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  • MIF/CD74 axis regulates alveolar epithelial type II cell apoptosis, autophagy, and transdifferentiation in bronchopulmonary dysplasia via the TGFβ1/SMAD4 pathway | Respiratory Research

    MIF/CD74 axis regulates alveolar epithelial type II cell apoptosis, autophagy, and transdifferentiation in bronchopulmonary dysplasia via the TGFβ1/SMAD4 pathway | Respiratory Research

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  • CAR T-Cell Therapy for HER2+ Breast Cancer With CNS Metastases

    CAR T-Cell Therapy for HER2+ Breast Cancer With CNS Metastases

    A phase 1 clinical trial presented at the 2025 Society of Neuro-Oncology Annual Meeting reported encouraging early safety findings for intraventricular HER2-directed CAR T-cell therapy in patients with HER2-positive breast cancer who developed recurrent brain metastases or leptomeningeal metastases (LM)—two of the most devastating complications in advanced HER2-driven disease.

    Led by Jana Portnow, MD, from City of Hope, this first-in-human study demonstrated that intraventricular administration of HER2-targeted CAR T cells, with or without lymphodepletion, was feasible, safe, and capable of inducing disease stabilization in a heavily pretreated population with few therapeutic options.

    Background: A Critical Unmet Need in HER2+ CNS Progression

    HER2-positive breast cancer is known for its propensity to metastasize to the central nervous system (CNS). Patients with recurrent brain or leptomeningeal disease after radiation or intrathecal chemotherapy typically have poor prognosis and limited access to effective therapies. Traditional CAR T-cell therapy has been largely restricted to hematologic cancers. Delivering CAR T cells directly into the CSF through the ventricular system offers a way to bypass the blood–brain barrier and target tumor cells within the CNS.

    This phase 1 trial represents one of the first efforts to test HER2-directed CAR T-cell therapy specifically for breast cancer CNS metastases.

    Study Design

    This single-center, phase 1 trial (NCT03696030) enrolled adults with:

    • HER2-positive breast cancer (IHC 3+ or FISH amplified)
    • Recurrent brain metastases after radiation or
    • Recurrent leptomeningeal metastases after intrathecal therapy
    • Karnofsky Performance Status ≥70
    • No limit on prior lines of therapy (patients received a median of 4–6 prior chemotherapies)

    Patients were required to pause systemic chemotherapy or endocrine therapy during the first 3 CAR T cycles, and dexamethasone >6 mg/day was prohibited to avoid suppression of CAR T activity.

    Treatment Approach

    In this phase 1 study, patients were assigned to one of two treatment strategies. The first cohort received HER2-directed CAR T-cell therapy alone, while the second cohort received lymphodepletion followed by CAR T-cell therapy. Lymphodepletion consisted of a short course of cyclophosphamide (300 mg/m²/day) and fludarabine (25 mg/m²/day)administered for three consecutive days, a regimen intended to enhance CAR T-cell expansion by reducing immune competition.

    Following lymphodepletion (or directly, in the non-LD cohort), CAR T cells were administered intraventricularlythrough an Ommaya reservoir. The treatment used an escalating dose design to evaluate safety across increasing levels of cellular therapy. Patients received CAR T infusions starting at Dose Level 1 (2 × 10⁶ cells in the first cycle, then 10 × 10⁶ cells in subsequent cycles), progressing to Dose Level 2 (10 × 10⁶ → 50 × 10⁶ → 50 × 10⁶), and Dose Level 3, the highest explored level (20 × 10⁶ → 100 × 10⁶ → 100 × 10⁶).

    The primary objective of the study was to determine the safety and tolerability of delivering HER2-directed CAR T cells directly into the CSF. Secondary assessments evaluated how long CAR T cells persisted in both cerebrospinal fluid and peripheral blood, along with associated cytokine fluctuations that reflect immune activation. Investigators also monitored central nervous system clinical benefit, including the durability of stable disease, as well as median CNS progression-free and overall survival.

    Safety Findings

    Overall, intraventricular HER2-directed CAR T-cell therapy demonstrated a manageable safety profile across both treatment cohorts. The most frequently observed adverse events were low-grade (grade 1/2) symptoms, including headaches, nausea, vomiting, fever, fatigue, and myalgias. These effects typically appeared within the first 24 to 48 hours after each infusion and resolved quickly with supportive care.

    Neurotoxicity: Two patients who received lymphodepletion experienced mild immune effector cell–associated neurotoxicity syndrome (ICANS), presenting as transient confusion and lethargy. No higher-grade neurotoxicity was observed.

    Dose-Limiting Toxicities: In the cohort that received lymphodepletion followed by CAR T-cell therapy, investigators reported two dose-limiting toxicities—both grade 3 headaches. These events prevented patients from receiving all planned CAR T-cell doses and highlighted a clearer toxicity signal when lymphodepletion was added.

    Impact of Lymphodepletion: The addition of lymphodepletion increased the overall rate and severity of toxicities but did not improve the durability of stable disease. However, lymphodepletion did appear to enhance biologic activity of the CAR T cells, as reflected by greater evidence of on-target immune activation and increased CAR T-cell persistence in the cerebrospinal fluid.

    Efficacy: Disease Stabilization Achieved

    Although responses were modest, stable disease (SD) was achieved in both treatment groups.

    Cohort 1: CAR T Alone (n = 10)

    • SD rate: 44%
    • Median duration of SD: 56 days (range 50–136 days)

    Cohort 2: LD + CAR T (n = 13)

    • SD rate: 64%
    • Median duration of SD: 56 days (range 44–134 days)

    No partial or complete responses were observed, which is expected in a phase 1 CNS CAR T safety trial. Importantly, patients with SD often exhibited clinical stabilization despite being heavily pretreated.

    Correlative Analyses: Evidence of Biological Activity

    Correlative studies offered important insights into how the intraventricular HER2-directed CAR T cells behaved in the central nervous system and how the immune system responded to therapy.

    CAR T-Cell Persistence in the CSF

    Analyses showed that CAR T-cell persistence in the cerebrospinal fluid increased with escalating dose levels. Persistence was even more pronounced in patients who also received lymphodepletion, suggesting that reducing baseline immune cells may create a more favorable environment for CAR T expansion and survival.
    In several patients, repeated CAR T-cell dosing led to the gradual disappearance of malignant cells on CSF cytology—an encouraging sign of biological activity.

    Cytokine Dynamics

    HER2-directed CAR T-cell infusion triggered a measurable rise in pro-inflammatory cytokines in the CSF, such as IL-2 and IFN-γ, reflecting active CAR T-cell engagement with tumor targets. Over time, these cytokines declined, while anti-inflammatory cytokines became more prominent, indicating a shift in the immune landscape as the CNS adapted to treatment.

     

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  • Using MediaPipe to track upper-limb reaching movements after stroke: a proof-of-principle study | Journal of NeuroEngineering and Rehabilitation

    Using MediaPipe to track upper-limb reaching movements after stroke: a proof-of-principle study | Journal of NeuroEngineering and Rehabilitation

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  • Dollar unfazed even as Fed cut comes back into view

    Dollar unfazed even as Fed cut comes back into view

    The U.S. dollar was steady on Tuesday as investors deliberated the chances of the Federal Reserve cutting interest rates next month.

    Simpleimages | Moment | Getty Images

    The U.S. dollar was steady on Tuesday as investors deliberated the chances of the Federal Reserve cutting interest rates next month after dovish comments from policymakers while the frail yen remained on intervention watch.

    Fed Governor Christopher Waller said the job market is weak enough to warrant another quarter-point rate cut in December, though action beyond that depends on a flood of impending data delayed by the government shutdown.

    Waller’s comments echoed those of New York Fed President John Williams from Friday, helping shift expectations of near-term rate cuts. Traders are now pricing in an 81% chance of a cut next month versus 42% a week earlier, CME FedWatch showed.

    “There is an intense focus on the stance of each respective Fed voter and their views on a December rate cut,” said Chris Weston, head of research at Pepperstone.

    “This makes sense given that the market (and the Fed) have not received the data that would typically influence their decision on policy…perhaps the biggest unknown is the view of (Fed Chair Jerome) Powell himself, but on balance one could assume he would vote for a December rate cut.”

    The sudden shift in rate cut wagers has weighed slightly on the dollar. The euro last bought $1.1522 after eking out small gains overnight while sterling was at $1.3103. The dollar index, a measure of the U.S. currency against major rivals, was at 100.2 in early trading.

    Fed officials though remain divided on the next steps with the central bank still lacking the full suite of data as government statistical agencies dig through the backlog of work from the 43-day shutdown that ended November 14.

    “Holding rates steady in December at a time when the labor market is fragile and both short- and long-term U.S. inflation expectations are falling would be a disconnect that likely wouldn’t sit well with the market,” said Pepperstone’s Weston.

    Investor sentiment was also lifted by signs of thawing U.S.- China relations. President Donald Trump touted relations with China as “extremely strong” on Monday following a call with his Chinese counterpart Xi Jinping.

    The call, not previously flagged by either country, came weeks after the two leaders met in South Korea, where they agreed to a framework for a trade deal that has yet to be finalized.

    Yen vigil

    Despite the dollar’s slight weakness this week, the Japanese yen has been on the defensive, trading at 156.95 per dollar in early Asian hours, not far from the 10-month low of 157.90 it touched last week.

    Traders have been waiting for signs of Tokyo officials stepping in to support the Japanese currency, which has weakened by 10 yen since the start of October as fiscal dove Sanae Takaichi took over as Japan’s prime minister.

    With verbal jawboning from officials failing to stem yen weakness, market analysts believe official intervention similar to last year and in 2022 could be on the cards. Traders see intervention looming somewhere between 158 and 162 yen per dollar, but do not expect the move to be highly effective.

    “We do not think that we are too far away from the levels that would warrant direct FX intervention, the 160 level versus the dollar could prove to be a line in the sand for Japanese authorities,” said Matthew Ryan, head of market strategy at global financial services firm Ebury.

    The New Zealand dollar was little changed at $0.5607, having slid more than 2% this month ahead of an expected rate cut from the Reserve Bank of New Zealand on Wednesday. The Australian dollar was at $0.6461 in early trading.

    In cryptocurrencies, bitcoin remained under pressure and was last down 0.8% at $88,085.47. It’s down nearly 20% this month.

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  • Global airport innovators converge in Busan as AIRPORTS INNOVATE 2025 sets the agenda for aviation’s next big leap

    Busan, Republic of Korea, 25 November 2025 – Against a backdrop of accelerating airport transformation, as well as growing capacity pressures and security challenges, global airport innovation leaders are gathering in Busan for Airports Innovate 2025, the premier global conference for cutting-edge airport technologies and forward-thinking operational strategies.

    Hosted by Korea Airports Corporation and jointly organized by ACI Asia-Pacific & Middle East, ACI EUROPE and ACI World, the event gathers hundreds of airport innovators, start-ups, visionary thinkers, researchers and top tech minds to capture the remarkable innovations that are redefining the future of air travel.

     

    A global snapshot of airport transformation

    With more than 50 expert speakers representing some of the world’s leading hubs – including the event’s host, Korea Airports Corporation, as well as Heathrow Airport, GMR Airports, Narita International Airport, Abu Dhabi Airports, Munich Airport, Queen Alia International Airport, Aena, and Incheon International Airport – and some of the world’s best aviation service providers, this year’s program delivers a panoramic view of how airports are redesigning the passenger journey, modernizing infrastructure, and adopting digital tools to enhance operations and resilience.

     

    Key topics on the agenda include: 

    • mart security and next-generation screening
    • Accessible and inclusive passenger experience
    • AI-powered operations and digital twins
    • Innovations in baggage processing and tracking
    • Cyber resilience
    • Fostering innovation culture
    • Drone-enabled delivery models
    • Airport intelligence and cross-sector data exchange

     

    This year, the organizers have enriched the program with the addition of a curated Airport Innovation Showcase, featuring ten leading ACI World Business Partners – key airport suppliers and service providers – with their breakthrough case study presentations.

    Participants include ARC CAST, RDC Aviation, NACO, Think Gov, Nuctech, Draxon, Roboxi, Idemia, Safe365 and Ethiack – each presenting case studies demonstrating how their solutions are already reshaping airport operations, from AI-powered robotics to intelligent screening systems and advanced data-driven decision tools.

     

    ACI World Director General Justin Erbacci said: “Airports Innovate is where the future of our industry is being written. It is the global stage where airport leaders, innovators, regulators, academics, and investors come together not just to discuss change, but to drive it. Here in Busan, we are pushing the boundaries of what airports can be—advancing bold innovation, smarter policy, a reimagined passenger experience, and the transformative power of technology and AI, from smart security and digital twins to new models of airport intelligence and collaboration. Together, we are setting the agenda for aviation’s next big leap.”

    Acting CEO & President of Korea Airports Corporation Jeong-ki LEE said: “This event offers a venue where all global aviation leaders can experience future airport innovations firsthand. KAC remains committed to advancing global airport innovation and deepening international partnerships with a focus on digital twin, integrated control systems and smart censor solutions.”

     

    About ACI

    Airports Council International (ACI), the trade association of the world’s airports, is a federated organization comprising ACI World, ACI Africa, ACI Asia-Pacific & Middle East, ACI EUROPE, ACI Latin America and the Caribbean and ACI North America. In representing the best interests of airports during key phases of policy development, ACI makes a significant contribution toward ensuring a global air transport system that is safe, secure, efficient, and environmentally sustainable. As of January 2025, ACI serves 830 members, operating 2,181 airports in 170 countries.

    Editor notes

    1.Learn more about the ACI Airports Innovate event.

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  • CPP Investments and IndoSpace Expand Joint Venture with US$300 Million Acquisition of Six Logistics Parks

    CPP Investments and IndoSpace Expand Joint Venture with US$300 Million Acquisition of Six Logistics Parks

    MUMBAI, India (November 25, 2025) – Canada Pension Plan Investment Board (CPP Investments) and IndoSpace today announced the acquisition of six industrial and logistics parks, valued at INR 30 billion (C$471 million), by IndoSpace Core, a joint venture established in 2017 to acquire and develop logistics facilities across India.

    This acquisition strengthens IndoSpace Core’s position as India’s largest operator of stabilized industrial and logistics real estate. CPP Investments will commit INR 14 billion (C$217 million) to fund the acquisition. CPP Investments owns 93% of IndoSpace Core.

    The six assets collectively span 380 acres with a leasable area of approximately nine million square feet, adding to IndoSpace Core’s portfolio of fully developed, income-generating parks. These projects are located in India’s key logistics markets, including Bengaluru, Chennai, Delhi, Mumbai, and Pune.

    “India’s logistics sector continues to benefit from strong structural growth, driven by urbanization and the expanding manufacturing footprint,” said Hari Krishna V, Managing Director, Head of Real Estate India & Mumbai Office Head, CPP Investments. “Our longstanding partnership with IndoSpace has enabled us to capture high-quality opportunities in this space. We believe this acquisition will deliver attractive, risk-adjusted returns for CPP contributors and beneficiaries.”

    Commenting on the development, Anshuman Singh, MD & CEO, IndoSpace, said, “This transaction reflects how India’s logistics sector has evolved into a long-term investment story driven by stable demand and institutional confidence. With over 60 million square feet developed and under development, IndoSpace has established itself as the largest player in India’s industrial and logistics real estate sector. This acquisition further reinforces the strength of our partnership with CPP Investments, built on a shared belief in India’s potential as a global hub.”

    He added, “At IndoSpace, our strategy is to remain capital-efficient and proactive in pursuing new development opportunities. As India cements its status as a global manufacturing hub, we are witnessing an increasing demand for high-quality, compliant, and sustainable infrastructure. This is precisely where we envisage our next phase of growth unfolding.”

    Following this transaction, IndoSpace Core’s portfolio will expand to 22 million square feet of leasable area across 948 acres, serving over 120 global and domestic companies across six major industrial hubs: Bengaluru, Chennai, Delhi, Hyderabad, Mumbai, and Pune.

    About CPP Investments

    Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totalled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

    About IndoSpace

    IndoSpace is India’s leading fully integrated supply chain infrastructure platform. With over 60 million sq. ft. of infrastructure across 50+ strategically located hubs since its inception in 2007, IndoSpace powers more than 150 industry leaders across manufacturing, electronics, 3PL, e-commerce, retail, and automotive sectors.

    Aligned with the vision of PM Gati Shakti, the National Logistics Policy (NLP), and Make in India, IndoSpace contributes to India’s supply chain industry by delivering scalable and sustainable infrastructure solutions that enhance efficiency and accelerate manufacturing growth. By integrating technology, sustainability, and operational excellence, IndoSpace continues to shape logistics ecosystems and strengthen its role as a key enabler in India’s growth narrative.

    MUMBAI, India (November 25, 2025) – Canada Pension Plan Investment Board (CPP Investments) and IndoSpace today announced the acquisition of six industrial and logistics parks, valued at INR 30 billion (C$471 million), by IndoSpace Core, a joint venture established in 2017 to acquire and develop logistics facilities across India. This acquisition strengthens IndoSpace Core’s position as India’s largest operator of stabilized industrial and logistics real estate. CPP Investments will commit INR 14 billion (C$217 million) to fund the acquisition. CPP Investments owns 93% of IndoSpace Core. The six assets collectively span 380 acres with a leasable area of approximately nine million square feet, adding to IndoSpace Core’s portfolio of fully developed, income-generating parks. These projects are located in India’s key logistics markets, including Bengaluru, Chennai, Delhi, Mumbai, and Pune. “India’s logistics sector continues to benefit from strong structural growth, driven by urbanization and the expanding manufacturing footprint,” said Hari Krishna V, Managing Director, Head of Real Estate India & Mumbai Office Head, CPP Investments. “Our longstanding partnership with IndoSpace has enabled us to capture high-quality opportunities in this space. We believe this acquisition will deliver attractive, risk-adjusted returns for CPP contributors and beneficiaries.” Commenting on the development, Anshuman Singh, MD & CEO, IndoSpace, said, “This transaction reflects how India’s logistics sector has evolved into a long-term investment story driven by stable demand and institutional confidence. With over 60 million square feet developed and under development, IndoSpace has established itself as the largest player in India’s industrial and logistics real estate sector. This acquisition further reinforces the strength of our partnership with CPP Investments, built on a shared belief in India’s potential as a global hub.” He added, “At IndoSpace, our strategy is to remain capital-efficient and proactive in pursuing new development opportunities. As India cements its status as a global manufacturing hub, we are witnessing an increasing demand for high-quality, compliant, and sustainable infrastructure. This is precisely where we envisage our next phase of growth unfolding.” Following this transaction, IndoSpace Core’s portfolio will expand to 22 million square feet of leasable area across 948 acres, serving over 120 global and domestic companies across six major industrial hubs: Bengaluru, Chennai, Delhi, Hyderabad, Mumbai, and Pune. About CPP Investments Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interest of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure, fixed income and alternative strategies including in partnership with funds. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2025, the Fund totalled C$777.5 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments. About IndoSpace IndoSpace is India’s leading fully integrated supply chain infrastructure platform. With over 60 million sq. ft. of infrastructure across 50+ strategically located hubs since its inception in 2007, IndoSpace powers more than 150 industry leaders across manufacturing, electronics, 3PL, e-commerce, retail, and automotive sectors. Aligned with the vision of PM Gati Shakti, the National Logistics Policy (NLP), and Make in India, IndoSpace contributes to India’s supply chain industry by delivering scalable and sustainable infrastructure solutions that enhance efficiency and accelerate manufacturing growth. By integrating technology, sustainability, and operational excellence, IndoSpace continues to shape logistics ecosystems and strengthen its role as a key enabler in India’s growth narrative.


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  • Unlocking ammonia as a fuel source for heavy industry | MIT News

    Unlocking ammonia as a fuel source for heavy industry | MIT News

    At a high level, ammonia seems like a dream fuel: It’s carbon-free, energy-dense, and easier to move and store than hydrogen. Ammonia is also already manufactured and transported at scale, meaning it could transform energy systems using existing infrastructure. But burning ammonia creates dangerous nitrous oxides, and splitting ammonia molecules to create hydrogen fuel typically requires lots of energy and specialized engines.

    The startup Amogy, founded by four MIT alumni, believes it has the technology to finally unlock ammonia as a major fuel source. The company has developed a catalyst it says can split — or “crack” — ammonia into hydrogen and nitrogen up to 70 percent more efficiently than state-of-the-art systems today. The company is planning to sell its catalysts as well as modular systems including fuel cells and engines to convert ammonia directly to power. Those systems don’t burn or combust ammonia, and thus bypass the health concerns related to nitrous oxides.

    Since Amogy’s founding in 2020, the company has used its ammonia-cracking technology to create the world’s first ammonia-powered drone, tractor, truck, and tugboat. It has also attracted partnerships with industry leaders including Samsung, Saudi Aramco, KBR, and Hyundai, raising more than $300 million along the way.

    “No one has showcased that ammonia can be used to power things at the scale of ships and trucks like us,” says CEO Seonghoon Woo PhD ’15, who founded the company with Hyunho Kim PhD ’18, Jongwon Choi PhD ’17, and Young Suk Jo SM ’13, PhD ’16. “We’ve demonstrated this approach works and is scalable.”

    Earlier this year, Amogy completed a research and manufacturing facility in Houston and announced a pilot deployment of its catalyst with the global engineering firm JGC Holdings Corporation. Now, with a manufacturing contract secured with Samsung Heavy Industries, Amogy is set to start delivering more of its systems to customers next year. The company will deploy a 1-megawatt ammonia-to-power pilot project with the South Korean city of Pohang in 2026, with plans to scale up to 40 megawatts at that site by 2028 or 2029. Woo says dozens of other projects with multinational corporations are in the works.

    Because of the power density advantages of ammonia over renewables and batteries, the company is targeting power-hungry industries like maritime shipping, power generation, construction, and mining for its early systems.

    “This is only the beginning,” Woo says. “We’ve worked hard to build the technology and the foundation of our company, but the real value will be generated as we scale. We’ve proved the potential for ammonia to decarbonize heavy industry, and now we really want to accelerate adoption of our technology. We’re thinking long term about the energy transition.”

    Unlocking a new fuel source

    Woo completed his PhD in MIT’s Department of Materials Science and Engineering before his eventual co-founders, Kim, Choi, and Jo, completed their PhDs in MIT’s Department of Mechanical Engineering. Jo worked on energy science and ran experiments to make engines run more efficiently as part of his PhD.

    “The PhD programs at MIT teach you how to think deeply about solving technical problems using systems-based approaches,” Woo says. “You also realize the value in learning from failures, and that mindset of iteration is similar to what you need to do in startups.”

    In 2020, Woo was working in the semiconductor industry when he reached out to his eventual co-founders asking if they were working on anything interesting. At that time, Jo was still working on energy systems based on hydrogen and ammonia while Kim was developing new catalysts to create ammonia fuel.

    “I wanted to start a company and build a business to do good things for society,” Woo recalls. “People had been talking about hydrogen as a more sustainable fuel source, but it had never come to fruition. We thought there might be a way to improve ammonia catalyst technology and accelerate the hydrogen economy.”

    The founders started experimenting with Jo’s technology for ammonia cracking, the process in which ammonia (NH3) molecules split into their nitrogen (N2) and hydrogen (H2) constituent parts. Ammonia cracking to date has been done at huge plants in high-temperature reactors that require large amounts of energy. Those high temperatures limited the catalyst materials that could be used to drive the reaction.

    Starting from scratch, the founders were able to identify new material recipes that could be used to miniaturize the catalyst and work at lower temperatures. The proprietary catalyst materials allow the company to create a system that can be deployed in new places at lower costs.

    “We really had to redevelop the whole technology, including the catalyst and reformer, and even the integration with the larger system,” Woo says. “One of the most important things is we don’t combust ammonia — we don’t need pilot fuel, and we don’t generate any nitrogen gas or CO2.”

    Today Amogy has a portfolio of proprietary catalyst technologies that use base metals along with precious metals. The company has proven the efficiency of its catalysts in demonstrations beginning with the first ammonia-powered drone in 2021. The catalyst can be used to produce hydrogen more efficiently, and by integrating the catalyst with hydrogen fuel cells or engines, Amogy also offers modular ammonia-to-power systems that can scale to meet customer energy demands.

    “We’re enabling the decarbonization of heavy industry,” Woo says. “We are targeting transportation, chemical production, manufacturing, and industries that are carbon-heavy and need to decarbonize soon, for example to achieve domestic goals. Our vision in the longer term is to enable ammonia as a fuel in a variety of applications, including power generation, first at microgrids and then eventually full grid-scale.”

    Scaling with industry

    When Amogy completed its facility in Houston, one of their early visitors was MIT Professor Evelyn Wang, who is also MIT’s vice president for energy and climate. Woo says other people involved in the Climate Project at MIT have been supportive.

    Another key partner for Amogy is Samsung Heavy Industries, which announced a multiyear deal to manufacturing Amogy’s ammonia-to-power systems on Nov. 12.

    “Our strategy is to partner with the existing big players in heavy industry to accelerate the commercialization of our technology,” Woo says. “We have worked with big oil and gas companies like BHP and Saudi Aramco, companies interested in hydrogen fuel like KBR and Mitsubishi, and many more industrial companies.”

    When paired with other clean energy technologies to provide the power for its systems, Woo says Amogy offers a way to completely decarbonize sectors of the economy that can’t electrify on their own.

    “In heavy transport, you have to use high-energy density liquid fuel because of the long distances and power requirements,” Woo says. “Batteries can’t meet those requirements. It’s why hydrogen is such an exciting molecule for heavy industry and shipping. But hydrogen needs to be kept super cold, whereas ammonia can be liquid at room temperature. Our job now is to provide that power at scale.”

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  • Currency traders bet against sterling ahead of Budget

    Currency traders bet against sterling ahead of Budget

    Unlock the Editor’s Digest for free

    Traders are piling into bets that Wednesday’s Budget will push the pound lower against the dollar, on fears that chancellor Rachel Reeves’ tax-raising measures could hurt the UK’s already-weak economic growth.

    Trading volumes in put options, used to speculate on or hedge against a fall in the pound, have outstripped those of bullish call options by more than four to one over the past week, according to derivatives firm CME Group. 

    That rush of bets on weaker sterling is “pointing to a market that is well positioned for a challenging outcome” for the pound, said Dominic Bunning, head of G10 FX strategy at Nomura.

    Weaker than expected economic growth and a fall in inflation in recent weeks have already encouraged traders to intensify their bets on interest rate cuts, which weigh on the attractiveness of a currency.

    Many investors think sterling, which is close to its weakest level against the dollar since April at about $1.30, could suffer further at the Budget if Reeves’ tax and spending plans darken the economic outlook — or if they are poorly received by investors already skittish about excessive government borrowing and the Labour leadership’s ability to push through its economic plans.

    “It is hard to see how Reeves delivers an outcome which looks bullish [for] UK growth, in a way which would favour the pound,” said Mark Dowding, fixed income chief investment officer at RBC BlueBay Asset Management, adding that the risk of a negative Budget putting pressure on the Labour leadership could also push the pound lower.

    Dowding has been betting the pound will weaken against the euro — against which it hit a more than two-year low this month — and the dollar in recent weeks, primarily through currency forwards, another common type of contract.

    Some investors are also hoping for measures that will actively push down on inflation, such as reducing value added tax on energy bills. That could weigh on the pound by clearing the way for swifter Bank of England rate cuts.

    Sterling puts expiring on Budget day are also significantly more expensive than calls, CME data shows, suggesting that traders think Reeves’ tax plans are more likely to be greeted by sterling weakness than strength.

    This so-called skew is at its most pronounced since January, when traders were positioned for a period of sterling weakness around the inauguration of US President Donald Trump. The dollar, which then tumbled over the first half of the year, has stabilised against the pound and other currencies in recent months.

    “We are seeing people trade sterling puts more intensively,” said Chris Povey, head of FX options at CME Group.

    However, if Reeves is able to create sufficient fiscal headroom for herself, dispel fears of further tax rises next year and deliver better news on growth, sterling could rally, say analysts.

    The Budget could serve as a “release valve” for the pound, said Kamal Sharma, director of G10 FX strategy at Bank of America. “[It is] the single most significant binary event of the year for sterling.”

    Others warn that concerns over government debt levels could knock sterling, given the doubts over the amount of money Reeves can raise without increasing income tax, as had previously been planned before a U-turn earlier this month.

    “If the market does not see enough signs of fiscal consolidation and credibility,” Nomura’s Bunning warned, there is a risk that the pound sells off with long-dated gilts, “a tie-up that has become a bit more frequent in recent years”.

    He pointed to weakness in sterling assets in recent weeks on concerns about a potential challenge to Prime Minister Sir Keir Starmer from the left of the ruling Labour party.

    “I haven’t heard anyone say good news about sterling or the UK in the last three months,” said Steve Englander, head of FX research at Standard Chartered, pointing to the UK’s “undynamic economy”, high government spending and its limited revenue-raising options given its promises not to raise taxes such as income tax and VAT.

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  • RailTel collaborates with Nokia to modernize its National Long-Distance and metro optical transport networks across India

    RailTel collaborates with Nokia to modernize its National Long-Distance and metro optical transport networks across India

    At a time where demand for high-speed, resilient network services is constantly increasing, RailTel has put its trust in Nokia to ensure its critical network modernization project is successful. We have unmatched credentials in supporting open network architectures which integrate into any customer ecosystem, and the use of our latest set of IP routers and optical transponders will help RailTel to reduce costs and improve operational efficiency.”

    Prashant Malkani, Head of Sales, Network Infrastructure, India, Nokia

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  • Visa squeeze dents UK business schools’ appeal

    Visa squeeze dents UK business schools’ appeal

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    UK higher education, long one of the country’s leading service exports, is experiencing its sharpest slowdown in years as visa curbs and proposed levies squeeze overseas demand and university finances.

    Business schools — which provide UK universities with about a third of international students and the largest share of income from all tuition fees — are particularly exposed, with two in three students coming from overseas.

    That dependence is proving costly: the Chartered Association of Business Schools (CABS) says international postgraduate enrolments fell this year at nearly two-fifths of UK schools, although this was an improvement on three-quarters the previous year. Many in the sector believe MBAs have borne the brunt of the ban on most overseas students bringing dependants.

    Meanwhile European schools saw a marked rise in applications across programmes, according to the Graduate Management Admission Council.

    FT European Business Schools Ranking

    © Getty Images

    This is an early article from the 2025 European Business Schools ranking and report, publishing on December 1

    The restrictions have had a personal impact on candidates like Ricardo Urso, a Brazilian MBA student at Alliance Manchester Business School in north-west England, whose wife and daughters were barred from joining him in the UK this year.

    “This is the first time in 13 years of marriage I’ve moved to another country without my wife. It’s been hard being away from my family,” says Urso, an entrepreneur who co-founded a financial advisory firm in Brazil.

    Despite the separation, Urso says the UK remained the best option for his MBA, citing its strong academic reputation and value for money in Manchester. “It’s one of the UK’s largest regional economies, and living costs are significantly lower than in London,” he says.

    Urso’s choice reflects the UK’s enduring pull. The 2025 Business of Branding survey by education consultancy CarringtonCrisp shows the UK tops the list of destinations considered by potential business students.

    Richard Urso chose to study in the UK at Manchester Business School, citing value for money and academic reputation © Emma Phillipson, for the FT

    But schools warn that the advantage is narrowing as tighter visa and post-study minimum salary rules risk curbing competitiveness. There is concern about plans to shorten the Graduate Route visa — the time most graduates can stay in the UK after study — from two years to 18 months from 2027, and for a levy on international student fees.

    “Uncertainty around the post-study work visa has made some students more hesitant about choosing the UK,” says André Spicer, executive dean of Bayes Business School in London.

    Figures from the Graduate Management Admission Council show applications to UK postgraduate business programmes slipped 4 per cent this year. The decline is reflected across higher education: the UK issued 403,497 study visas to overseas students in the year to March 2025, 10 per cent down on the year before. 

    Madeleine Sumption, director of the Migration Observatory at Oxford university, points out that overall international student numbers remain high by historical standards. Sumption says that global macroeconomics, not just UK policy, explains part of the post-Covid downturn. “Nigeria had a currency crisis, followed by a big decrease in the numbers coming to the UK,” she notes, for example.

    Business schools are central to the UK higher education sector’s finances. Stewart Robinson, chair of CABS, says there have been “significant financial cuts” with “more and more institutions going into redundancies”.

    The strains come after UK business schools weathered Brexit better than many feared, offsetting a sharp fall in EU enrolments with rising demand from outside Europe. That resilience is now being tested.

    Even so, pockets of the sector remain strong. Ken McPhail, head of Alliance MBS, says the UK market is fragmenting, with growth in digital skills programmes but weaker demand elsewhere.

    McPhail also points to signs of international demand shifting to undergraduate courses at his school. “Economic development has led to a significant increase in families able to fund education abroad at an earlier age,” he says.

    UK universities face additional financial strain. A proposed 6 per cent levy on overseas tuition fees in England — intended to fund domestic skills programmes — would strip about £621mn a year from their budgets, according to the Higher Education Policy Institute think-tank. Jamie Arrowsmith, director at Universities UK International (UUKI), which represents the sector globally, warns the levy would force institutions to cover the loss with money that would otherwise support research and teaching. “It’s in effect taxing international student fees,” he says.

    Many universities forecast deficits, hit by the new levy and fewer international students than expected. Sergei Guriev, dean of London Business School, says passing on the additional cost is not an option, citing students’ sensitivity to price and exchange rates. A weaker dollar has made tuition at UK institutions relatively more expensive for those paying in US currency, adding to the pressure.

    Guriev says London remains a major asset for business schools, offering access to global employers and talent. “London is a bigger business capital than Fontainebleau,” he says, referring to Insead in France. But he adds that the UK’s sluggish economy and its effect on job opportunities is beginning to blunt the capital’s edge.

    The slowdown matters: UUKI says that international students from the 2021-22 cohort contributed a net £37.4bn to the UK economy. Facing leaner years ahead, business schools are diversifying recruitment towards south-east Asia and parts of Africa, according to CABS.

    Sector leaders are now calling for policy stability to restore confidence among international students and protect the UK’s global standing. Arrowsmith says: “We need consistency and a clear message that international students are welcome.” 

    Ireland: land of saints and scholars

    As the UK tightens visa rules, Ireland is drawing international students who might once have looked to British universities. 

    At Trinity Business School in Dublin, applications for the 2024-25 intake on MSc programmes soared, with demand from traditional and emerging markets. “We’ve seen a 60 per cent increase in applications from the US, a 500 per cent rise from Cyprus and almost 200 per cent from Azerbaijan,” says Ciara Rice, the school’s recruitment manager.

    She attributes part of the surge to EU students turning away from the UK after Brexit. Ireland remains in the EU, so eligible EU students pay far lower tuition fees.

    “Ireland has always been a welcoming, open country for international students. But it’s found its place on the map now because of tightening restrictions elsewhere,” Rice says, pointing to recent policy changes in the UK and US. 

    Rice adds that Ireland’s strong economy — underpinned by tax windfalls from foreign multinationals in Dublin — make it appealing to students seeking stability. “Ireland is sparkling quite brightly at the moment,” she says. “But things can change.”

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