Category: 3. Business

Jeff Bezos’ Blue Origin launched a crypto billionaire and five other people to the final frontier on Sunday (Aug. 3).

The mission — known as NS-34, because it was the 34th overall flight of Blue Origin’s New Shepard vehicle — lifted off from the company’s West Texas spaceport at 8:43 a.m. EDT (1243 GMT; 7:43 a.m. local time in West Texas).

The highest-profile NS-34 passenger was Justin Sun, a 34-year-old billionaire who founded the blockchain platform Tron. In June 2021, Sun won an auction for a seat aboard the first-ever crewed flight of New Shepard, plunking down $28 million. (He did so anonymously; we didn’t learn that Sun posted the winning bid until December 2021.)

A scheduling conflict kept Sun from joining that landmark flight, which took place on July 20, 2021 — the 52nd anniversary of the Apollo 11 moon landing. The passengers that day were Jeff Bezos, his brother Mark, aviation pioneer Wally Funk and Dutch student Oliver Daemen.

The people flying with Sun on Sunday were Arvinder (Arvi) Singh Bahal, an Indian-born American real estate investor and adventurer; Turkish businessman and photographer Gökhan Erdem; Deborah Martorell, a journalist and meteorologist from Puerto Rico; Englishman Lionel Pitchford, who has run an orphanage in Nepal for three decades; and American entrepreneur James (J.D.) Russell.

A new clinical readout from the Resistance Drivers for Immuno-Oncology Patients Interrogated by Harmonized Molecular Datasets (RADIOHEAD) study has validated the use of a tissue-free monitoring assay, Guardant Reveal, for the earlier detection of immunotherapy response in patients with advanced solid tumors.^1,2

The findings, published in Cancer Research Communications, demonstrate that the liquid biopsy can identify responders and, more critically, non-responders to treatment significantly sooner than conventional imaging methods. This could empower oncologists to make more timely and informed treatment decisions, potentially improving patient outcomes and quality of care.

The collaboration between Guardant Health and the Parker Institute for Cancer Immunotherapy analyzed more than 500 patients with advanced solid tumors, including lung, skin, head and neck, breast, gastrointestinal, genitourinary, and gynecologic cancers. The study was designed to assess if a blood-based monitoring assay could predict treatment response with greater accuracy and speed than standard-of-care methods. By measuring changes in circulating tumor DNA (ctDNA) tumor fraction, the researchers found a strong association between these changes and long-term patient outcomes.

One of the study’s most compelling findings was the ability to identify disease progression up to 5 months earlier than standard-of-care imaging. The data showed that patients with any reduction in tumor fraction had a superior outcome, while those with a decrease of 80% or more had a 75% lower risk of progression. This early signal of therapeutic efficacy or resistance could be a game-changer for a clinical practice where treatment decisions are often delayed while waiting for a patient to show clinical progression via imaging. The ability to pivot to a new therapy earlier could spare patients unnecessary toxicity from an ineffective regimen and provide a more personalized approach to their care.

“Precise serial monitoring at the molecular level provides real value to oncologists and to patients using immunotherapy,” said Craig Eagle, MD, chief medical officer at Guardant Health, in a press release.² “This study shows that Guardant Reveal has the potential to revolutionize how oncologists assess patient response, identifying earlier insights that can empower them to make informed decisions faster and improve patient outcome and quality of care.”

The RADIOHEAD program, a pantumor, prospective cohort study of 1070 immunotherapy-naive patients, is a significant real-world investigation into immune checkpoint inhibitor regimens.^1,2 Conducted across 49 US community oncology clinics, the study collected over 3700 longitudinal blood samples. Multi-omic profiling, including ctDNA analysis, whole-exome sequencing, and high-dimensional immune profiling, was paired with detailed clinical and demographic data. This comprehensive dataset aims to uncover mechanisms of response, resistance, and toxicity, providing deep translational insights that may inform future therapeutic strategies.

The Guardant Reveal assay, which is a methylation-based ctDNA test, provides a tissue-free method for measurable residual disease (MRD) assessment. By utilizing this technology for immunotherapy monitoring, the study expands the clinical utility of liquid biopsies beyond their established use in MRD detection in early-stage cancers like colorectal cancer. The findings provide a new caliber of precision monitoring for patients with advanced cancers.

The implications for clinical practice are significant. With the rise of immune checkpoint inhibitors, which can be costly and have associated toxicities, a tool that can quickly and accurately assess a patient’s response could optimize treatment pathways. The data from the RADIOHEAD study suggests that this technology could help clinicians de-escalate or change therapy for patients who are not responding, and conversely, provide confidence in continuing an effective regimen. The move toward non-invasive, blood-based monitoring for immunotherapy response represents a promising step in advancing precision medicine and improving outcomes for cancer patients.

REFERENCES:

1. Liang SI, Quandt Z, Wienke S, et al. Methylation-based ctDNA tumor fraction changes predict long-term clinical benefit from immune checkpoint inhibitors in RADIOHEAD, a real-world pan-cancer study. Cancer Res Commun. 2025 Jul 29. doi: 10.1158/2767-9764.CRC-25-0151. Online ahead of print.

2. New RADIOHEAD Study Validates Use of Guardant Reveal Tissue-Free Monitoring for Earlier Detection of Immunotherapy Response in Advanced Cancer. News release. Guardant. July 29, 2025. Accessed August 1, 2025. https://tinyurl.com/y3jne23v

Memories of Ikebukuro Long Past

Just a few minutes from the bustle of Ikebukuro Station’s West Exit, and a single turn into one of the narrow streets spreading through Ikebukuro, I find myself stopping short. Nestled among the towering buildings is a verdant, tree-filled garden hiding a café in an old, traditional-style house. The single-story wooden structure, embraced in a quiet like something from another time, is around 80 years old, and greets every new customer with this feeling of charming discovery.

The house itself was built by the owner Fukano Hiroyuki’s grandfather after World War II, and his family has lived in this area since the Edo period (1603–1868).

The wooden gate at the cafe entrance is a precious piece of architecture dating back to the mid- to late-nineteenth century, meaning it has survived both the Great Kantō Earthquake and the firebombing of World War II. A step through that gate takes me into the cafe area.

The wooden gate’s jutting roof is a clear landmark. (© Kawaguchi Yōko)

The first sight inside is a doma—a feature of older houses, a large, dirt-floored workroom inside the main entrance—lined with tables and benches. Stepping up into the house, where Fukano once actually lived, gives access to washitsu rooms with tatami mats and a covered exterior walkway, or engawa.

The doma is bright and airy. A tatami-floored washitsu can be seen to the right. (© Kawaguchi Yōko)

Both spaces, the doma and washitsu, are now open to café customers, and feature large windows looking out onto the green garden outside. Stay in the doma to enjoy light filtering through the trees, or take off your shoes and step into washitsu for a taste of the cool shadows of a traditional Japanese house. Sun or shade—let your mood decide which suits you best that day.

The floor seating in the Japanese room is perfect for stretching out and relaxing. (© Kawaguchi Yōko)

The washitsu rooms take advantage of carefully preserved original fixtures, like fusuma sliding doors decorated with patterns of golden clouds and ume blossoms, and shōji screens with glass panels at the bottom for gazing out at the snow in winter. One room has a tokonoma alcove and a fireplace. Formerly the house tearoom, this space eschews gaudy decoration in favor of a more reserved, calming atmosphere.

The tokonoma is decorated with hanging scrolls and ikebana. (© Kawaguchi Yōko)

Focus on Ingredients

At Chanoma, customers order their drinks and sweets at the counter. The cafe’s most popular dish by far is the Nōkō Matcha Terrine. It uses tea from venerable Aoiseicha, a tea shop in Nishio, Aichi Prefecture, packing it with the rich flavor of matcha. It is topped with whipped cream flavored with smoked hōjicha, a form of roasted tea, for a taste treat that balances depth with gentle enjoyment.

The popular Nōkō Matcha Terrine and Hōjicha Latte. (© Kawaguchi Yōko)

I particularly recommend pairing it with the Hōjicha Latte, which balances the natural sweetness of milk and roasted hōjicha tea. Shop manager Katō Hiroshi says, with a grin, “We use hōjicha roasted from first-pick tea, so the leaves are packed with umami and sweetness. We want customers to enjoy the natural flavor of the ingredients.”

The hot drink is great, of course, but in summer the iced version is also a real treat.

Nishi Ike Valley—A New Community Under the High Rises

Chanoma opened in December 2021.

“I want to build relationships with people whose faces I know. I want to open up this space to the community and make it somewhere people can mingle,” reflects Fukano.

That is what drove his efforts in redeveloping the land he owned and encouraging shops, like Chanoma, to open here. He has grown this hidden residential neighborhood into a greenery-wrapped, welcoming commercial complex called Nishi Ike Valley.

What makes this Ikebukuro spot a “valley?” That name stems from the contrast between the towering high rises lining the main street in front of Ikebukuro Station and the many lower-stature structures in this area, like a green valley between the mountainous buildings. It also reflects his desire to see this a place where many branching “tributaries” flow together to become one stream uniting diverse people and facilities to create something new.

This cafe in a green urban valley between the buildings is truly an oasis of the metropolis. (© Kawaguchi Yōko)

Chanoma’s design was done by Sudō Tsuyoshi’s design studio. The general concept was one of gently tying together the physical space, so they removed the wall that once stood round the garden. They also removed some of the paving on the grounds to replant shrubbery there. That helps blur the borders with the outside to create a more comfortable, half-indoor, half-outdoor environment.

A place where visitors can feel free to find their own way of being in the space—that is the true charm of Nishi Ike Valley.

The 2023 Nishi Ike Valley fair, held in the parking lot across from Chanoma, attracted over 200 children to enjoy festival games, street stall food, and shaved ice. Other events, like Nishi Ike Valley Day, include market stalls selling food made in the facility’s shared kitchen and other offers of casual fun.

On an earlier interview done a few years ago, Fukano shared a clear hope: “I want to see people living in the buildings alongside us to come down and have fun on the street, and to hear the voices of children.”

In May 2025, construction finished on a new residential building within the Nishi Ike Valley grounds. The first floor already has tenants like restaurants, a gym, and a work-share space. With this new public living space, connecting residents with those who come for fun, the day when that dream comes true seems close at hand.

A Garden for All Seasons

Chanoma was the first business to open here, becoming the nucleus for the Nishi Ike Valley project and an object of curiosity from many. Rather than being a perfectly polished commercial facility, it embodies the Nishi Ike Valley concept of “A house in town to enjoy the spaces between.”

In the garden, spring sees the blossoming of cherries, and the ume begin to ripen in early summer. Autumn is when the chestnuts and yuzu appear. When planting the garden, Fukano says, “We focused on things that bear fruit, that lose their leaves in autumn, and that attract butterflies to lay their eggs.”

There are gardeners to care for the trees, people to water the plants early in the morning, and those who come to sweep the leaves from the streets. This garden itself calls for many hands to tend it, and so has formed its own small community.

“It feels good to me to work in this environment. Watering the plants every day helps me see up close the vitality of these plants and feel the changing of the seasons,” says Katō.

Once, some visitors from overseas staying at a hotel in Ikebukuro came to Chanoma three days in a row. They brought different friends every day, and apparently explained to each that visiting the cafe was their new morning ritual.

The Japanese-style atmosphere seems to charm visitors from overseas. (© Kawaguchi Yōko)

If you want a quiet time to visit, avoid the weekends and come on a weekday morning. The scenery around Chanoma offers new flowers and fruit with every season. It is a place that makes you want to come again and again, a place that nurtures moments of stillness.

Chanoma

• Address: 5-12-3 Nishi-Ikebukuro, Toshima, Tokyo
• Hours: 10:00 am–6:30 pm (last orders at 6:00 pm)
• Closed: Tuesdays
• Access: 6 minutes on foot from Kanamechō Station on the Tokyo Metro Yūrakuchō Line; 8 minutes on foot from JR Ikebukuro Station
• Website: https://www.instagram.com/chanoma11/

(Originally published in Japanese. Banner photo: The shop as seen from the entrance. © Kawaguchi Yōko.)

Now and then, people get excited about news they should’ve expected. That’s what’s happening with this new wave of optimism about US–China trade. Suddenly, the Singapore dollar is firming up, ASEAN equities are bouncing, and headlines are popping up with phrases like “renewed confidence” and “regional momentum.”

We have nothing against good news. But if you’re an investor or anyone hoping to understand what’s happening in the markets, you must separate noise from signal. And most importantly, you need to know what lasts.

Trade normalization is rational

US–China trade cooperation is not a breakthrough. It’s just two superpowers realizing that full-scale economic divorce is not wise. Tariffs hurt both sides, and deglobalization is expensive. The smarter move is to keep competing and keep trading at the same time.

That’s why the markets are cheering. According to a December 2024 report from Krungsri Research, ASEAN countries have picked up the slack as businesses look to diversify out of China. It’s the classic “China+1” model. These companies don’t abandon China but hedge their bets by expanding elsewhere. Vietnam, Malaysia, and Indonesia are at the center of that trend. So is Singapore, in a more refined, financial way.

You don’t have to be a genius to see what this means: more capital, trade, and flows into regional currencies like the Singapore dollar. But again, this isn’t some magical transformation. It’s just basic arithmetic.

Singapore dollar shows strength

The Singapore dollar (SGD) has been firming up lately. Why? Because Singapore has credibility. It manages its currency through a basket-based exchange rate system that reacts to inflation and economic conditions, not short-term political moves.

When capital starts flowing into ASEAN as a side effect of China-US sanity returning, the SGD is one of the first to benefit. Investors like clarity, and Singapore offers that. Add in decent inflation control and a solid current account, and it is no surprise that the SGD is strong, outpacing peers like the Thai baht and Malaysian ringgit. That’s earned trust.

ASEAN markets get a positive return

Markets love optimism. ASEAN equities have seen a healthy uptick in the first half of 2025, especially in logistics, tech, and manufacturing. Vietnam’s FPT Corp, which handles cloud infrastructure and digital services, is up over 18 percent. Thanks to EV demand, Indonesia’s nickel sector is drawing investment from every direction.

The US Chamber of Commerce and ADB note that the ASEAN region is now a strategic production hub. That’s because it’s not China, but it’s not far from it either. It’s a diversified, young, cheap labor market with governments that mostly want foreign money.

But before you jump in headfirst, remember that it’s not supposed to be easy. There are power supply issues in Vietnam and Indonesia, as well as complex land laws that require careful navigation.

So yes, the trend is real, but will it last?

Don’t confuse movement with progress

A lot of people get excited when markets heat up. But if you’re playing this game seriously, you need to ask yourself: what is changing underneath?

You want structural reforms. You want legal systems that work. You want power grids that don’t black out every time demand spikes. Without those things, the ASEAN story stalls.

Now, some of those improvements are happening. The Regional Comprehensive Economic Partnership (RCEP) is making it easier for goods to move around the region. The Digital Economy Framework Agreement (DEFA) aims to make ASEAN a digital powerhouse by 2030. These are serious moves—if they stick.

But again, you must look at what’s real and what’s wishful thinking. Is the infrastructure being built? Is corruption going down? Are rules being enforced?

Most people don’t ask the crucial questions. That’s why these people are taking more risks with their money.

Where the long-term value might be

If you’re looking for something to own, here’s what might be interesting:

• Singapore-listed firms with real cash flow and exposure to ASEAN expansion.
• Digital infrastructure players across ASEAN data centers, telecoms, and logistics.
• Selective ETFs like iShares MSCI ASEAN, which give you diversified exposure, though they’re far from perfect.

And always consider currency effects. If you’re holding Malaysian or Vietnamese assets, be aware of the risks in their currencies. SGD offers a little protection, but nothing’s bulletproof.

Use smart tools to spot opportunities

There’s a saying in poker: if you can’t spot the sucker in the first 30 minutes, it’s you. The same applies to investing.

The return of US–China trade optimism is good. The SGD firming up is a clear result of it. The ASEAN market rally makes sense on paper. But don’t kid yourself. Optimism isn’t a strategy. The winners are the ones studying what’s happening behind the scenes.

Smart tools like TradingView Singapore help you play the game wisely. With no delays, TradingView lets you monitor currency pairs like SGD/USD or SGD/VND in real time. You get snapshots of daily, monthly, and annual moves, technical indicators, and crowd-sourced analysis.

More importantly, it allows you to:

• Set price or volume alerts directly on the SGD chart so you’re notified the moment your conditions are met
• Use built-in tools like oscillators and moving averages to spot trends and reversals
• Explore the “Ideas” section, where traders share real-world insights and strategies that can sharpen your thinking
• Trade directly through integrated brokers like Saxo or CMC using one login and one interface

So use smart tools. Watch the fundamentals. Read the boring reports. Ask the hard questions. If you want to win in the markets, be skeptical of anything that sounds too easy.

Trade hopes don’t make an economy

The US–China trade cheer has turned up the volume in ASEAN, lifting currencies, stocks, and spirits. The Singapore dollar benefits from being the adult in the room, and ASEAN markets are finally getting the attention they’ve earned.

But optimism isn’t a strategy. Long-term value only comes from hard-earned advantages. These include good governance, innovative infrastructure, and sound currency management. ASEAN has parts of that, and Singapore has most of it. But don’t get carried away by headlines.

You make money by understanding what’s real, not blindly following the crowd.

 

BBC

Vivergo/ PA Media

‘Way forward’

A compensation scheme for drivers over the mis-selling of car loans could cost as much as £18bn, the financial regulator has said.

The Supreme Court ruled on Friday that hidden commissions from lenders to dealers on car loans were not unlawful, meaning millions of motorists will not be able to claim.

However, the judgement left open the possibility of compensation claims for particularly large commissions which the Supreme Court said were unfair.

Following the ruling, the Financial Conduct Authority (FCA) has said it will consult on running a payout scheme – estimated to cost between £9bn and £18bn.

It said that “most individuals will probably receive less than £950 in compensation”, with the first payouts expected next year if the scheme goes ahead.

Those who have already complained do not need to do anything, the FCA said, advising those who have yet to complain to contact their car loan provider rather than using a claims management company.

The regulator has said it will consult on who will be eligible for the payouts, adding that the Supreme Court ruling provided “clarity”.

On Friday, the Supreme Court reversed earlier court rulings which said that hidden commissions on car loans were unlawful.

However, it ruled in favour of Marcus Johnson, saying the commission paid to the dealer was so significant – 55% of the total charge or credit including interest and fees – that it was a “powerful indication” the relationship between Mr Johnson and lender FirstRand was unfair.

The Supreme Court awarded Mr Johnson the amount of a commission plus interest.

The FCA said Friday’s judgement “helps us because we have been looking at what is unfair and, prior to this judgment, there were different interpretations of the law coming from different courts”.

High doses of aumolertinib, a third-generation EGFR tyrosine kinase inhibitor (TKI), conferred a long-term survival benefit among patients with untreated EGFR-variant non–small cell lung cancer (NSCLC) and brain metastases, according to findings from the phase 2 ACHIEVE trial (NCT04808752) published in JAMA Oncology.¹

After a median follow-up of 28.8 months (95% CI, 27.0-29.8), the median progression-free survival (PFS) was 20.5 months (95% CI, 12.0-26.9), which included a 12-month rate of 62.1% (95% CI, 48.7%-73.0%) and a 24-month rate of 40.8% (95% CI, 28.2%-53.1%). With a data maturity rate of 33.3%, the median intracranial PFS was not reached (NR; 95% CI, 22.3-NR); the 12-month and 24-month rates were 76.8% (95% CI, 63.2%-85.9%) and 62.3% (95% CI, 46.9%-74.4%), respectively.

The study treatment elicited a systemic objective response rate (ORR) of 88.9% (95% CI, 78.4%-95.4%) and an intracranial ORR of 82.5% (95% CI, 70.9%-90.9%) across the full analysis set, with data showing a systemic and intracranial disease control rate (DCR) of 100% (95% CI, 94.3%-100.0%). In the central nervous system (CNS) evaluable-for-response group, the systemic and intracranial ORR was 87.8% (95% CI, 75.2%-95.4%) and 85.7% (95% CI, 72.8%-94.1%), respectively.

The median duration of systemic response was 21.4 months (95% CI, 12.9-26.2) across the full analysis set and 20.7 months (95% CI, 9.4-25.9) in the CNS evaluable-for-response group. Additionally, data showed a median duration of intracranial response of 26.2 months (95% CI, 16.8-NR) based on RECIST v1.1 guidelines and 30.6 months (95% CI, 18.7-NR) per Response Assessment in Neuro-Oncology-Brain Metastases (RANO-BM) criteria in the CNS evaluable-for-response group.

“The results of this nonrandomized clinical trial suggest the potential of high-dose aumolertinib as first-line treatment for this population,” lead study author Hui Li, MD, from the Department of Thoracic Medical Oncology at Zhejiang Cancer Hospital, Hangzhou Institute of Medicine (HIM), Chinese Academy of Sciences, wrote with coauthors.¹ “The findings of this nonrandomized clinical trial suggest that high-dose aumolertinib treatment is associated with long survival benefit in patients with untreated EGFR-variant metastatic NSCLC and brain metastases, with a manageable safety profile. It deserves further validation in a randomized clinical trial.”

In the multi-center, single-arm, nonrandomized phase 2 ACHIEVE trial, a total of 63 patients were assigned to receive treatment with aumolertinib at 165 mg orally once daily in 28-day cycles until progressive disease, unacceptable toxicity, withdrawal of consent, or death. Additionally, 49 patients accounted for the CNS evaluable-for-response group, which included those with at least 1 measurable brain lesion. Investigators conducted brain MRI and CT scans at baseline and every 8 weeks thereafter.

The trial’s primary end point was the 12-month PFS rate. Secondary end points included intracranial PFS, systemic ORR, intracranial ORR, duration of systemic response, duration of intracranial response, systemic DCR, intracranial DCR, overall survival, and safety.

Patients 18 to 75 years old with histologically or cytologically confirmed advanced NSCLC with brain metastases, tumor tissue samples or blood samples showing EGFR-sensitive disease, and no prior systemic treatment were eligible for enrollment on the trial.² Other eligibility criteria included having a stable brain condition for at least 2 weeks before beginning study treatment and an ECOG performance status of 0 or 1.

The median age was 60 years (range, 47-76) in the full analysis set and 59 years (range, 47-76) in the CNS evaluable-for-response group, and most patients in each group were female (61.9% vs 67.3%). A majority of each respective group had an ECOG performance status of 1 (73.0% vs 71.4%), no prior smoking history (73.0% vs 75.5%), stage IVB disease (69.8% vs 71.4%), and extracranial metastases (66.7% vs 67.3%). A higher proportion of patients in the full analysis set had EGFR exon 19 deletion mutations (52.4%), while most in the CNS evaluable-for-response set had EGFR exon 21 L858R mutations (53.1%).

Treatment-related adverse effects (TRAEs) of any grade affected 92.1% of patients; 31.7% experienced grade 3 or higher TRAEs. The most common any-grade TRAEs included increased blood creatine phosphokinase (68.3%), increased aspartate aminotransferase (49.2%), increased alanine aminotransferase (38.1%), and increased blood lactate dehydrogenase (27.0%). Grade 3 or higher TRAEs included elevated blood creatine phosphokinase (27.0%) and increased alanine aminotransferase (3.2%).

Overall, 11.1% of patients experienced TRAEs leading to dose reductions, and 3.2% discontinued treatment due to grade 2 pneumonia. No patients died due to treatment.

References

1. Li H, Chen K, Gong L, et al. High-dose aumolertinib for untreated EGFR-variant non–small cell lung cancer with brain metastases: the ACHIEVE phase 2 nonrandomized clinical trial. JAMA Oncol. Published online June 26, 2025. doi:10.1001/jamaoncol.2025.1779
2. Almonertinib as first-line treatment in patients with EGFR mutations positive in advanced NSCLC with brain metastases (ACHIEVE). ClinicalTrials.gov. Updated April 22, 2024. Accessed July 31, 2025. https://tinyurl.com/mw9th5jx