Category: 3. Business

  • SECP Launches Infrastructure Mutual Funds Framework

    SECP Launches Infrastructure Mutual Funds Framework

    The Securities and Exchange Commission of Pakistan (SECP) has introduced a dedicated Infrastructure Mutual Funds framework under open-end collective investment schemes. The move aims to channel long-term domestic savings into critical infrastructure projects, strengthening Pakistan’s capital markets and supporting economic growth.

    Background

    Pakistan faces an urgent need to expand infrastructure, with financing requirements of nearly USD 15 billion annually. Current spending is only 2.1% of GDP, well below global standards. The framework was developed after consultations with the Mutual Funds Association of Pakistan (MUFAP) and other stakeholders, ensuring regulatory clarity, investor protection, and alignment with national development priorities.

    Key Features

    AMCs can structure schemes as equity, debt, or hybrid funds.

    Eligible sectors include energy, transport, water, sanitation, hospitals, schools, industrial parks, and tourism.

    Minimum fund sizes of Rs. 100 million, with seed capital of Rs. 25 million for closed-end schemes.

    70% of net assets must be invested in infrastructure securities; NAV disclosure at least monthly.

    Management fees capped at 3% for equity and 1.5% for debt; no sales load except early redemption contingencies.

    Strategic Impact

    By establishing this dedicated category, SECP aims to bridge Pakistan’s infrastructure financing gap through long-term domestic savings while providing strong investor protections. The initiative reinforces SECP’s commitment to sustainable economic growth and positions capital markets as a vital tool for national development.

    This initiative provides investors with a transparent, well-structured avenue to support projects of national significance while bridging Pakistan’s infrastructure financing gap.

     

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  • BrewDog co-founder Martin Dickie leaves craft beer giant

    BrewDog co-founder Martin Dickie leaves craft beer giant

    Getty Images Martin Dickie pictured attending an event to mark the 80th anniversary of Esquire magazineGetty Images

    Martin Dickie pictured attending an event to mark the 80th anniversary of Esquire magazine

    Brewdog co-founder Martin Dickie has left the Scottish craft beer giant, saying that he took the decision for personal reasons.

    Dickie, who founded the Ellon-based firm with James Watt in 2007, recently launched his own medicinal cannabis business.

    Last year Mr Watt stepped down from his role as CEO of the company and said he would move to a newly-created position of “captain and co-founder”.

    Brewdog announced last month that it was closing 10 bars across the UK, including its flagship pub in Aberdeen, due to what it described as “ongoing industry challenges”.

    A spokesperson said these challenges included rising costs, increased regulation, and economic pressures.

    Getty Images James Watt holding a glass of beer to the camera. He is sitting in a bar wearing a light blue shirt and a blue t-shirt.Getty Images

    James Watt stood down as Brewdog CEO last year

    Brewdog CEO James Taylor described Mr Dickie’s contributions to the company as “immeasurable”.

    He added: “His creativity, passion, and relentless drive have shaped our company over the years and inspired countless others in the industry.”

    In recent years Mr Dickie had helped oversee Brewdog’s expansion into the spirits and cocktail market.

    He said his decision to leave, which will not result in any changes to the company’s leadership team, had been a difficult one.

    “After over two decades in the brewing and distilling arena sadly for personal reasons it’s time for me to leave the industry that I love deeply and hopefully had a positive impact in,” he said.

    “Leaving Brewdog isn’t easy, but I’m ready to spend less time travelling and spend some more time at home with my young family.”

    Getty Images Martin Dickie and James Watt (right) pictured packing BrewDog hand sanitizer during the Covid pandemic in April 2020Getty Images

    Martin Dickie (left) and James Watt pictured packing BrewDog hand sanitizer during the Covid pandemic in April 2020

    The company is known for its craft beers and IPAs and has breweries and pubs across the globe, including 71 in the the UK, of which 17 are in Scotland.

    It also has bars in Dubai, the US and Australia.

    In 2021 former workers used an open letter to highlight what they said was a “culture of fear” within the business and “toxic attitudes” to junior staff.

    The following year several ex-Brewdog staff accused founder and former CEO Watt of inappropriate behaviour in a BBC Disclosure investigation.

    Lawyers for Mr Watt said the allegations were false – but Ofcom rejected complaints that Brewdog and Watt were unfairly treated by the programme.

    In January last year the firm also faced a backlash after revealing it would no longer hire new staff on the real living wage, instead paying the lower legal minimum wage.

    Mr Watt stood down as CEO last year and moved to the newly-created position of “captain and co-founder” but retained his shares in the company.

    Martin Dickie is also retaining his shares in the company.

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  • JPMorgan to pay CHF270 million to settle 1MDB claims

    JPMorgan to pay CHF270 million to settle 1MDB claims


    The Office of the Attorney General of Switzerland said on Friday that it had fined J.P. Morgan (Switzerland) CHF3 million in connection with the misappropriation of assets from the Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB).


    Keystone-SDA

    JPMorgan Chase has agreed to pay 1.4 billion ringgit (CHF270 million) to the Malaysian government to settle all issues related to its role in the scandal involving the Malaysian sovereign wealth fund 1MDB, according to a joint statement on Friday.

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    The US Department of Justice has said that more than $4.5 billion (CHF3.6 billion) was misappropriated from 1MDB between 2009 and 2015 by senior fund executives and their associates.

    In 2021, 1MDB sued subsidiaries of JPMorgan, Deutsche Bank and Coutts to recover the huge losses suffered by the scandal-hit investment vehicle, claiming “negligence, breach of contract, conspiracy to defraud/prejudice and/or dishonest assistance”.

    According to court documents, it sued J.P. Morgan (Switzerland) for $800 million.

    + 1MDB Fraudsters Convicted by Swiss Over $1.8 Billion Scam

    The Office of the Attorney General of Switzerland said on Friday that it had fined J.P. Morgan (Switzerland) CHF3 million in connection with the misappropriation of assets from the Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB). The outflow of funds totalled around CHF174 million.

    The US bank said in a statement that “since then, we have strengthened our controls, earning the confidence of regulators in Switzerland and beyond. We are pleased that these issues have been resolved”.

    JPMorgan and Malaysia said in a joint statement that the US banking giant would pay the sum into the southeast Asian country’s asset recovery trust account, “without admitting liability”.

    “The settlement agreement resolves all existing and potential claims and commits both parties not to pursue any future lawsuits or litigation related to 1MDB,” said the statement released on Friday by the Malaysian Ministry of Finance.

    Each party, they said, will also withdraw all pending actions related to 1MDB’s previous lawsuit against J.P. Morgan (Switzerland) in the Malaysian High Court.

    The fund, set up in 2009 as then Prime Minister Najib Razak set about modernising Malaysia, quickly became embroiled in allegations of corruption, leading to a series of investigations, including in Switzerland, Singapore and the US.

    The outcry over the fiasco prompted voters to oust Najib Razak and the long-ruling United Malays National Organisation (UMNO) party in the 2018 elections.

    The former prime minister is currently seeking to have his prison sentence converted to house arrest.

    Translated from French by DeepL/sb

    We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.  

    Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.

    If you have any questions about how we work, write to us at english@swissinfo.ch

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    Workplace

    Working on Sundays is detrimental to well-being, says Swiss study




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    A study by the University of Bern shows that working on Sundays is detrimental to well-being and particularly affects women.


    Read more: Working on Sundays is detrimental to well-being, says Swiss study

    Safra Sarasin and a former asset manager sentenced

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    Swiss Politics

    Safra Sarasin private bank and former asset manager sentenced




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    The Office of the Attorney General of Switzerland has fined private bank J. Safra Sarasin CHF3.5 million for aggravated money laundering. A former bank employee received a six-month suspended prison sentence.


    Read more: Safra Sarasin private bank and former asset manager sentenced

    Flemming Ornskov, head of the American-Swiss pharmaceutical company Galderma, was the highest paid CEO in 2024, earning CHF19 million.

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    Workplace

    Swiss CEO salaries rose by 7% in 2024




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    The salaries of Swiss company bosses soared last year, according to a study by the Ethos Foundation.


    Read more: Swiss CEO salaries rose by 7% in 2024

    UN declares famine in Gaza, the first in the Middle East

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    International Geneva

    Famine confirmed in Gaza for first time, says UN-backed report




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    Famine has been declared in a northern part of the Gaza Strip, according to the Integrated Food Security Phase Classification (IPC) system.


    Read more: Famine confirmed in Gaza for first time, says UN-backed report

    Airline Assistance Switzerland staff want redundancy plan

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    Swiss Politics

    Zurich Airport ground handling staff to strike on Friday




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    Ground handling staff at Zurich Airport have announced a strike for Friday afternoon. According to a union, 200 jobs are at risk.


    Read more: Zurich Airport ground handling staff to strike on Friday

    Philippe Lazzarini has overseen UNRWA since 2020.

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    Foreign Affairs

    UNRWA boss Lazzarini to step down in March 2026




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    Philippe Lazzarini will step down as head of the United Nations Relief and Works Agency for Palestinian Refugees (UNRWA) at the end of his term in March, he announced on Thursday.


    Read more: UNRWA boss Lazzarini to step down in March 2026

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    Swiss Politics

    Swiss government predicts CHF845 million budget deficit in 2026




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    The Federal Council published its 2026 budget proposal on Thursday: a projected deficit of CHF845 million francs ($1 billion).


    Read more: Swiss government predicts CHF845 million budget deficit in 2026

    Gösgen NPP outage darkens profit prospects for Axpo and Alpiq

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    Swiss Politics

    Outage extended at Swiss nuclear plant




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    The Gösgen nuclear power plant in northwestern Switzerland will be out of service for six months. It has not been connected to the grid since late May.


    Read more: Outage extended at Swiss nuclear plant

    Cereals, yoghurts and drinks even less sweet by 2028

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    Global health

    Swiss authorities and firms agree to cut sugar in cereals, yoghurts and drinks




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    Cereals, yoghurts and drinks in Switzerland will contain less sugar by 2028. The Swiss government and 21 companies renewed the so-called Milan Declaration in Bern on Thursday.


    Read more: Swiss authorities and firms agree to cut sugar in cereals, yoghurts and drinks

    Just Eat experiments with meal delivery by robot

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    Swiss AI

    Swiss robots to deliver Just Eat takeaway meals




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    Swiss robots to deliver Just Eat Takeaway meals.


    Read more: Swiss robots to deliver Just Eat takeaway meals

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  • Banking, fertiliser sectors led rally lifts stocks by 258 points

    Banking, fertiliser sectors led rally lifts stocks by 258 points


    KARACHI:

    The Pakistan Stock Exchange (PSX) closed on a positive note on Friday, with the benchmark KSE-100 index gaining 258 points to close at 149,493. Despite the upward movement, the session remained volatile as investors actively adjusted positions amid mixed market sentiment.

    Trading volumes dropped to 336 million shares from 426 million in the previous session, reflecting cautious activity. The rally was largely supported by Commercial Banks, Oil & Gas Exploration Companies, and Fertilizer sectors, which cumulatively contributed 248 points to the index.

    Sector-wise, Banks led the gains by adding 106 points, followed by Exploration & Production (73 points) and Fertiliser (69 points). Conversely, Pharma weighed on the market, dragging the index down by 110 points.

    Among individual stocks, FFC (+90.74 points), NBP (+59.78 points), and AKBL (+53.61 points) were the top positive contributors, while SEARL (-102.39 points), MEBL (-65.37 points), and ENGROH (-49.58 points) emerged as the major laggards.

    In key market data, the KMI-30 index closed at 211,667, down 0.25%, while the broader KSE-All Share Index edged up 0.08% to 91,988. The rupee remained largely stable, with USD/PKR slipping 0.01% to 281.905.

    Market watchers noted that despite the index’s positive close, investor sentiment remained cautious due to volatility in volumes, with participants closely monitoring macroeconomic signals and corporate earnings announcements.

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  • China Prepares to Unveil Domestic AI Chips, DeepSeek Confirms

    China Prepares to Unveil Domestic AI Chips, DeepSeek Confirms

    TLDRs;

    • DeepSeek confirms China will soon unveil domestically made AI chips optimized for its new V3.1 AI model.
    • The firm’s adoption of UE8M0 FP8 scaling could cut memory use by 75%, boosting efficiency on local processors.
    • Huawei and other firms are racing to adapt chips for Chinese AI models amid tightening U.S. export controls.
    • Despite progress, Nvidia chips remain dominant, though China’s $340B semiconductor push could accelerate domestic innovation.

    China is preparing to unveil domestically developed artificial intelligence (AI) chips in a move that could reshape its fast-evolving tech landscape, according to a new announcement from AI startup DeepSeek.

    The Hangzhou-based company disclosed the development through its official WeChat account while introducing its upgraded V3.1 model, sparking speculation that a major breakthrough in China’s chip ecosystem may be imminent.

    While DeepSeek did not name the chip supplier, it confirmed that the new model has been designed to run on next-generation local processors using the UE8M0 FP8 data format, a method aimed at optimizing memory efficiency and computational performance.

    DeepSeek’s V3.1 Signals Strategic Shift

    DeepSeek’s latest model, the V3.1, combines reasoning and non-reasoning modes and is optimized for compatibility with the upcoming Chinese chips.

    The company emphasized that its use of UE8M0 FP8 scaling could lower memory requirements by up to 75%, making training and inference far more efficient compared to conventional approaches.

    The AI firm had previously relied on foreign hardware, including 2,048 Nvidia H800 GPUs to train its earlier V3 model. However, with access to advanced U.S. chips increasingly restricted, the pivot toward homegrown processors indicates a deliberate shift in strategy, integrating domestic hardware with software designed for maximum efficiency.



    Domestic Competition Intensifies

    DeepSeek’s announcement comes as Chinese technology giants including Huawei Technologies and Moore Threads accelerate efforts to make their self-developed chips compatible with local AI models.

    Huawei’s Cloud Matrix architecture, combined with its Ascend chip series, has reportedly demonstrated the ability to run DeepSeek’s models more efficiently than Nvidia-based systems under certain workloads, according to joint research published earlier this year.

    This reflects a growing trend of hardware-software co-design in China, where firms are not merely attempting to replicate Nvidia’s products but are instead tailoring chip designs for specific AI applications. Such specialization could allow Chinese firms to gain unique advantages in targeted areas, even if performance gaps remain in broader applications.

    Export Controls Drive Urgency

    The push for domestic chip development has been fueled in large part by U.S. export restrictions that limit Chinese access to advanced semiconductors. Analysts project that domestic AI chip production could rise to 55% of total demand by 2027, up from today’s relatively modest share.

    Despite this progress, Nvidia chips remain highly sought after in China. In 2024 alone, Chinese firms purchased nearly one million Nvidia H20 chips compared to around 450,000 Huawei Ascend 910B chips. Industry leaders such as Tencent and Baidu continue to favor Nvidia’s hardware, citing superior memory capacity and bandwidth.

    To bridge this gap, Beijing has committed more than $340 billion in funding through its semiconductor “Big Fund” and related initiatives, underscoring the state’s determination to build a resilient and competitive chip industry.


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  • Meta Hires Another Apple AI Leader Amid Headcount Freeze, Report Says

    Meta Hires Another Apple AI Leader Amid Headcount Freeze, Report Says

    KEY TAKEAWAYS

    • Meta Platforms is reportedly hiring another senior AI executive from Apple for its Meta Superintelligence Labs, where it is moving to freeze headcount.
    • According to Bloomberg, citing people familiar with the matter, the Facebook parent is hiring Frank Chu, who has led Apple AI teams focused on cloud infrastructure, training, and search.
    • Chu is at least the sixth Apple employee working on AI models to defect to Meta, the report said.

    Meta Platforms (META) is reportedly hiring another senior AI executive from Apple (AAPL) for its Meta Superintelligence Labs division, where it is moving to freeze headcount.

    According to Bloomberg, citing people familiar with the matter, the Facebook parent is hiring Frank Chu, who has led Apple AI teams focused on cloud infrastructure, training, and search. Chu is at least the sixth Apple employee working on AI models to defect to Meta. The most recent hire is Ruoming Pang, the head of the iPhone maker’s AI models team, the report said.

    Bloomberg said Chu “helped manage the running of large language models on Apple cloud servers and oversaw some training of the software.” He also worked on creating search functions for the Siri voice assistant and entertainment services, the report said.

    Apple and Meta didn’t immediately respond to requests for comment.

    Apple shares, which entered Friday down 10% this year, are up slightly in morning trading. Meta shares are little changed. 

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  • Reconfigurable control of coherence, dissipation, and nonreciprocity in cavity magnonics

    Reconfigurable control of coherence, dissipation, and nonreciprocity in cavity magnonics

    Experimental design

    Figure 1(a) illustrates the experimental design. A YIG film is positioned at the cavity centre in a flip-chip configuration (defined as the origin). The cross-shaped microwave cavity comprises a central transmission line along the (x)-axis intersecting two orthogonal arms along the (y)-axis (Fig. 1(e)). This structure supports both travelling and standing waves. The YIG thin film and the cross-shaped cavity in this study only partial overlap (dimensions of the thin film and the cavity are detailed in Method section). In Fig. 1(e), a red box drawn to scale indicates the area covered by the YIG thin film. The orientation of the (mathbf{h}) field within the YIG film is depicted in Fig. 1(d). The nonuniformity of the (mathbf{h}) field in the cavity, especially the relative dimensions of the metallic structure and the YIG thin film, has been shown to play an important role in determining the coupling strength between the photon mode and the magnon mode22. An external magnetic field is applied to tune the magnon resonance frequency ({omega}_{0}). The magnetic field is applied with field direction (theta) from (0^circ) (perpendicular to the transmission line) to (90^circ) (parallel) within the (x)(y) plane. A calibrated vector network analyser (VNA) measures the transmission properties of the photon–magnon hybrid system, including (left|{text{S}}_{21}right|) (rf signals sent from Port 1 to Port 2) and (left|{text{S}}_{12}right|) (rf signals sent from Port 2 to Port 1). Figure 1(c) shows the measured (left|{text{S}}_{21}right|) and (left|{text{S}}_{12}right|) of the empty cavity, with a resonant frequency of ({omega}_{c}/2pi=3.85:text{G}text{H}text{z}). The fitted intrinsic and extrinsic damping rates are ({kappa}_{c}/2pi=13.74:text{M}text{H}text{z}) and ({gamma}_{c}/2pi=3.65:text{G}text{H}text{z}), respectively, with the fitted curves overlaid. The near-identical (left|{text{S}}_{21}right|) and (left|{text{S}}_{12}right|) responses confirm the reciprocity of the cavity.

    Theoretical model

    Figure 1(b) shows the diagram of the photon–magnon coupling mechanism in our work. Our system comprises a YIG film coupled to a microwave cavity. Under the excitation of a rf magnetic field (mathbf{h}), the fundamental FMR mode is driven, characterised by the in-phase precession of spins29. In addition to this uniform mode, spin wave resonance (SWR) modes with nonzero wavevector (varvec{k}) can also be excited, primarily due to the nonuniform rf field. These SWR modes involve collective excitations of a large spin population and can directly couple with the photon modes (shown in Fig. 3(c) and (e)). The Hamiltonian of the hybrid cavity-magnon system can be described as29,30:

    $${hat{H}}_{text{s}text{y}text{s}}=hslash{omega}_{c}{c}^{dag}c+hslashsum_{j=0}^{3}{omega}_{{m}_{j}}{m}_{j}^{dag}{m}_{j}+{hat{H}}_{text{i}text{n}text{t}}mathrm{,}$$

    (1)

    where (c) and ({c}^{dag}) are the annihilation and creation operators for the cavity mode. Similarly, ({m}_{0}) and ({m}_{0}^{dag}) are the annihilation and creation operators for the FMR mode ((:j=0)), while ({m}_{j}) and ({m}_{j}^{dag}) represent the corresponding operators for the (j)th (for j {1,2,3}) SWR mode.

    Under the rotating wave approximation, the interaction Hamiltonian takes the form29,30:

    $${hat{H}}_{text{i}text{n}text{t}}={hslash}left(sum_{j=0}^{3}{g}_{j}left(thetaright)left({c}^{dag}{m}_{j}+{m}_{j}^{dag}text{c}right)right)mathrm{,}$$

    where (theta) is the angle of the external magnetic field relative to the (x)axis, and ({g}_{j}left(thetaright)) (for (jin{0,1,2,3})) denotes the coupling strength between the cavity as a function of the angle (theta) and the (j)th mode.

    We can then derive the quantum Langevin equation following the recipe in21 – i.e. the equations of motion for all the observables.

    $$:begin{array}{c}{partial}_{t}{mathbf{x}}^{T}=-ivarOmega:{mathbf{x}}^{T}+{mathbf{b}}^{T}{p}_{text{i}text{n}}end{array}mathrm{,}$$

    (2)

    $$mathrm{where}:mathbf{x}=(c,{m}_{0},{m}_{1},{m}_{2},{m}_{3}),:mathbf{b}=(sqrt{{gamma}_{c}},sqrt{{gamma}_{0}}{e}^{i{Theta}},sqrt{{gamma}_{1}}{e}^{i{Theta}},sqrt{{gamma}_{2}}{e}^{i{Theta}},sqrt{{gamma}_{3}}{e}^{i{Theta}}):mathrm{and}$$

    $$:{Omega:}=left(begin{array}{cccc}{omega}_{c}-i({gamma}_{c}+{kappa}_{c})&:{g}_{0}left(thetaright)-i({e}^{i{Theta}}sqrt{{gamma}_{0}{gamma}_{c}}+sqrt{{kappa}_{c}{kappa}_{0}})&:{g}_{1}left(thetaright)-i({e}^{i{Theta}}sqrt{{gamma}_{1}{gamma}_{c}}+sqrt{{kappa}_{c}{kappa}_{1}})&:cdots:\:{g}_{0}left(thetaright)-i({e}^{i{Theta}}sqrt{{gamma}_{c}{gamma}_{0}}+sqrt{{kappa}_{0}{kappa}_{c}})&:{omega}_{0}-i({gamma}_{0}+{kappa}_{0})&:-i(sqrt{{gamma}_{1}{gamma}_{0}}+sqrt{{kappa}_{1}{kappa}_{0}})&:cdots:\:{g}_{1}left(thetaright)-i({e}^{i{Theta}}sqrt{{gamma}_{c}{gamma}_{1}}+sqrt{{kappa}_{1}{kappa}_{c}})&:-i(sqrt{{gamma}_{0}{gamma}_{1}}+sqrt{{kappa}_{0}{kappa}_{1}})&:{omega}_{1}-i({gamma}_{1}+{kappa}_{1})&:cdots:\:vdots&:vdots&:vdots&:vdotsend{array}right)mathrm{.}$$

    Here, ({kappa}_{c}), ({kappa}_{0}), and ({kappa}_{j}) ((jinleft{1,2,3right})) represent the intrinsic damping rates for the cavity mode, FMR mode, and the (j)th SWR mode, while as ({gamma}_{c}), ({gamma}_{0}), and ({gamma}_{j}) ((jinleft{text{1,2,3}right})) represent the extrinsic damping rates for these modes, respectively. The parameter ({Theta}inleft{0,piright}) accounts for the nonreciprocal behaviour induced by the port-dependent phases, where ({Theta}=0) is taken if the signal is sent from Port 1, and ({Theta}=pi) is taken if the signal is sent from Port 221. The nonreciprocity induced by the asymmetry of the (mathbf{h}) field is phenomenologically captured by adjusting ({kappa}_{0}) and ({gamma}_{0}).

    Assuming that the FMR modes and the SWR modes have the time-dependence of the form ({e}^{-iomega t}), we can solve for the observables in terms of the input ({p}_{text{i}text{n}})

    $$:begin{array}{c}{varvec{x}}^{T}=-ileft({Omega}-omega Iright)^{-1}{mathbf{b}}^{T}{p}_{text{i}text{n}}end{array}mathrm{,}$$

    (3)

    where (I) is the identity matrix. Finally, we can derive the input-output relationship31

    $$begin{array}{c}{p}_{text{o}text{u}text{t}}+{p}_{text{i}text{n}}=mathbf{b}cdot{varvec{x}}^{T}end{array}mathrm{,}$$

    (4)

    The input-output substituting ({varvec{x}}^{T}=-ileft(varOmega-omega Iright){varvec{b}}^{T}{p}_{text{i}text{n}}) gives

    $$begin{array}{c}{p}_{text{o}text{u}text{t}}={p}_{text{i}text{n}}left(1-imathbf{b}({Omega}-omega I{)}^{-1}{mathbf{b}}^{T}right)end{array}mathrm{.}$$

    (5)

    For our case, we can compute transmission coefficient as32

    $$begin{array}{c}{text{S}}_{21left(12right)}=left(1-imathbf{b}(Omega-omega I)^{-1}{mathbf{b}}^{T}right)end{array}mathrm{.}$$

    (6)

    Fig. 1

    (a) Schematic of the experimental setup (not to scale). An YIG film is positioned at the centre of a cross-shaped cavity supporting both travelling and standing waves. A rotatable external magnetic field tunes the FMR frequency. The cavity’s two ports are connected to a VNA for measuring (left|{text{S}}_{21}right|) and (left|{text{S}}_{12}right|). (b) Diagram of the photon–magnon coupling mechanism. The cavity mode couples directly to both the FMR and SWR modes, with each mode dissipatively coupled to travelling photons at the input and output ports. (c) Measured (left|{text{S}}_{21}right|) and (left|{text{S}}_{12}right|) of the empty cavity, with fitting results overlaid. Lines are guides to the eye. (d) CST simulation of the (mathbf{h}) field orientation in the YIG region at the resonant frequency with rf signals entering from Port 1. (e) Heatmap of the simulated magnetic field (h field) intensity at resonance, with rf signals injected from Port 1. The red boxed area shows the region, drawn to scale, that is covered by the YIG thin film.

    Simulation of the (mathbf{h}) field distribution

    The (mathbf{h}) field generated by the cross-shaped cavity plays a crucial role in this study, governing the excitation and dynamics of spin precession in the YIG film. The intensity and distribution of the (mathbf{h}) field are simulated using CST Studio Suite33. Figure 1(e) shows the (mathbf{h}) field intensity at the cavity’s resonant frequency with rf excitation from Port 1. The field is stronger near the input side due to asymmetric energy distribution within the cavity. Energy dissipation at the centre reduces the (mathbf{h}) field intensity as it propagates toward the cross arms. At the transmission line, adjacent to the input port (left half of the transmission line), the (mathbf{h}) field predominantly aligns along the (:y)-axis and exhibits relatively higher intensity, as indicated by the warmer colours. The (mathbf{h}) field gradually transitions from being nearly perpendicular to the (x)-axis at the cavity centre to parallel to the (x)-axis on the two arms. This variation in field direction and intensity highlights the asymmetry in the (mathbf{h}) field distribution within the cavity.

    The angle between the (mathbf{h}) field and the external magnetic field plays a crucial role in the excitation of spin precession. Maximum spin precession occurs when the (mathbf{h}) field is perpendicular to the external field, as this maximises the torque on the magnetisation34. Conversely, when the fields are parallel, spin precession is inefficient30. Therefore, when (theta=0^circ), spins in the two arms of the cross cavity experience strong excitation, while those under the transmission line are minimally excited. At (90^circ), this behaviour is reversed, with spins in the cross cavity arms remaining mostly inactive and those under the transmission line experiencing stronger excitation. Consequently, the net torque exerted by the (mathbf{h}) field determines the coherent coupling strength, which can be dynamically tuned by adjusting the external field angle30.

    The (mathbf{h}) field directly governs the excitation of the FMR mode, which is most efficient when the spins in the YIG film precess collectively with (varvec{k}=0)35,36. However, its spatially nonuniformity can also excite magnons with finite (varvec{k}), introducing spatial variations in spin dynamics36. This enables energy transfer from the uniform FMR mode to these magnons, leading to enhanced magnon damping through two-magnon scattering20,37,38. Notably, the relative angle between the (mathbf{h}) field and the external magnetic field dynamically modulates the strength and spatial distribution of these interactions, offering a means to control FMR dissipation38. This variation in angle excites spins in different regions of the YIG film, effectively reconfiguring the inhomogeneities and influencing two-magnon scattering39. As a result, the damping rate of the FMR mode is expected to vary with (theta). The extrinsic damping rate of the FMR mode is governed by its dissipative coupling with the travelling photon mode. This coupling is influenced by the density of states of the travelling photons, and its contribution can be modulated by (theta)34. This effect plays a key role in determining the strength of the dissipative coupling between the FMR and travelling photon modes21.

    The (mathbf{h}) field distribution excited by Port 2 exhibits (180^circ) rotational symmetry relative to the distribution excited by Port 1 (see Supplementary Materials, Fig. S144). This results in different relative angles between the (mathbf{h}) field and the external magnetic field when the rf signal is applied from Port 1 versus Port 2. The variation in these angles alters the torque exerted on the magnetisation, leading to differences in spin precession. As a result, the spin dynamics are asymmetric, producing distinct energy dissipation profiles for (left|{text{S}}_{21}right|) and (left|{text{S}}_{12}right|), commonly referred to as nonreciprocity21. Specifically, the spin excitation and two-magnon scattering process depend on the rf signal direction, which in turn affects the observed transmission characteristics. This nonreciprocity is important for understanding the directional dependence of damping mechanisms and provides insight into how the system can be controlled through the relative orientations of the (mathbf{h}) field and external magnetic field.

    The intrinsic damping rate of the FMR mode is defined as the total energy dissipation that does not occur through radiative coupling with travelling photons. In our system, the intrinsic damping primarily arises from Gilbert damping and two-magnon scattering, with the latter playing a dominant role. While two-magnon scattering is often classified as an extrinsic mechanism due to its dependence on inhomogeneities, it does not involve photon emission but instead redistributes energy among magnons. As a result, within our framework, two-magnon scattering contributes significantly to the nonradiative damping of the FMR mode, distinguishing it from photon-mediated extrinsic damping. This variation in damping mechanisms plays an important role in modulating the overall system dynamics, further influenced by the asymmetry in the excitation conditions.

    Photon–magnon coupling at (varvec{theta}=0^circ)

    Figure 2 presents (left|{text{S}}_{12}right|) measured at (theta=0^circ). The (:left|{text{S}}_{12}right|) intensity is plotted as a function of both the rf frequency detuning ((varDeltaomega=omega-{omega}_{c})) and field detuning ((varDelta m={omega}_{0}-{omega}_{c})). Figure 2(c) shows the (left|{text{S}}_{12}right|) line profiles as a function of rf frequency detuning, measured at the coupling centre (labelled “III”) and at detuned FMR frequencies (labelled “I”, “II”, “IV”, and “V”). A typical photon–magnon coupling is observed, characterised by a cavity mode with a resonance frequency independent of the external magnetic field, an FMR mode whose resonance frequency increases with the field, and an anti-crossing at the coupling centre (({omega}_{c}={omega}_{0}))2,6,17,40,41,42. Within the anti-crossing region, fine lines parallel to the FMR mode correspond to fine spin wave excitations, which are enhanced due to photon–magnon coupling, consistent with previously reports43. As in previous studies, these fine spin wave excitations are identified by comparison with their calculated dispersion relations rather than quantitative fitting. Their properties and origin have been systematically characterised in the literature43, so our model and fitting analysis is focused on the main hybrid modes relevant to photon and uniform FMR coupling and these fine spin wave excitations are not included in our model. In the spectra, these enhanced fine spin wave excitations appear as sharp peaks at various detuned fields (Fig. 2(c), labelled “II”, “IV”, and “V”), as well as multiple smaller peaks at the coupling centre (labelled “III”).

    As shown in Fig. 2(a), the intensity of the FMR mode rapidly diminishes as the external magnetic field detunes from the coupling centre. The broadened linewidth of the FMR mode in Fig. 3(c) further confirms its high damping rate. This suggests that two-magnon scattering is pronounced when (theta=0^circ), contributing to the broadened linewidth of the FMR mode. Additionally, the FMR mode exhibits a greater intensity when red-detuned compared to blue-detuned, revealing a noticeable asymmetry between the upper and lower branches of the anti-crossing. This asymmetry arises from the dissipative coupling between the travelling photons and the FMR mode21,34. The observed asymmetry suggests weak coupling between the FMR mode and the travelling photons.

    The cavity-FMR coupling interaction in this case can be described as a direct coupling between the cavity and FMR modes, with a coupling strength of g0, while both modes also dissipatively couple to the travelling photon modes. Figure 2(b) presents calculated mappings of the transmission parameters as functions of rf frequency detuning and FMR frequency detuning. These calculations use ({g}_{0}/2pi=240.0) (text{M}text{H}text{z}), ({kappa}_{0}/2pi=138.2) (text{M}text{H}text{z}), and ({gamma}_{0}/2pi=12.6) (text{M}text{H}text{z}), respectively. Intrinsic damping ({kappa}_{0}) here includes the damping owing to the two-magnon scattering, which do not directly couple with travelling photons. Dissipative coupling strength ({{Gamma}}_{0}), typically defined as (sqrt{{gamma}_{c}{gamma}_{0}}), is calculated to be (243.3:text{M}text{H}text{z}) in this case. The fitting successfully reproduces the key features observed in the experimental data, validating the proposed model. The calculated line profiles at various ({Delta}m) are overlaid on the experimental data in Fig. 2(c), demonstrating excellent agreement.

    Fig. 2
    figure 2

    (a) Measured and (b) calculated (left|{text{S}}_{12}right|) at (theta=0^circ), plotted as functions of (varDeltaomega) and (varDelta m), respectively. Dashed lines in (a) and (b) are the real part of the calculated eigenvalues. (c) (left|{text{S}}_{12}right|) line profiles (solid lines) measured at detuned fields (labelled “I” to “V” in (a) and (b)), overlaid with calculated curves (dashed lines). A vertical (45:text{d}text{B}) offset is applied between successive traces for clarity. Lines are a guide to the eye.

    Effect of (theta) on coupling strength and damping rates

    To investigate the dependence of photon–magnon coupling on external magnetic field orientation, we rotate the electromagnets from (0^circ) to (90^circ). Figure 3(a)–(d) presents measured (left|{text{S}}_{12}right|) and (left|{text{S}}_{21}right|) at (45^circ) and (90^circ), respectively. Compared to (left|{text{S}}_{12}right|) at (0^circ) (Fig. 2(a)), ({g}_{0}) decreases with (theta), as indicated by the fitting results (eigenvalues overlaid in Fig. 3(a)). Specifically, ({g}_{0}/2pi) reduces to (215.0) (text{M}text{H}text{z}) at (45^circ), suggesting that the net torque exerted by the (mathbf{h}) field on the magnetisation is weaker than that at (0^circ). Furthermore, the asymmetry between the upper and lower branches of (left|{text{S}}_{12}right|) becomes more pronounced at (45^circ). The upper branch diminishes rapidly as the field increases, whereas the lower branch decreases more gradually as the field decreases. Notably, the lower branch exhibits a higher transmission intensity of (-63.86) (text{d}text{B}) at the coupling centre, compared to (-34.45) (text{d}text{B}) at (0^circ) (Fig. 3(g)). This enhanced transmission and narrower linewidth indicate a reduced FMR damping rate and a weaker two-magnon scattering process. In this work, two-magnon scattering–induced damping is considered part of the intrinsic damping ({kappa}_{0}), as it does not directly couple to traveling photons. In contrast, extrinsic damping refers to radiative coupling between magnons and traveling photons. Fitting results reveal a significantly lower ({kappa}_{0}/2pi) of (25.1) (text{M}text{H}text{z}) for the FMR mode at (45^circ). The increased asymmetry between the upper and lower branches suggests that dissipative coupling between the FMR mode and travelling photons intensifies, while ({kappa}_{0}) decreases with (theta). The fitted ({gamma}_{0}/2pi) rises to (94.2) (text{M}text{H}text{z}) at (45^circ). The cavity-FMR coupling at (45^circ) is calculated using the same method as for (left|{text{S}}_{12}right|) at (0^circ) (fitting result is shown in Supplementary Materials Fig. S344. The ({g}_{0}/2pi) further decreases to (150.0) (text{M}text{H}text{z}) at (90^circ), representing a (37.5%) reduction compared to that at (0^circ). The asymmetry between the upper and lower branches nearly vanishes at (90^circ), indicating weaker dissipative coupling between the FMR mode and travelling photons relative to (45^circ), with a fitted ({gamma}_{0}/2pi) of (6.3) (text{M}text{H}text{z}) (shown in Fig. 3(f)). Meanwhile, the FMR linewidth increases, with the fitted ({kappa}_{0}/2pi) reaching (50.3) (text{M}text{H}text{z}). The corresponding dissipative coupling strengths ({{Gamma}}_{0}) are calculated to be 666.4 MHz at (45^circ) and 172.1 MHz at (90^circ). Conventionally, level attraction is expected when the dissipative coupling exceeds the coherent coupling. However, in our measurements, we consistently observe level repulsion (anti-crossing), even when ({{Gamma}}_{0}>{g}_{0}). We attribute this observation to differences in the treatment of magnon damping in the modelling. In many previous works, the extrinsic magnon damping rate ({gamma}_{0}) is often neglected or approximated for model simplicity and qualifiedly fitting. By contrast, our analysis includes the full damping contributions. As a result, the criterion for observing level attraction becomes more restrictive: the cavity extrinsic damping ({gamma}_{c}) must be significantly larger than the extrinsic magnon damping rate ({gamma}_{0}) (i.e., ({gamma}_{c}gg{gamma}_{0}))21. In our experiments, ({gamma}_{c}) and ({gamma}_{0}) are of comparable magnitude, so the transition to level attraction is not observed, despite the large dissipative coupling strength.

    The coherent coupling strength between the cavity and FMR modes at different field angles ((left|{text{S}}_{12}right|)) is extracted from the model fits and summarised in Fig. 4(a). ({g}_{0}) decreases continuously with (theta), indicating that the net torque exerted by the (mathbf{h}) field on the magnetisation weakens as (theta) increases. This angular dependence approximately follows a cosine function ({g}_{0}left(thetaright)=left[{g}_{0}left(0right)-{g}_{0}left(90right)right]text{cos}theta+{g}_{0}left(90right)). The spatial region of spin precession shifts with (theta). At (0^circ), precession primarily occurs in the cavity arm regions, where the magnetic field is normal to the (mathbf{h}) field, maximising the torque exerted on the magnetisation. At (90^circ), spin precession is concentrated in the transmission line region, where the magnetic field is perpendicular to the (mathbf{h}) field, again maximising the local torque. At intermediate angles, spin precession occurs in both regions. The resulting ({g}_{0}) reflects the cumulative contribution from spin precession across the entire (mathbf{h}) field distribution. Although the (mathbf{h}) field is strongest near the transmission line, the cavity arms cover a much larger area. As a result, ({g}_{0}) is maximised at (0^circ) and minimised at (90^circ).

    The ({kappa}_{0}/2pi) initially decreases sharply from (138.2) (text{M}text{H}text{z}) at (0^circ) to a minimum of (25.1) (text{M}text{H}text{z}) at (45^circ) before gradually increasing to (50.3) (text{M}text{H}text{z}) at (90^circ), representing an overall reduction of over (82%) (Fig. 4(b)). This trend is further evident in the line profiles plotted in Fig. 3(g), where the hybridised mode linewidth decreases with increasing field angle up to (45^circ), exhibiting a sharp dip, before broadening again as (theta) increases. The angular dependence of ({kappa}_{0}) indicates that two-magnon scattering is minimised at (45^circ) in our setup. In contrast, ({gamma}_{0}/2pi) rises steeply from (12.6) (text{M}text{H}text{z}) at (0^circ) to a peak of (94.2) (text{M}text{H}text{z}) at (45^circ), then rapidly declines to (6.3) (text{M}text{H}text{z}) at (90^circ), marking a reduction of over (90%) (Fig. 4(c)). This behaviour suggests that the dissipative coupling between the FMR mode and travelling photon modes is maximised at (45^circ). Dissipative coupling strengths ({{Gamma}}_{0}) as a function of (theta) can be found in Supplementary Materials Fig. S444.

    Fig. 3
    figure 3

    (a)–(d) Measured (left|{text{S}}_{12}right|) and (left|{text{S}}_{21}right|) at (theta=45^circ) and (90^circ), plotted as functions of (varDeltaomega) and (varDelta m), respectively. (e), (f) Corresponding calculated (left|{text{S}}_{21}right|) under the same conditions as (b) and (d), respectively. (g) Measured (left|{text{S}}_{12}right|) at (varDelta m/2pi=0) as a function of (varDeltaomega) for (theta) from (0^circ) to (90^circ). A vertical (45:text{d}text{B}) offset is applied between successive traces for clarity. Lines are a guide to the eye.

    Nonreciprocity induced by nonuniform rf field

    The (left|{text{S}}_{21}right|) measured at (45^circ) exhibits distinct features compared to (left|{text{S}}_{12}right|), highlighting the nonreciprocal nature of the photon–magnon interaction. While (left|{text{S}}_{12}right|) captures the fundamental coupling behaviour of the FMR mode, (left|{text{S}}_{21}right|) reveals additional side couplings at detuned magnetic fields (Fig. 3(b)). These side couplings correspond to strong SWR modes with nonzero (varvec{k}) at detuned FMR frequencies of approximately (-0.40) (text{G}text{H}text{z}), (-0.65) (text{G}text{H}text{z}), and (-1.00) (text{G}text{H}text{z}). This nonreciprocity stems from the asymmetry of the (mathbf{h}) field in the cavity for forward- and backward-propagating waves. As a result, SWR modes with nonzero (varvec{k}) are predominantly excited in (left|{text{S}}_{21}right|) (the resonant frequency of these SWR modes varies with (theta) as shown in Supplementary Materials Fig. S244, while their excitation is suppressed in (left|{text{S}}_{12}right|). This asymmetry further leads to differences in the ({kappa}_{0}) and ({gamma}_{0}) of the FMR mode, resulting in variations in the FMR linewidth and the intensity asymmetry between the upper and lower hybridised branches. The nonuniform (mathbf{h}) field plays a critical role in selectively driving SWR from one direction, producing an effective nonreciprocal response. As the magnetic field detunes from the resonant frequency, these SWR modes vanish rapidly with broad linewidths, indicating their high intrinsic damping rates. The interaction between these SWR modes and the cavity mode is incorporated into our model, with the calculated spectra shown in Fig. 3(e). The selection of SWR modes is primarily guided by the observed spectra, since their excitation is highly complex due to the nonuniform distribution of the (mathbf{h}) field, making it difficult to unambiguously assign a specific wavevector (varvec{k}) to each mode. The parameters used for the SWR fitting can be found in the Supplementary Materials Table S144. The calculations accurately reproduce the asymmetric coupling behaviour observed in (left|{text{S}}_{21}right|). These SWR modes remain observable in (left|{text{S}}_{21}right|) at (theta) ranging from (0^circ) to (60^circ) (see Supplementary Materials Fig. S244, underscoring the role of the nonuniform (mathbf{h}) field and external field angle in driving nonreciprocal magnon-photon coupling.

    At (90^circ), (left|{text{S}}_{21}right|) and (left|{text{S}}_{12}right|) become nearly identical, indicating a transition to reciprocal behaviour. This suggests that (theta) plays a crucial role in controlling nonreciprocity in a cavity with a nonuniform (mathbf{h}) field. At intermediate angles, such as (45^circ), nonreciprocity arises from the asymmetry between the forward- and backward-propagating waves, which is induced by the relative orientation of the (mathbf{h}) field and the external magnetic field. The nonuniform (mathbf{h}) field, generated by sending signals to Port 1 and Port 2, exhibits (180^circ) rotational symmetry. However, for a given (theta), the angle between the (mathbf{h}) field and the external magnetic field differs for the forward- and backward-propagating waves. This difference in angles leads to variations in the spin precession excitation (including the two-magnon scattering process), which in turn affects the photon–magnon coupling and modulates the reciprocity of the system, transitioning it from nonreciprocal to reciprocal. As (theta) further increases to (90^circ), this asymmetry diminishes (with the spins precessing most significantly within the transmission line), and the system transitions to reciprocal behaviour, as evidenced by the near-identical (left|{text{S}}_{21}right|) and (left|{text{S}}_{12}right|).

    To quantify the nonreciprocity of our system, we analyse the nonreciprocity difference, defined as ({Delta:}text{S}=left|{text{S}}_{21}right|-left|{text{S}}_{12}right|) (with (left|{text{S}}_{21}right|) and (left|{text{S}}_{12}right|) in (text{d}text{B}) scale). ({Delta:}text{S}) is measured at the lower branch of the hybrid mode ((omega=3.66) GHz) with zero field detuning (({Delta}m/2pi=0)). Figure 4(d) shows ({Delta}text{S}) as a function of (theta). At (0^circ) and (15^circ), (left|{text{S}}_{21}right|) is stronger than (left|{text{S}}_{12}right|), resulting in ({Delta}text{S}<0) (around (-20:text{d}text{B})). At (30^circ), ({Delta}text{S}) is nearly zero, while at (45^circ), the sign of ({Delta}text{S})becomes positive with a large value of (24:text{d}text{B}), indicating that (left|{text{S}}_{12}right|) is now weaker than (left|{text{S}}_{21}right|). As (theta) further increases, ({Delta}text{S}) decreases to nearly zero at (90^circ), demonstrating a transition to reciprocal behaviour. These results demonstrate that microwave transmission in our photon–magnon hybrid system can be controlled by adjusting the magnetic field angle, enabling tunable nonreciprocity. The nonreciprocal behaviour in our study contrasts with previous reports where nonreciprocity was attributed to the direction-dependent relative phase between coherent and dissipative magnon–photon couplings21. In our work, nonreciprocity arises from two contributions: the first is analogous to the mechanism described in21, which is also incorporated into our model. The second and more dominant contribution stems from the differing torques exerted by the nonuniform (mathbf{h}) field on the magnetisation for forward- and backward-propagating waves. This torque difference leads to distinct spin precession dynamics and alters two-magnon scattering, thereby affecting the magnon damping rate. This effect depends on the external magnetic field orientation, providing an additional platform for manipulating the nonreciprocity in the photon–magnon coupling system.

    Fig. 4
    figure 4

    (a) Coherent coupling strength g0 extracted from (left|{text{S}}_{12}right|) as a function of (theta). The solid curve is a fit based on ({g}_{0}left(thetaright)=left[{g}_{0}left(0right)-{g}_{0}left(90right)right]text{cos}theta+{g}_{0}left(90right)). (b) Intrinsic damping rate ({kappa}_{0}/2pi) and (c) extrinsic damping rate ({gamma}_{0}/2pi) of the FMR mode excited by Port 2, as functions of (theta), respectively. (d) Nonreciprocity difference ({Delta}text{S}) as a function of (theta).

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  • Graphene-cobalt hexacyanoferrate modified sensor doped with molecularly imprinted polymer for selective potentiometric determination of bupropion

    Graphene-cobalt hexacyanoferrate modified sensor doped with molecularly imprinted polymer for selective potentiometric determination of bupropion

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  • Starian Secures Over US$ 115 Million (R$ 640 Million) Investment from General Atlantic to Accelerate Growth

    Starian Secures Over US$ 115 Million (R$ 640 Million) Investment from General Atlantic to Accelerate Growth

    Funding follows the launch of Starian as an independent multi-vertical software provider to the private sector in June 2025

    Starian intends to use this capital to pursue organic growth and accretive M&A, strengthen its product offerings, and expand into new business verticals

    Florianópolis, August 22, 2025 –Starian (or “the Company”), a leading multi-vertical software provider to the private sector in Brazil, announced that it has secured R$ 640 million (over US$ 115 million) in strategic funding from General Atlantic, a leading global investor. This investment follows the carve-out of Starian from Softplan, one of the largest SaaS technology companies in Brazil, in June 2025. Following the division of operations into two independent businesses, Starian manages all private sector solutions from Softplan, while Softplan continues to focus exclusively on the public sector.

    Starian develops highly specialized vertical software ecosystems to provide end-to-end Software as a Service (SaaS) solutions to private sector businesses in Brazil across three verticals: Construction, built around the Sienge Ecosystem; Legal Intelligence, spearheaded by the Projuris brand; and Operational Efficiency, supported by the operations of the Checklist Fácil and Runrun.it brands. In each of these software verticals, Starian has established itself as a trusted partner in industries that remain fragmented and underpenetrated, with digital adoption still in its early stages. Starian distinguishes itself through its comprehensive functional coverage, localized customer support, and its unique ability to address Brazil’s complex regulatory and compliance requirements, creating deep workflow integrations and durable customer relationships.   

    “Over more than 30 years, we have built a solid foundation that validates our strategy of reinforcing the vertical SaaS model. Now, with a fully autonomous operation and General Atlantic’s funding—bringing not just capital but also global expertise in technology—we can unlock our growth potential faster, strengthen our leadership in existing business units, and expand into new verticals,” said Ionan Fernandes, CEO of Starian.

    Starian currently boasts an initial portfolio of more than 16,000 clients. As it begins on its next stage of growth in partnership with General Atlantic, Starian intends to further pursue organic growth and accretive M&A to expand its capabilities, strengthen its product offerings, and explore new business verticals. 

    “The software landscape in Brazil remains fragmented, and the market is vastly underserved,” said Rodrigo Catunda, Managing Director and Co-Head of General Atlantic in Brazil. “We see Starian as a unique player poised to lead the consolidation of vertical software in Brazil, combining industry-leading products, professionalized management, and a disciplined integration strategy. We are excited to support the company in this new phase of accelerated growth, with a focus on acquisitions and long-term value creation.”

    With the signing of the Share Purchase Agreement (SPA), the transaction’s closing remains subject to customary market conditions, including regulatory approvals and other steps outlined in the timeline.

    About Starian

    Starian is a leading Brazilian multi-vertical software platform operating across three core verticals: Construction, Legal Intelligence, and Operational Efficiency. Starian focuses on building comprehensive ecosystems within its verticals to create winner end-to-end solutions across its market segments. With over 34 years serving the private sector, the company has a workforce of more than 1,500 employees and aims to support 20,000 clients by 2025.

    About General Atlantic

    General Atlantic is a leading global investor with over four decades of experience providing capital and strategic support to more than 830 companies throughout its history. Founded in 1980, General Atlantic continues to be a dedicated partner to visionary founders and investors seeking to build dynamic businesses and create long-term value. The firm leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning Growth Equity, Credit, Climate, and Infrastructure strategies. General Atlantic manages approximately $114 billion in assets under management, inclusive of all strategies, as of June 30, 2025, with more than 900 professionals in 20 counties across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com

    Contacts

    Starian
    [email protected] 

    General Atlantic
    Sara Widmann & Jess Gill
    [email protected]

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