese or Taiwanese partners in India and be dependent on them, Shah said, but finding alternatives for components sourced primarily from Chinese suppliers could take years.

    "It will not be a sprint to build like-for-like supplier ecosystem as it enjoyed in China, but a marathon and a step by step process," Shah added.

    India will account for around 26% of global iPhone shipments by the end of 2025, up from 20% at the start of the year, according to the latest estimate by Counterpoint.

    Apple's Chief Operating Officer Jeff Williams visited Justech's innovation exhibition center in Jiangsu during his trip to China in March where he pledged to continue to make large-scale investment in the country.


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  • Samsung Electronics Achieves UL Solutions’ ‘Zero Waste to Landfill’ Platinum Designation Across All Global Manufacturing Sites

    Samsung Electronics Achieves UL Solutions’ ‘Zero Waste to Landfill’ Platinum Designation Across All Global Manufacturing Sites

    Samsung Electronics has achieved UL Solutions’ “Zero Waste to Landfill” Platinum designation across all of its global manufacturing sites — marking the first major milestone in the company’s environmental strategy.

     

    “Zero Waste to Landfill” is a claim validation program administered by UL Solutions, a global safety science company. Designations are determined by the percentage of waste diverted from landfills, serving as a key indicator of a company’s resource circularity efforts. Platinum represents a 100% landfill diversion rate, while Gold and Silver represent 95% to 99% and 90% to 94% respectively.

     

    Since announcing its Environmental Strategy in 2022, focused on climate action and resource circularity, Samsung has steadily advanced sustainable management practices — repurposing waste generated at its sites into valuable resources and expanding other recycling initiatives worldwide.

     

    Last year, all 10 business sites of the Device Solutions (DS) Division earned Platinum designation through integrated validation. This year in July, the Device eXperience (DX) Division’s Hungarian subsidiary, SEH-P, also achieved Platinum, marking the final step in securing Platinum status across all 22 domestic and overseas DX manufacturing sites.

     

    ▲ “Zero Waste to Landfill” Platinum designation for Samsung’s headquarters in Suwon, issued by UL Solutions

     

    Samsung Electronics has established key directions for waste management — strengthening sorting systems, expanding reuse and increasing resource recovery — and has been implementing them through concrete initiatives.

     

    Examples include introducing more refined waste separation systems within worksites and strengthening employee training to ensure thorough sorting.1 Food waste and used paper are composted,2 while general and construction waste is recycled into alternative fuels3 or basic raw materials.4 In addition, e-waste and battery residues are repurposed for solid fuel production.5 Through these efforts, Samsung has made steady progress toward its goal of achieving Zero Waste to Landfill.

     

    ▲ Plastic waste reduction training at Samsung Electronics’ SEHC subsidiary in Vietnam

     

    Samsung is continuously developing technologies to recycle waste generated from semiconductor production processes into materials that can be reused in semiconductor manufacturing. For example, waste liquids are reused as a cleaning agent in scrubbers that reduce air pollutants and as water treatment agents in wastewater treatment facilities. In addition, adsorbents, activated carbon and catalysts used to control air pollutants undergo regeneration and are reused as raw materials for the same applications.

     

    ▲ Waste adsorbent regeneration process

     

    Samsung recycled approximately 1.32 million tonnes of waste in 2024 — equivalent to 260,000 five-tonne waste trucks.

     

    In addition to reducing waste at its worksites, Samsung has also repurposed by-products and discarded materials into new resources. The Galaxy S25, launched this year, has incorporated recycled cobalt extracted from previously used Galaxy smartphones and batteries discarded during the manufacturing process through Samsung’s Circular Battery Supply Chain. Discarded wafer trays from semiconductor manufacturing were recycled and applied to the Galaxy S25 series’ components as well.

     

    Looking ahead, Samsung Electronics plans to further enhance systematic waste sorting and material-specific management to secure high-quality recycled resources and expand their application in products, strengthening its commitment to resource circularity.

     

    Junhwa Lee, Executive Vice President and Head of Global EHS Office, DX Division at Samsung Electronics, highlighted the significance of the achievement as “a major milestone” in the company’s environmental management strategy, adding that the company will continue to apply innovation across all areas of its business to put sustainable management into practice.

     

    More information on Samsung Electronics’ sustainability initiatives can be found on the Samsung Electronics Sustainability website.

     

     

    1 Subsidiaries in Hungary (SEH-P), Malaysia (SEMA), Brazil (SEDA-P(M)), Türkiye (SETK-P), etc.
    2 Subsidiaries in Thailand (TSE-P), India (SIEL-P(C)), Malaysia (SEMA), Mexico (SEM-P), etc.
    3 Subsidiaries in Vietnam (SEHC), Malaysia (SEMA), the United States (SEHA), etc.
    4 Subsidiaries in Vietnam (SEV, SEVT), etc.
    5 Subsidiary in Indonesia (SEIN-P)

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  • Building Tomorrow’s Classroom Today – Samsung Newsroom Malaysia

    Building Tomorrow’s Classroom Today – Samsung Newsroom Malaysia

    By Grégoire Thomas, Regional Head of Integrated B2B, Samsung Electronics, Southeast Asia and Oceania

     

    Picture this: a student in rural Indonesia collaborates on a science presentation with peers in Singapore and Thailand, using their AI-powered tablets to translate their respective languages for one another in real-time while an intelligent display in their classrooms brings their shared workspace to life. Far from being science fiction, these scenarios are already possible today, thanks to technology.

     

    Working with educators across Southeast Asia and Oceania, I have had the privilege to witness a generation of digital-native students who don’t just use technology; but intuitively reach for it as something deeply embedded into their every day. Compared to preceding generations, these students approach problems differently, learn differently, and simply put, are also expecting their educational experiences to match the increasingly connected world that they will one day inherit from us.

     

    This is not a question of whether technology belongs in education, but instead, whether we can be bold enough to reimagine how education can further grow thanks to technology.

     

     

    Classrooms Powered by AI

     

    Samsung AI Assistant on the new AI-powered Interactive Display is built with intelligent, intuitive tools to organise lessons and collaborative learning

     

    At Bett 2025 earlier this year, we unveiled something I’m genuinely excited about – our new AI-powered Interactive Display that integrates Samsung AI Assistant, equipping educators with more intelligent and intuitive tools to both organise and transform lessons.

     

    Features like AI Summary help teachers create concise lesson recaps automatically, making planning much easier and simplifying post-class reviews for students. Meanwhile, Live Transcript converts conversations into text in real time for students to revisit and reinforce what they’ve learned in class. Armed with these tools, educators can transform lessons into dynamic and interactive experiences that maximise learning outcomes.

     

    Students at Al Muslim Bekasi utilising the Samsung Notes app, with in-built Galaxy AI features

     

    Furthermore, we recently rolled out the Samsung Digital Lighthouse School programme in Indonesia, starting with two schools: Al Muslim Bekasi and Salman Al Farisi Bandung. The programme aims to accelerate the digital transformation journeys of schools and enhance the learning experiences of over 2,500 students with AI-enabled Galaxy devices such as the Galaxy Tab S and A Series, with holistic protection by Samsung Knox.

     

    At the end of the day, we want to have technology that inspires both educators and students to explore, discover and collaborate. Technology should not overshadow the human connection but instead, enhance it.

     

     

    Equity and Ecosystems  

    A concern that many educators have with technology is equity and access. When done right, technology can bridge, instead of widen, the gaps.

     

    When a student in Bandung accesses the same AI-powered learning tools as someone in Seoul; when language barriers are removed through real-time translation; and when personalised learning can be adapted to the different paces and styles of both teachers and students, that is democratisation in action. A decade ago, high-speed internet used to be accessible only to those who could afford it.; today, these technologies are well within reach of most students across our region. Technology for technology’s sake doesn’t solve anything; instead, it is about creating ecosystems that benefit everyone.

     

    However, educators are also just as concerned about having the right solutions on hand to help them fully maximise that potential, not just for students, but also for teaching staff. We work with local Edutech partners for classroom device management, as well as change management support, to better enhance learning outcomes for students. These collaborations are built around the understanding that technologies, like tablets for classrooms, are only as transformative as the support system around them. After all, tools are only as good as the hands that wield them.

     

     

    Working within the System, Not Against It

    Beyond devices, software and services, it is extremely important to have a clear understanding of national education strategies, curriculum requirements, as well as the long-term vision for digital learning. We have been engaging and collaborating with education ministries across the region to ensure that initiatives are designed to support and integrate with these existing frameworks.  

     

    Our Samsung Learning Hub, launched in January, exemplifies this approach. This digital resource hub for educators offers online training, teaching materials, certifications, and a community to further support teaching and learning outcomes. For digital learning initiatives to succeed, they must aim to complement and not replace traditional teaching methods.

     

     

    The Imperative for Collaboration

    The future of education cannot be a solo act, but must be built through collaboration among educators, students, parents, policymakers, and technology companies like Samsung. Here is my challenge to everyone reading this: whether you are an educator frustrated by the limitations of current teaching methods, a policymaker grappling with budget constraints, or even a fellow technology professional looking to make a real difference:

     

    Let’s stop talking about the future of education and start building it. Let’s be bold enough to experiment, humbly explore new innovations to figure out what works, and persist in our efforts to continue iterating until we get it right, together.

     

    Our students today will inherit a world shaped by AI, climate change, and other challenges that we have yet to discover. They deserve an education that prepares them not just to adapt to that world, but to lead it. For that to happen, we must also ensure that they are both enabled and empowered with the right tools and support to drive better and more effective learning outcomes in this digital-first world. Are we ready to lead it together?

     

     

    Experience the Future of Education with Samsung at Bett Asia

    At Samsung, we believe in building the future of education together. We welcomed attendees to experience our vision in action at Bett Asia in Kuala Lumpur that happened from 1-2 October 2025, and discover how technology can enhance, not replace, the human connection in the classroom. Attendees had the opportunity to speak with our experts, see live demonstrations, and learn how Samsung is helping create dynamic, interactive, and equitable learning environments for the next generation.

     

    Let’s start building tomorrow’s classroom, today.

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  • There’s a hopeful mood in the Middle East and the markets

    There’s a hopeful mood in the Middle East and the markets

    U.S. President Donald Trump speaks while World leaders listen during a summit of European and Middle Eastern leaders on Gaza on October 13, 2025 in Sharm El-Sheikh, Egypt.

    Chip Somodevilla | Getty Images

    This might not be Christmas, but the war in the Middle East is over — at least according to U.S. President Donald Trump.

    On Monday, Trump declared at the Knesset, Israel's parliament, that the "long and painful nightmare" was finally over for both the Israelis and Palestinians. More straightforwardly, Trump gave an unequivocal "yes" when asked by reporters if the war in the Middle East has ended, Reuters reported.

    A similarly hopeful mood permeated markets, though for different reasons. After hitting China with 100% additional tariffs and triggering a sell-off on Friday, Trump appeared to walk back his stance, posting on Truth Social that "it will all be fine" with China.

    And thus was TACO back on traders' menus: Major U.S. stock indexes rebounded, with technology stocks leading the charge. Quantum computing names popped after JPMorgan Chase announced it will be investing $10 billion in sectors crucial to national interests.

    Broadcom, meanwhile, surged almost 10% after it jointly announced a partnership with — who else? — OpenAI to build and deploy custom chips. But where this puts Nvidia, OpenAI's other near and dear one, and on whose chips the ChatGPT maker relies, remains a question.

    Though Christmas has yet to arrive, OpenAI is starting to look like the tech sector's Santa Claus.

    — CNBC's Holly Ellyatt contributed to this report.

    What you need to know today

    War in the Middle East is over, Trump says. At Israel's parliament, Trump gave a speech in which he said that the "long and painful nightmare" for both the Israelis and Palestinians was over. He also urged, at a separate event, for leaders to put "old feuds" behind.

    Broadcom joins the OpenAI party. The two companies announced Monday that they're planning to develop and deploy OpenAI-designed chips, amounting to 10 gigawatts, starting late next year. Shares of Broadcom popped almost 10% on the news.

    JPMorgan says it will invest $10 billion in critical industries. The four areas of focus — which the bank considers crucial to U.S. security — are: defense and aerospace, "frontier" technologies such as AI, energy technology and supply chain and advanced manufacturing.

    Stocks claw back some losses. On Monday stateside, major U.S. stock indexes rose, rebounding from Friday's carnage. The S&P 500 regained 56% of Friday's decline. Europe's Stoxx 600 index climbed 0.44%, lifted by mining stocks.

    [PRO] European sectors less affected by trade war. The continent isn't in the crosshairs of Trump's latest tariffs, but a weakening U.S. dollar could affect Europe's exports. UBS picks three sectors more shielded from that — leaving out a notable one.

    And finally...

    U.S. President Donald Trump shakes hands with Argentina's President Javier Milei during the 80th United Nations General Assembly, in New York City, New York, U.S., Sept. 23, 2025.

    Alexander Drago | Reuters

    The U.S. has stepped in with an extraordinary bailout of Argentina. Here's what it means

    In a move that Treasury Secretary Scott Bessent announced Thursday on social media site X, the U.S. is providing a $20 billion currency swap line with Argentina's central bank — essentially exchanging stable U.S. dollars with volatile pesos.

    The move comes amid liquidity concerns in Argentina that threatened stability for the country as it faces key midterm elections. There are equal parts economic and political stakes with the venture, which marks the first U.S. intervention of this nature since rescuing Mexico in 1995.

    Jeff Cox


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  • Oil edges up as US-China de-escalate trade tensions – Reuters

    1. Oil edges up as US-China de-escalate trade tensions  Reuters
    2. Oil settles higher as US, China try to de-escalate trade tensions  Reuters
    3. Crude oil prices show more of the negative signs-Analysis-14-10-2025  Economies.com
    4. During the European session, WTI Oil rises to $59.40, while Brent remains steady at $61.96  VT Markets
    5. Oil Prices Rebound After Sharp Declines  Rigzone

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  • Fujifilm Announces Enhancements to the Updated instax mini Link™ for Nintendo Switch™ Smartphone App

    Fujifilm Announces Enhancements to the Updated instax mini Link™ for Nintendo Switch™ Smartphone App

    FUJIFILM North America Corporation, a marketing subsidiary of FUJIFILM Holdings America Corporation, consists of six operating divisions. The Imaging Division provides consumer and commercial photographic products and services, including silver halide consumables; inkjet consumables; digital printing equipment, along with service and support; personalized photo products fulfillment; film; one-time-use cameras; and the popular instax™ line of instant cameras, smartphone printers, instant film, and accessories. The Electronic Imaging Division markets its GFX System and X Series lines of mirrorless digital cameras, lenses, and accessories to provide a variety of content creation solutions for both still and moving imagery. The Optical Devices Division provides optical lenses for the broadcast, cinematography, closed circuit television, videography, and industrial markets, and also markets binoculars and other optical imaging solutions. The Business Innovation Division offers a full lineup of digital print and toner technologies focused on enabling the digital transformation of businesses and print shops with its offerings of multifunction printers, digital inkjet presses, production toner printers, software, and more. The Industrial Products Division delivers new products derived from Fujifilm technologies including data storage tape products, including OEM and FUJIFILM Ultrium LTO cartridges, desalination solutions, microfilters and gas separation membranes.

    For more information, please visit https://www.fujifilm.com/us/en/about/region, go to https://x.com/fujifilmus to follow Fujifilm on X, or go to www.facebook.com/FujifilmNorthAmerica to Like Fujifilm on Facebook.

    FUJIFILM Corporation is a subsidiary of FUJIFILM Holdings Corporation. FUJIFILM Holdings Corporation, headquartered in Tokyo, leverages its depth of knowledge and proprietary core technologies to deliver innovative products and services across the globe through the four key business segments of healthcare, electronics, business innovation, and imaging with over 70,000 employees. Guided and united by our Group Purpose of “giving our world more smiles,” we address social challenges and create a positive impact on society through our products, services, and business operations. Under its medium-term management plan, VISION2030, which ends in FY2030, we aspire to continue our evolution into a company that creates value and smiles for various stakeholders as a collection of global leading businesses and achieve a global revenue of 4 trillion yen (29 billion USD at an exchange rate of 140 JPY/USD). For more information, please visit: https://holdings.fujifilm.com/en/.

    For further details about our commitment to sustainability and Fujifilm’s Sustainable Value Plan 2030, click here.

    FUJIFILM and instax are registered trademarks of FUJIFILM Corporation and its affiliates.

    All other trademarks are the property of their respective owners.

    © 2025 FUJIFILM North America Corporation and its affiliates. All rights reserved.

    [1] A free Smartphone App, compatible with Android phones and iPhones, is required for use of the instax mini Link™ Smartphone printer. It can be downloaded from Google Play in the case of Android phones and from the App Store for iPhones, provided that there are some countries and regions where the instax mini Link™ for Nintendo Switch App will not be available for download.

    [2] Instant film sold separately

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  • Satellites Are Leaking the World’s Secrets: Calls, Texts, Military and Corporate Data

    Satellites Are Leaking the World’s Secrets: Calls, Texts, Military and Corporate Data

    That suggests anyone could set up similar hardware somewhere else in the world and likely obtain their own collection of sensitive information. After all, the researchers restricted their experiment to only off-the-shelf satellite hardware: a $185 satellite dish, a $140 roof mount with a $195 motor, and a $230 tuner card, totaling less than $800.

    “This was not NSA-level resources. This was DirecTV-user-level resources. The barrier to entry for this sort of attack is extremely low,” says Matt Blaze, a computer scientist and cryptographer at Georgetown University and law professor at Georgetown Law. “By the week after next, we will have hundreds or perhaps thousands of people, many of whom won’t tell us what they’re doing, replicating this work and seeing what they can find up there in the sky.”

    One of the only barriers to replicating their work, the researchers say, would likely be the hundreds of hours they spent on the roof adjusting their satellite. As for the in-depth, highly technical analysis of obscure data protocols they obtained, that may now be easier to replicate, too: The researchers are releasing their own open-source software tool for interpreting satellite data, also titled “Don’t Look Up,” on Github.

    The researchers’ work may, they acknowledge, enable others with less benevolent intentions to pull the same highly sensitive data from space. But they argue it will also push more of the owners of that satellite communications data to encrypt that data, to protect themselves and their customers. “As long as we’re on the side of finding things that are insecure and securing them, we feel very good about it,” says Schulman.

    There’s little doubt, they say, that intelligence agencies with vastly superior satellite receiver hardware have been analyzing the same unencrypted data for years. In fact, they point out that the US National Security Agency warned in a 2022 security advisory about the lack of encryption for satellite communications. At the same time, they assume that the NSA—and every other intelligence agency from Russia to China—has set up satellite dishes around the world to exploit that same lack of protection. (The NSA did not respond to WIRED’s request for comment).

    “If they aren’t already doing this,” jokes UCSD cryptography professor Nadia Heninger, who co-led the study, “then where are my tax dollars going?”

    Heninger compares their study’s revelation—the sheer scale of the unprotected satellite data available for the taking—to some of the revelations of Edward Snowden that showed how the NSA and Britain’s GCHQ were obtaining telecom and internet data on an enormous scale, often by secretly tapping directly into communications infrastructure.

    “The threat model that everybody had in mind was that we need to be encrypting everything, because there are governments that are tapping undersea fiber optic cables or coercing telecom companies into letting them have access to the data,” Heninger says. “And now what we’re seeing is, this same kind of data is just being broadcast to a large fraction of the planet.”

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  • Amazon and TikTok are helping Estee Lauder reinvent itself, Goldman Sachs says

    Amazon and TikTok are helping Estee Lauder reinvent itself, Goldman Sachs says

    By Bill Peters

    Goldman analysts upgrade Estee Lauder’s stock, saying a sales rebound could happen sooner than investors think

    Goldman Sachs analysts see “an upcoming fundamental inflection” for Estee Lauder as the cosmetics maker tries to turn its fortunes around.

    Cosmetics giant Estee Lauder Cos.’s rebound could take hold sooner than expected, Goldman Sachs analysts said on Monday, as trends firm up in the U.S. and China and the company puts more focus on newer and higher-end products and sales through TikTok and Amazon.

    The Goldman analysts upgraded shares of Estee Lauder (EL) to a buy rating. That upgrade helped send the stock 5.8% higher on Monday.

    The analysts, in a research note, said they saw “an upcoming fundamental inflection” for Estee Lauder, which is known for brands like Clinique and Aveda, along with its namesake products. They added that the company could return to sales growth as soon as its fiscal first quarter, which ran through last month.

    “Ultimately, we believe investors need evidence of sustainable toplinegrowth and share gains, and we believe this could happen earlierthan expected (possibly FQ1), and with continued progress on improved profitability, this should drive a re-rating in the stock,” the analysts said.

    Higher costs of living, competition, tariffs and an online ecosystem that has sped up trend cycles have weighed on beauty-industry heavyweights. Estee Lauder this year has slashed thousands of jobs and announced plans to accelerate new-product development and take steps to be a bigger player in more upscale beauty products.

    In February, Chief Executive Stéphane de La Faverie said that Estee Lauder had been “too slow to seize new opportunities” and that the company planned to deliver nearly a third of its product launches in under 12 months. In August, he called the moves “the biggest organizational transformation that we have done in our history.”

    However, management in August said it expected better sales trends for mainland China – a key market that the Goldman analysts said makes up around a quarter of Estee Lauder’s sales – and at places like airport duty-free shops and cruise-ship terminals. Those trends were reasons to be optimistic, the analysts said.

    “While there has been some debate around the elevated competition from local brands,” the analysts said of the backdrop in China, “we believe rising urban consumption should support [Estee Lauder’s] growth and the steps it is taking as part of its strategic vision should support further market share gains ahead.”

    The analysts also said that while Estee Lauder’s business in North America lost a lot of ground over recent years, it is more diversified today. They said the company has less than one-third of its overall exposure to department stores. The rest, they said, was spread out across Amazon, Estee Lauder’s direct-to-consumer business, and other stores.

    That current composition of its business, the analysts said, “should allow the company to reach its consumers in a more effective manner.”

    The analysts noted that Estee Lauder first launched Clinique on Amazon in the U.S. last year, which has helped that brand pick up a bigger slice of the market. They said Estee Lauder currently has 11 brands on Amazon in the U.S. The company also recently launched two brands on TikTok Shop.

    “Notably, [management] views these platforms as an important part of its new media model wherein these platforms serve the purpose of amplifying demand for its brands as consumers predominantly search for beauty products across these platforms,” the analysts said.

    “While department stores will likely get even smaller over time as other growth channels pick-up in the mix,” they added, “we believe department stores remain an important channel to drive trial and certain categories will likely thrive in brick-and-mortar, such as fragrances and luxury skincare.”

    -Bill Peters

    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.

    (END) Dow Jones Newswires

    10-13-25 2011ET

    Copyright (c) 2025 Dow Jones & Company, Inc.

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  • Singapore warns of slower 2026 growth after third-quarter GDP beats expectations

    Singapore warns of slower 2026 growth after third-quarter GDP beats expectations

    An aerial view of Singapore’s Marina Bay Street Circuit on Sept. 17, 2024.

    Roslan Rahman | Afp | Getty Images

    Singapore’s economy expanded faster than expected in the third quarter, even as the country’s central bank warned that growth is likely to slow in 2026.

    Gross domestic product rose 2.9% year on year in the three months through September, the Ministry of Trade and Industry said Tuesday.

    That beat economists’ forecasts for a 1.9% increase, though it marked a slowdown from a revised 4.5% expansion in the second quarter.

    On a seasonally adjusted, quarter-on-quarter basis, the economy expanded by 1.3%, easing slightly from 1.5% in the previous quarter.

    Manufacturing was the main drag on growth, flattening after a 5% expansion in the second quarter. The construction sector also softened, rising 3.1% year on year compared with 6.2% in the prior quarter.

    “Growth was weighed down by output declines in the biomedical manufacturing and general manufacturing clusters, even as output in the other manufacturing clusters expanded,” MTI said in a statement.

    The slowdown comes as Singapore’s central bank left its policy settings unchanged, maintaining its stance from July.

    The Monetary Authority of Singapore said that GDP growth is expected to moderate as activity “normalises” in trade-related sectors.

    Global investment in artificial intelligence is expected to support Singapore’s manufacturing sector, the central bank said, while construction and financial services should benefit from infrastructure spending and accommodative financial conditions.

    “In 2026, GDP growth is projected to slow in line with external developments to a near-trend pace, such that the output gap narrows to around 0%,” MAS said in a statement.

    Exports from Singapore recorded an 11.3% decline in non-oil domestic exports in August, the sharpest drop since March 2024.

    Non-oil exports to Indonesia, the U.S. and China fell in August, but rose to the European Union, Taiwan and South Korea, government data showed.

    Singapore’s exports to the United States dropped by 28.8% year on year in August, following a 42.8% fall in July.

    —This is breaking news, please check back for updates.

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