Category: 3. Business

  • ESAs sign Memorandum of Understanding with AMLA for effective cooperation and information exchange

    The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today announced that they have concluded a multilateral Memorandum of Understanding (MoU) with the European Union’s new Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) to ensure effective cooperation and information exchange between the four institutions. 

    The multilateral MoU outlines how the ESAs and AMLA will exchange information with one another and cooperate in practice to perform their respective tasks in an efficient, effective and timely manner. The memorandum aims to promote supervisory convergence throughout the EU’s financial sector, enable the exchange of necessary information, and foster cross-sectoral learning and capacity building among supervisors in areas of mutual interest. It is part of the overall cooperation framework that AMLA is required to issue in relation to the financial sector and is an important component of the institutional arrangements going forward. 

     Petra Hielkema, Chair of EIOPA and Chair of the Joint Committee of the ESAs said: “The memorandum we signed demonstrates the strong commitment of Europe’s financial supervisors to working closely together to combat money laundering and terrorist financing—crimes that undermine social justice and the well-being of our communities. Uncovering companies that engage in or facilitate such activities demands serious effort and dedication. The ESAs stand ready to support AMLA with all the knowledge and information at our disposal so that it can exercise its new powers to ensure that these illicit activities do not go undetected or unpunished on our soil. We look forward to a productive and efficient EU-wide collaboration with AMLA to protect the integrity of the EU’s financial system and create a safer and fairer financial environment for all.”

    Bruna Szego, Chair of AMLA said: “This Memorandum marks an important step in delivering a risk focused and integrated European AML/CFT framework. Cooperation between AMLA and the ESAs is essential so that we support each other to effectively deliver on our respective mandates and work together for a safer and more resilient Europe. The fight against crime affects all sectors and we are stronger when we work together.”

    About AMLA 

    The Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) has the objective to transform the anti-money laundering and countering the financing of terrorism (AML/CFT) supervision in the EU and enhance cooperation among financial intelligence units (FIUs). AMLA will directly supervise the EU’s highest-risk financial institutions with significant cross-border exposure. It will exercise indirect supervision across both the financial and non-financial sectors, ensuring that national supervisors apply EU AML/CFT rules consistently and effectively. AMLA coordinates the work of Financial Intelligence Units (FIUs) helping to improve the quality, consistency, and cross-border exchange of financial intelligence.  It complements EU AML/CFT rules by developing regulatory and implementing technical standards and issuing guidelines.

    About the ESAs

    The three European Supervisory Authorities (the EBA, EIOPA and ESMA) have the objective to protect the public interest by contributing to the short, medium, and long-term stability and effectiveness of the financial system, for the Union economy, its citizens, and businesses. The ESAs are tasked with developing and implementing a common regulatory framework and convergent supervisory practices across the EU.

    Through the Joint Committee, the ESAs regularly and closely coordinate their supervisory activities within the scope of their respective responsibilities to ensure consistency in their practices. The Joint Committee’s chairmanship rotates annually among the authorities. In 2025, the forum is chaired by EIOPA.

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  • Gold Reserve's $7.38 billion bid recommended as winner of Citgo parent auction – Reuters

    1. Gold Reserve’s $7.38 billion bid recommended as winner of Citgo parent auction  Reuters
    2. Vitol-led group bids over $10 billion for Venezuela’s Citgo  Investing.com
    3. Is Venezuela about to lose Citgo, its most prized foreign asset?  MSN
    4. Gold Reserve Secures Massive $7.3B Winning Bid for Citgo: Outbids Competitors by $3.6B  Stock Titan
    5. Vitol-led consortium places over $10bn bid for Citgo  Yahoo Finance

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  • Wall Street set to open higher after strong jobs data – Reuters

    1. Wall Street set to open higher after strong jobs data  Reuters
    2. Futures rise; NFPs ahead; U.S.-Vietnam trade pact – what’s moving markets  Investing.com
    3. US stocks hold steady ahead of Thursday’s jobs report as Tesla rallies  Dunya News
    4. Asian shares tick up ahead of US payrolls test; Trump’s tax bill in focus  Business Recorder
    5. Stock Market News for Jul 3, 2025  Yahoo Finance

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  • Goodwin Advises INTEC on Financing for the Acquisition of a Majority Stake in Three Companies of ARBOR Group | News & Events

    Goodwin Advises INTEC on Financing for the Acquisition of a Majority Stake in Three Companies of ARBOR Group | News & Events

    The Goodwin team has advised INTEC Holding GmbH (“INTEC”) on the acquisition financing of a majority stake in three companies of the ARBOR Group.

    INTEC has acquired a majority stake in the three independent companies OSW Technische Dokumentation Verlag GmbH (“OSW”), TECO Technical Concept GmbH (“TECO”), and SCOPE Engineering GmbH (“Scope”) from the ARBOR Group with effect from May 1, 2025.

    INTEC is a manufacturer-independent and hardware-neutral engineering service provider specialized in the development, design and integration of complex technical systems. INTEC supports customers in the defence & security industry across all domains (land, air, sea, cyber) as well as in the automotive and mechanical engineering industry with tailor-made solutions for electronics, software and mechanics.

    OSW, TECO and SCOPE complement the core business of INTEC and comprise services in the areas of safety-critical system development, Integrated Product Support and Integrated Logistics Support, technical documentation, system integration, and product and software development.

    The deal team was led by Winfried M. Carli and Daniel Wagner and included Rina Omura (all Private Equity/Finance, Munich) as well as Felix Krüger (Tax, Frankfurt) and Philipp Lauer (Tax/Munich).

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  • French air traffic controllers' walkout disrupts early summer season travel – Reuters

    1. French air traffic controllers’ walkout disrupts early summer season travel  Reuters
    2. Ryanair cancels flights for 30,000 passengers due to French strike  BBC
    3. Royal Air Maroc Asks Passengers to Check Flight Status Amid France’s Air Traffic Controller Strike  Morocco World News
    4. Paris airports to cancel 40 pct of flights over air traffic controllers’ strike  qazinform.com
    5. Air traffic controller strike in France  Yahoo

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  • Emerging Immunotherapy Platforms Set to Redefine Melanoma Management Beyond the Frontline

    Emerging Immunotherapy Platforms Set to Redefine Melanoma Management Beyond the Frontline

    Douglas B. Johnson, MD, MSCI

    Despite high response rates and durable outcomes with existing frontline immunotherapy regimens for metastatic melanoma, significant unmet needs remain—namely, improving frontline combinations, identifying predictive biomarkers to better individualize therapy and extend the benefit of current regimens, and developing more effective second-line strategies, according to Douglas B. Johnson, MD, MSCI.

    “Frontline therapy may or may not change all that dramatically [in the next few years]…although hopefully, we’ll get a little bit better at biomarkers,” Johnson said in an interview with OncLive®. “What is likely to change is having some of these [novel treatment approaches] either in an adjuvant setting, [in the case of oncolytic vaccines], or in the second and later lines, [in terms of next-generation] cellular therapies.”

    During the interview, Johnson highlighted the need for improved frontline strategies, more effective second-line options, and greater biomarker precision in melanoma. He also pointed to investigational platforms such as tumor-infiltrating lymphocytes (TILs), T-cell receptor (TCR)–based therapies, and neoantigen vaccines as promising modalities that may eventually broaden immunotherapy’s reach within the melanoma treatment paradigm.

    “My prognostication is that some of those therapies will potentially be on the cusp of being tested in the frontline setting, but we’re probably not there quite yet,” Johnson added.

    Johnson, a professor of medicine and leader of the Melanoma Clinical Research Program at Vanderbilt University Medical Center in Nashville, Tennessee, expanded on the importance of Cancer Immunotherapy Awareness Month in a concurrent interview.

    OncLive: What are some of the most critical unmet needs with immuno-oncology today in your field, and where do current agents fail to provide durable benefit?

    Johnson: Melanoma has certainly been at the forefront of immunotherapy advances, so we’ve been very fortunate to have high response rates in the metastatic setting and long-term responses in many cases. Unfortunately, we’re still seeing 10% to 30% response rates in the frontline setting. We’ve come a long way, but there’s still a long way to go.

    We still don’t have great biomarkers either, so we’re not able to predict which patients are going to respond ahead of time and which are not. Improving our frontline options so that more patients can respond, as well as developing better options in the second-line setting, is really an unmet need.

    There are a number of ways that people are trying to address these challenges. [With] TILs or other cellular therapy options, we’re seeing somewhere between 30% to 50% response rates in patients who have [progressed on] immune checkpoint inhibitors, with either lifileucel [Amtagvi], which is the FDA-approved TIL product, or some newer products. There’s one from a company called Obsidian [called OBX-115], which is sort of the next-generation TIL. [It is] very early, but [the agent appears] very promising, and it doesn’t require high-dose IL-2.

    There’s also something called TCR-T therapy, which is sort of a cousin to tumor-infiltrating lymphocytes, but the cells can be harvested from the peripheral blood, so patients don’t have to undergo surgery. If that agent pans out—there’s one from a company called [IMA203]—that so far has shown somewhere around a 50% response rate, although it’s only applicable to patients who have HLA-A*02:01 positive [disease].

    [Despite these advances], we still have a ways to go in melanoma and in many other tumor types. There are still a lot of challenges.

    What are some of the current challenges and considerations with utilizing TIL therapy in clinical practice, and how could these be addressed?

    Lifileucel is an incredible step forward. TILs in general are an incredible step forward. [However,] there are some significant downsides to TILs. High-dose IL-2 is required at the moment for TILs; [to tolerate that therapy] patients have to have excellent performance status, excellent cardiac function, lung function. A lot of patients don’t tolerate that.

    Patients also have to have a tumor that’s accessible for surgery. Patients with brain-only metastases or bone-only disease are not candidates for treatment.

    The patient also has to have time. That is probably the biggest issue at this moment, because in general, it’s going to take several weeks for insurance approval to get done. When centers are just starting out, it could take quite a bit longer. Patients have to have 2 to 3 months for insurance approval, surgery scheduling, and product manufacturing, which takes about 5 weeks. Many patients don’t have the time to wait around for therapy. For some patients, there could be some bridging options—perhaps BRAF/MEK inhibitor therapy, as an example.

    However, that’s the biggest challenge right now. The key needs going forward are reducing IL-2, reducing lymphodepletion chemotherapy, and then [reducing the overall] turnaround time—not just the manufacturing part, but the insurance plus surgery plus manufacturing part.

    What are some of the ongoing clinical trials or emerging treatment approaches that could shift the treatment paradigm for melanoma?

    There’s a lot [of exciting research] going on in melanoma. There were some nice data presented at the 2025 ASCO Annual Meeting looking at the triplet combination of ipilimumab [Yervoy], nivolumab, and relatlimab-rmbw [Opdalaug].

    What was interesting is they also combined that with sarilumab [Kevzara], which is the IL-6 blocker, to potentially mitigate some of the toxicities that would be associated with triplet therapy. Interestingly, they saw [an approximately] 60% response rate, which is [typical of] a triplet like that, but only a 12% rate of high-grade toxicities in the first 12 weeks, which is dramatically lower than what we would expect.

    That kind of approach, where we’re treating the patient aggressively with multi-agent checkpoint inhibitors, but then potentially having an agent on top of that to mitigate some of the toxicities, is very interesting.

    Some of these next-generation cellular therapies are quite interesting, and there are a number of trials going there. As I mentioned, [OBX-115] is quite interesting in that it removes the need for high-dose IL-2, allows for lower-dose lymphodepleting therapy, and allows for TIL harvest based on biopsies.

    There is also the TCR-T therapy [IMA203], which recognizes the PRAME antigen expressed in HLA-A*02:01. [For this therapy to be effective, the tumor must] have the PRAME antigen and the right HLA type, which is only about 40% of patients. However, there’s [an approximately] 50% response rate [with this agent] in cutaneous melanoma. [Moreover,] at least among the first 15 patients with uveal melanoma, 10 of those patients responded—[this] is a very challenging subset of melanoma.

    The last [emerging therapy of interest to me] is the Moderna-Merck mRNA vaccine that’s being looked at in the adjuvant setting. There are some interesting randomized phase 2 data that showed the vaccine plus pembrolizumab [Keytruda] was significantly better than pembrolizumab alone in terms of decreasing relapse rates in stage III melanoma. A phase 3 study is ongoing.

    Novel approaches like TILs, TCR-T therapy, and these neoantigen vaccines are proving grounds in melanoma, but could expand across a variety of cancer types.

    How do you expect the melanoma treatment paradigm, and the role of immunotherapy in it, to evolve in the next few years?

    Frontline therapy may or may not be all that different. I could see us potentially using a triplet or some sort of other immunomodulator, but we do have a couple of regimens right now that do cure about half of patients, so I kind of see that probably continuing. Hopefully, we’ll get a little bit better at biomarkers and things like that, but so far, that’s been a little bit frustrating.

    What is likely to really dramatically change is having some of these therapies that I just mentioned, either in an adjuvant setting, like the vaccine, as well as some of these cellular therapies in the second- and later-lines of therapy. There are other agents [that could fill this role], including oncolytic viruses, like the drug RP1, which is under FDA review.

    If some of these cellular therapies show enough activity in the second-line setting, it’s possible they’ll get moved toward the frontline. Thinking about a new patient with newly diagnosed metastatic disease waiting that long to get started—if the data look good enough, that’s certainly possible, and that would be very exciting. However, it’s a high bar in the frontline, especially when you’re dealing with cellular therapies that take weeks and weeks to produce.

    My prognostication would be that some of those therapies will potentially be on the cusp of being tested in the frontline setting, but probably not be there quite yet.

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  • Israeli quantum startup Qedma just raised $26 million, with IBM joining in

    Israeli quantum startup Qedma just raised $26 million, with IBM joining in

    Qedma’s team (minus remote team members) | Image Credits:Eyal Toueg for Qedma

    Despite their imposing presence, quantum computers are delicate beasts, and their errors are among the main bottlenecks that the quantum computing community is actively working to address. Failing this, promising applications in finance, drug discovery, and materials science may never become real.

    That’s the reason why Google touted the error correction capacities of its latest quantum computing chip, Willow. And IBM is both working on delivering its own “fault-tolerant” quantum computer by 2029 and collaborating with partners like Qedma, an Israeli startup in which it also invested, as TechCrunch learned exclusively.

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    While most efforts focus on hardware, Qedma specializes in error mitigation software. Its main piece of software, QESEM, or quantum error suppression and error mitigation, analyzes noise patterns to suppress some classes of errors while the algorithm is running and mitigate others in post-processing.

    Qedma’s co-founder and chief scientific officer, Professor Dorit Aharonov, once described as a member of “quantum royalty” for her and her father’s contributions to the field, said this enables quantum circuits up to 1,000 times larger to run accurately on today’s hardware, without waiting for further advancements on error correction at the computer level.

    IBM itself does both quantum hardware and software, and some of its partners, like French startup Pasqal, also develop their own hardware. But it sees value as well in partnering with companies more narrowly focusing on the software layer, like Qedma and Tiger Global-backed Finnish startup Algorithmiq, its VP of Quantum, Jay Gambetta, told TechCrunch.

    That’s because IBM thinks driving quantum further requires a community effort. “If we all work together, I do think it’s possible that we will get scientific accepted definitions of quantum advantage in the near future, and I hope that we can then turn them into more applied use cases that will grow the industry,” Gambetta said.

    “Quantum advantage” usually refers to demonstrating the usefulness of quantum over classical computers. “But useful is a very subjective term,” Gambetta said. In all likelihood, it will first apply to an academic problem, not a practical one. In this context, it may take more than one attempt to build consensus that it’s not just another artificial or overly constrained scenario.

    Still, having a quantum computer execute a program that a classical computer can’t simulate with the same accuracy would be an important step for the industry — and Qedma claims it is getting closer. “It’s possible that already within this year, we’ll be able to demonstrate with confidence that the quantum advantage is here,” CEO and co-founder Asif Sinay said.

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  • US economy adds 147,000 jobs in June, surpassing expectations amid Trump trade war | US unemployment and employment data

    US economy adds 147,000 jobs in June, surpassing expectations amid Trump trade war | US unemployment and employment data

    The US economy added 147,000 jobs in June, a sign of continuing strength in the labor market amid Donald Trump’s trade war.

    The number of jobs added surpassed expectations, as economists largely anticipated a drop in openings. Instead, 8,000 more jobs were added in June compared with May, according to new job figures from the Bureau of Labor Statistics (BLS). The unemployment rate actually decreased to 4.1%, down from 4.2% in May.

    Job gains were seen in state government and healthcare, which saw increases of 47,000 and 39,000 jobs, respectively. Meanwhile, federal government job losses continued, with another 7,000 roles down in May, as the Trump administration continues to cut jobs. The total job loss in the federal government has been 69,000 since January.

    Though the president’s tariffs have rocked the US stock market, which has seen a dramatic rebound after dipping down 15% in the spring, economists have been worrying that the labor market has just been slower to show sensitivity to the tariffs.

    New data had shown employers showing signs of hesitancy. Payroll firm ADP found that the private sector lost 33,000 jobs in June, far below the 100,000 increase that was expected, and the first decrease since March 2023.

    The dip in job openings doesn’t necessarily mean companies are laying off more workers; rather, they are creating fewer new positions.

    “Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,” said Nela Richardson, chief economist at ADP, in a statement.

    Data from BLS that measures job openings and turnovers in the labor market found that while job openings had climbed in May, to its highest level since November, the vast majority of openings were concentrated in the leisure and hospitality industry. Economists with Citigroup said the spike in new jobs could be temporary as companies opened new positions in response to Trump’s crackdown on immigrants, fearing that immigrant employees could lose work permits.

    The White House has spent the last few months downplaying the impact tariffs have on the domestic economy, despite anxiety from both consumers and businesses over the impact tariffs have on prices.

    The deadline for Trump’s 90-day pause on some of his highest tariffs is scheduled to expire next week, as the White House tries to broker deals with dozens of countries that could face high tariffs.

    The White House announced on Tuesday a deal with Vietnam, whose products were scheduled to face a 46% tariff. The country agreed to a 20% tariff rate, with no tariffs placed on US exports. The deal with Vietnam follows deals Trump has made with the UK and China, but there are dozens of other countries whose exports could face high tariffs without a deal.

    Amid economic uncertainty, Trump has tried to pass blame onto the Federal Reserve and its chair, Jerome Powell. On Monday, Trump sent an open letter to Powell demanding that the Fed lower interest rates.

    “He’s costing us a fortune because he keeps the rate way up,” Trump wrote on social media.

    Powell, in turn, has said that the Fed has not lowered interest rates because of economic uncertainty caused by Trump’s tariffs.

    “In effect, we went on hold when we saw the size of the tariffs,” Powell said. “Essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.”

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  • Baker McKenzie Luxembourg: Moving to La Cloche d’Or by 2027 | Newsroom

    Baker McKenzie Luxembourg: Moving to La Cloche d’Or by 2027 | Newsroom

    We are proud to announce that Baker McKenzie Luxembourg will relocate to the exceptional ekxo building in June 2027.

    Developed by IKO Real Estate and located in the vibrant Cloche d’Or district, ekxo is the first timber-structured office building in the area. With its bold architecture, advanced environmental performance and strategic location, ekxo reflects our commitment to sustainability, innovation and the wellbeing of our people.
    Designed to meet the highest environmental and wellness standards — including BREEAM® Outstanding and WELL Building Standard® Gold certifications — ekxo offers a forward-thinking and inspiring workplace for the future.

    Jean-François Findling, managing partner of Baker McKenzie Luxembourg, remarked:
    We chose ekxo for the quality of its environment, its environmental commitment, its representative architecture, and its ability to support our growth in the Luxembourg market. This building perfectly reflects our values and our ambition to offer our people and clients an inspiring, sustainable, and highly professional workplace.

    A signature building with strategic and symbolic influence

    Designed and developed by IKO Real Estate, ekxo stands as a bold architectural landmark, embodying the alliance of modernity, sustainability and prestige. Its iconic metal exoskeleton, visible from the district’s main thoroughfares, gives it a strong visual identity and a distinctive presence in Luxembourg’s urban landscape.

    A strategic location in a forward-looking district

    Ideally located on the corner of boulevard Raiffeisen and rue Robert Stumper, ekxo is just a few minutes from the city center, Luxembourg-Gare and the international airport. It benefits from optimal accessibility by public transport and soft mobility.

    A model of environmental and technological excellence

    Developed by IKO Real Estate and designed by Baumschlager Eberle Architekten, ekxo stands out for its environmental commitment and energy performance, with AAA energy class construction and the following certifications:
    • BREEAM® Outstanding certification
    • WELL Building Standard® Gold certification
    • Carbon Footprint Optimized certification
    As the first wood-structured office building in the Cloche d’Or district, ekxo offers a working environment designed for the wellbeing, health and sustainable performance of its users.

    The move is the fruit of close collaboration with INOWAI, whose expertise enabled us to align Baker McKenzie’s expectations with ekxo’s distinctive strengths.

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  • Microsoft exits Pakistan after 25 years

    Microsoft exits Pakistan after 25 years

    July 03, 2025 (MLN): In a significant development for Pakistan’s tech landscape, Microsoft has officially closed its operations in the country, bringing an end to a 25-year chapter for the global software giant.

    The last few remaining employees were formally informed of the shutdown, marking a quiet yet emotional close to an era that began in June 2000 with the launch of Microsoft Pakistan.

    Jawwad Rehman, the founding Country Manager who led Microsoft’s early journey in Pakistan, shared his reflections in a heartfelt post on X (formerly Twitter), calling it “the most rewarding journey” of his personal and professional life.

    “It wasn’t just a job… it was a calling,” Rehman wrote. He led the company for seven years, helping assemble a talented team, serve customers, and build key partnerships that supported Pakistan’s digital transformation.

    Rehman described the mission as “bold and hope-filled,” adding that the experience had “shaped me, stretched me, and helped define who I am today.”

    Copyright Mettis Link News

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