Category: 3. Business

On 7 August 1975, Nature published a paper that has had some of the greatest impacts on science and health care in modern times. The study, by biochemists Georges Köhler and César Milstein, described a method for creating lab-made copies of antibodies — called monoclonal antibodies¹. Antibodies produced by the immune system are specific to single, unique antigens — these are the molecules generated by viruses, bacteria and other foreign agents that invade the body and try to overpower its defences. Monoclonal antibodies can be produced in huge quantities and can be designed to recognize any target. They have become the workhorse for research laboratories. In the clinic, they are used to diagnose and treat a variety of conditions, including autoimmune diseases², allergy³ and cancer⁴.

At least 212 antibody drugs have benefited tens of millions of people so far, write Andrew Chan, Greg Martyn and Paul Carter, researchers at Genentech in San Francisco, California, in an article in Nature Reviews Immunology on the past, present and future of antibody treatments⁵. The global market for monoclonal antibodies, worth around US$250 billion in 2024, is projected to double in value within five years (see go.nature.com/4muxakf).

Fifty years of monoclonals: the past, present and future of antibody therapeutics

Köhler and Milstein’s paper was the culmination of a worldwide effort to understand antibodies: their origin, structure, mechanism and role in the body’s immune system. This all happened without the complex organization and funding of today’s scientific consortia: at the time, large funders, notably the UK Medical Research Council (MRC) and the US National Cancer Institute, had a more hands-off role than they do now. This story shows that it is possible to establish a multibillion-dollar industry purely by letting scientists communicate their research, exchange information and share materials.

By the time Milstein arrived in the early 1960s at the MRC’s Laboratory of Molecular Biology (LMB) — then the world’s leading centre for studies of DNA structures — in Cambridge, UK, scientists had made progress in understanding antibodies’ basic structure. But they didn’t know how this class of proteins could target specific antigens.

Following up on biologist Joshua Lederberg’s theory that somatic mutations — changes in DNA not inherited from parents — underlie antibody diversity⁶, Milstein and fellow biochemist Sydney Brenner proposed a mechanism for restricting these mutations to specific gene regions⁷. As interest in this idea grew, so did the need to find ways to grow antibody-producing cells in the lab. Several groups succeeded in this step, which in turn allowed Milstein and his collaborators to investigate their theory experimentally in myeloma, a cancer of the white blood cells that are crucial to the immune response. It was hard work, not least because somatic mutations occur rarely. “The difficulty was that no one knew which specific antigens the myeloma cells bound to,” explains medical historian Lara Marks, who curated an exhibition on monoclonal antibodies for the MRC on the invention’s 40th anniversary.

Milstein and Köhler solved this problem by immunizing mice with a particular antigen and taking healthy B cells from the animals’ spleens. This, they predicted, would trigger the production of an antibody specific to that antigen. The antibody-producing B cell was then fused with a mouse myeloma cell, creating a hybrid called a hybridoma. Using this technique, they were able to produce essentially limitless quantities of antibodies with known specificity.

PastCast: Monoclonal antibodies, from basic science to blockbuster drugs

Milstein’s lab received many requests for cell lines, which were dispatched to researchers all around the world, at little or no cost. This enabled other groups to replicate and build on the invention, creating the current industry. Some policymakers were concerned that the LMB and MRC were too slow to think about intellectual property. In retrospect, it’s an unfair criticism. The modern biotech industry was in its nascent phase and it would be several years before the United States (and United Kingdom) would allow universities to patent scientific knowledge from government-funded research. The many groups involved in the breakthrough were mainly looking to answer a fundamental scientific question and did so according to the research community’s practices at the time.

The colossal industry that has grown around monoclonal antibodies continues to expand, and scientists are now looking to answer new questions, such as how to deploy artificial-intelligence technologies to design antibodies with drug-like properties — a task that is more complicated than using such tools to predict protein structures.

The story of monoclonal antibodies illustrates how an industry that changed health care was born through a scientific ‘relay race’. Fifty years later, the scientific landscape has transformed, in many ways for the better. Funders and policymakers, however, should consider whether breakthrough discoveries are aided by time-limited funding and complicated management structures. But stakeholders should not lose sight of perhaps the most important aspect of the work: free exchange of knowledge and materials pays dividends.

From August 26 to 28, a Verra delegation will participate in the Latin America Climate Summit (LACS) 2025 (external) in São Paulo, Brazil. Organized by IETA, LACS 2025 will convene carbon market leaders from across Latin America and the Caribbean to explore how carbon pricing can support climate solutions and a just transition in the region. The summit will connect stakeholders from governments, business, civil society, policy, and local and traditional communities, providing space for important conversations on shaping the future of the region’s carbon markets.

The following Verra staff will be in attendance:

The Verra team looks forward to connecting with stakeholders; we hope you will visit our exhibit booth and/or join us for the speaking engagements listed below. To request a meeting with a Verra staff member during LACS 2025, please email events@verra.org.

So why has the Bank of England cut rates when inflation is well above its target of 2% and seems set to remain there?

This vexed question is why the proceedings of the Bank’s nine member Monetary Policy Committee were so close and even involved an unprecedented second vote.

The bottom line is that in the medium term the Bank sees the jobs market as exerting less upward pressure on inflation, because of a fall in the number of job vacancies and an increase in the jobless rate.

But Bank governor Andrew Bailey and his team will have some explaining to do.

Inflation remains high, and the very visible food price inflation figures look set to go up over the remainder of the year.

So the ripples of inflation remain and there are risks around an expected further cut in interest rates in November.

It is notable that both deputy governor Clare Lombardelli and chief economist Huw Pill voted to hold rates, against the judgement of the governor.

Mr Bailey acknowledged to me that there was now more uncertainty about the pace of cuts, which it had previously been assumed would continue at once per quarter into next year.

The bigger question is why this series of cuts – five over the past year – has not boosted the economy more dramatically.

The Bank expects second quarter GDP growth, which will be published by the Office for National Statistics next week, to be just 0.1%.

However, thereafter it does predict that in the third quarter, economic growth will pick up to 0.3%, partly on the back of the prime minister’s trade deal with the US boosting what had been flagging exports.

Obviously, the global backdrop has weighed down on the economy.

The Bank points to the 24% drop in UK car exports to the US in May. That should now reverse.

The notable economic factor has been the very high rate of savings in the economy, remaining at pandemic double digit levels as a proportion of the economy.

Essentially, although pay has been rising faster than inflation, consumers have not felt confident enough to increase spending. This is partly an expected result of what were high interest rates.

But the general negative vibe, not helped by what was a rather downbeat drumbeat from government last year, does appear to have held consumers back.

If spending reverts to normal, and savings rates decline, then the Bank predicts a notable improvement in economic growth, eventually.

But the lingering suspicion that inflation has not quite been defeated, which will be seen in upcoming food prices, remains.

And the Bank clearly is picking up the impact of some government policies, from the rise in National Insurance for employers, and the national living wage.

Acquisition enhances NFP’s technical underwriting, product expertise and distribution

BIRMINGHAM, England — August 6, 2025 — NFP, an Aon company (NYSE: AON) and leading international insurance brokerage and consulting firm, today announced its acquisition of Bspoke Insurance Group, a platform of multi-class niche and specialist managing general agents, managing general underwriter and specialist insurance distributors. Headquartered in Leeds, Bspoke has offices in Shropshire, Gloucestershire, Essex, Liverpool and London.

NFP and Bspoke will operate independently, with the Bspoke management team reporting into Matt Pawley, President of NFP Europe. All Bspoke businesses will continue to operate under their existing brands.

“I’m excited to welcome the talented team at Bspoke to NFP,” said Pawley. “With their industry experience, diverse range of specialist solutions and customer-centric approach, they’ve driven exceptional growth and client-retention. The Bspoke team will strengthen our existing suite of insurance solutions while expanding our technical underwriting expertise and specialist product knowledge.”

Bspoke was formed in 2022 through the merger of the Precision Partnership Limited and UK General Insurance Group. The merger provides the market with coverage across sectors, including property, lifestyle, high-net-worth and transportation, as well as flexible distribution options for brokers, affinity groups and schemes. Bspoke’s businesses are built around individual product specialisms and led by highly experienced, technically skilled underwriting teams. They recently earned ‘MGA of the Year’ at the 2025 National Insurance Awards.

Tim Smyth, founder of Bspoke said, “NFP offers Bspoke a fantastic opportunity to build on the platform we have developed over the past two years. With NFP’s support, we can drive strong organic growth, attract top talent and pursue further acquisition opportunities to sustain Bspoke as a leading niche and specialist player with a relentless focus on meeting dynamic client needs.”

About NFP

NFP, an Aon company, is an organisation of consultative advisors and problem solvers helping companies and individuals address their most significant risk, workforce, wealth management and retirement challenges. With colleagues across the UK, Ireland, US, Puerto Rico and Canada, we serve a diversity of clients, industries and communities. Our global capabilities, specialised expertise and customised solutions span commercial business insurance, employee benefits, people consultancy, health and safety and individual financial planning. Together, we put people first, prioritise partnerships and continuously advance a culture we’re proud of.

Visit NFP.co.uk to learn more.

About Bspoke Insurance Group

Bspoke Insurance Group brings together a collection of multi-class niche and specialist MGAs, each clearly focussed on individual product specialisms and run by highly experienced and technically skilled underwriting teams. Their product range includes property, leisure, lifestyle, HNW, commercial and trades, haulage and transportation, and they are able to offer distribution options for brokers, affinities and schemes. Their structure and focus on IT and data enables the Group to operate as a ‘virtual insurer’, with full sales, underwriting, pricing, business intelligence and reserving capability. Bspoke Insurance Group is uniquely positioned to understand, manage and deliver superior performance outcomes for their business partners. 

Bspoke Insurance Group is based in Leeds, West Yorkshire with subsidiary offices in Shropshire, Gloucestershire, Essex, Liverpool and London.

Roblox, the online gaming platform wildly popular with children and teenagers, is rolling out an open-source version of an artificial intelligence system it says can help preemptively detect predatory language in game chats.

The move comes as the company faces lawsuits and criticism accusing it of not doing enough to protect children from predators. For instance, a lawsuit filed last month in Iowa alleges that a 13-year-old girl was introduced to an adult predator on Roblox, then kidnapped and trafficked across multiple states and raped. The suit, filed in Iowa District Court in Polk County, claims that Roblox’s design features make children who use it “easy prey for pedophiles.”

Roblox says it strives to make its systems as safe as possible by default but notes that “no system is perfect, and one of the biggest challenges in the industry is to detect critical harms like potential child endangerment.”

The AI system, called Sentinel, helps detect early signs of possible child endangerment, such as sexually exploitative language. Roblox says the system has led the company to submit 1,200 reports of potential attempts at child exploitation to the National Center for Missing and Exploited Children in the first half of 2025. The company is now in the process of open-sourcing it so other platforms can use it too.

Preemptively detecting possible dangers to kids can be tricky for AI systems — and humans, too — because conversations can seem innocuous at first. Questions like “how old are you?” or “where are you from?” wouldn’t necessarily raise red flags on their own, but when put in context over the course of a longer conversation, they can take on a different meaning.

Roblox, which has more than 111 million monthly users, doesn’t allow users to share videos or images in chats and tries to block any personal information such as phone numbers, though — as with most moderation rules — people constantly find ways to get around such safeguards.

It also doesn’t allow kids under 13 to chat with other users outside of games unless they have explicit parental permission — and unlike many other platforms, it does not encrypt private chat conversations, so it can monitor and moderate them.

“We’ve had filters in place all along, but those filters tend to focus on what is said in a single line of text or within just a few lines of text. And that’s really good for doing things like blocking profanity and blocking different types of abusive language and things like that,” said Matt Kaufman, chief safety officer at Roblox. “But when you’re thinking about things related to child endangerment or grooming, the types of behaviors you’re looking at manifest over a very long period of time.”

Sentinel captures one-minute snapshots of chats across Roblox — about 6 billion messages per day — and analyzes them for potential harms. To do this, Roblox says it developed two indexes — one made up of benign messages and, the other, chats that were determined to contain child endangerment violations. Roblox says this lets the system recognize harmful patterns that go beyond simply flagging certain words or phrases, taking the entire conversation into context.

“That index gets better as we detect more bad actors, we just continuously update that index. Then we have another sample of what does a normal, regular user do?” said Naren Koneru, vice president of engineering for trust and safety at Roblox.

As users are chatting, the system keeps score — are they closer to the positive cluster or the negative cluster?

“It doesn’t happen on one message because you just send one message, but it happens because of all of your days’ interactions are leading towards one of these two,” Koneru said. “Then we say, okay, maybe this user is somebody who we need to take a much closer look at, and then we go pull all of their other conversations, other friends, and the games that they played, and all of those things.”

Humans review risky interactions and flag to law enforcement accordingly.

WASHINGTON (AP) — The number of Americans filing for jobless benefits rose modestly last week, a sign that employers still retaining workers despite economic uncertainty related to U.S. trade policy.

Jobless claims for the week ending Aug. 2 rose by 7,000 to 226,000, the Labor Department reported Thursday, slightly more than the 219,000 new applications that economists had forecast.

READ MORE: Trump says he plans to put 100% tariff on computer chips, likely increasing electronics costs

The report is the first government labor market data release since Friday’s grim July jobs report sent financial markets spiraling downward, spurring President Donald Trump to fire the head of the agency that tallies the monthly jobs numbers.

Weekly applications for jobless benefits are seen as a proxy for U.S. layoffs and have mostly settled in a historically healthy range between 200,000 and 250,000 since COVID-19 throttled the economy in the spring of 2020.

It was just the second time in eight weeks that jobless benefit applications rose.

While layoffs remain low by historical standards, there has been noticeable deterioration in the labor market this year.

Last week, the government reported that U.S. employers added just 73,000 jobs in July, well short of the 115,000 expected. Worse, revisions to the May and June jobs figures shaved a stunning 258,000 jobs off previous estimates and the unemployment rate ticked up to 4.2% from 4.1%.

Many economists contend that Trump’s erratic tariff rollout in April created uncertainty for employers, who have grown reluctant to expand their payrolls.

The grim jobs data raised the ire of Trump, who alleged that the data was manipulated for political reasons and ordered the firing of Erika McEntarfer, the head of the Bureau of Labor Statistics, which produces the monthly jobs figures.

The firing was roundly criticized by economists, who, along with Wall Street investors, have long considered the job figures reliable. Stock and bond markets often react sharply when they are released.

U.S. markets recoiled at last week’s jobs report, with the Dow Jones Industrial Average tumbling more than 600 points on Friday.

The BLS does not contribute to the weekly unemployment benefits report except to calculate the annual seasonal adjustments that account for changes in weather, holidays, and school schedules.

The Department of Labor’s Employment and Training Administration collects the weekly unemployment insurance claims reported by each state.

There was another indicator that the labor market is softening in a government report last week that revealed employers posted 7.4 million job vacancies in June, down from 7.7 million in May. The number of people quitting their jobs — a sign of confidence in finding a better job — fell in June to the lowest level since December. Hiring also fell from May.

Major companies have announced job cuts this year, including Procter & Gamble, Dow, CNN, Starbucks, Southwest Airlines, Microsoft, Google and Facebook parent company Meta. Most recently, Intel and The Walt Disney Co. announced staff reductions.

The deadline on most of Trump’s stiff proposed taxes on imports kicked in on Thursday, though some deals have been made and other deadlines to negotiate have been extended. Unless Trump reaches deals with countries to lower the tariffs, economists fear they could act as a drag on the economy and spark another rise in inflation.

Thursday’s report also showed that the four-week average of claims, which smooths out some of the week-to-week volatility, fell by 500 to 220,750.

The total number of Americans collecting unemployment benefits for the previous week of July 26 jumped by 38,000 to 1.97 million, the highest level since November of 2021.