Category: 3. Business

  • Moonpig’s use of AI to design and personalise cards drives up sales | Retail industry

    Moonpig’s use of AI to design and personalise cards drives up sales | Retail industry

    The online card service Moonpig has reported a bump in sales thanks in part to its increased use of AI to help design cards, personalise customers’ messages and answer queries.

    The company said sales rose 6.7% to £169m in the six months to 31 October and had remained strong in the weeks since then, largely as as result of increased orders and spend per order at its main Moonpig brand.

    “AI is now designing a lot of cards for us,” said its chief executive, Nickyl Raithatha. He said technology had helped create everything from baby and birthday cards to corporate greetings linked to a particular business.

    “It is still being managed by our in-house team. We make sure a person will look at it and it is relevant and exciting for customers. We don’t want to fill our site with generic design. We are treading carefully.”

    The strong sales helped lift the company, which also operates Greetz elsewhere in Europe and sells vouchers for experiences such as spa days and cinema trips, back into the black with a pre-tax profit of £26.6m for the half year compared with a £33.3m loss a year before.

    About half of purchases involve shoppers using AI-led features to help add a creative spin to their messages, whether that is a sticker, photo or personalised handwriting, up from only about 2% two years ago.

    Recent developments in the technology allow a shopper to automatically adapt a broad range of designs to fit certain requirements, such as targeting a particular age or relative.

    The company said its new AI chat system already resolves about a third of all queries and said: “customers consistently rate these interactions far more highly than human-handled ones”.

    Raithatha said the company was “not looking at this as a threat or reduction in jobs” but it could step up productivity by suggesting 50 or more designs that a person could edit, adapt or curate rather than designing just one or two cards in a day.

    “We still need that creativity,” said the CEO, who is stepping down at the end of this month and will be replaced by Catherine Faiers, the chief operating officer of the secondhand car marketplace AutoTrader.

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    Raithatha said that the tax and spending changes announced in the chancellor’s budget last month had not led to any noticeable change in customer behaviour but recent trading had been “very encouraging” with a “great start to peak trading” over the festive period.

    He added that there was “hopefully less uncertainty” now the measures had been announced, which made “businesses more able to make decisions”.

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  • Aerospace Supply Chain Bottlenecks Continue to Constrain Airlines

    Aerospace Supply Chain Bottlenecks Continue to Constrain Airlines

    Translations: L’engorgement des chaînes d’approvisionnement en aérospatiale continue de freiner les compagnies aériennes (pdf)

    Las aerolíneas continúan sufriendo las consecuencias de los cuellos de botella de la cadena de suministro aeroespacial (pdf)

    国际航协:供应链瓶颈继续制约航空业发展 (pdf)

    (pdf) اختناقات سلاسل التوريد في قطاع الصناعات الجوية والفضائية تواصل فرض قيودها على شركات الطيران

    Geneva – The International Air Transport Association (IATA) updated its analysis of aerospace supply chain bottlenecks noting that aircraft availability remains one of the most significant constraints on industry growth in its just released global outlook.

    While deliveries of new aircraft began to pick up in late 2025 and production is expected to accelerate in 2026, demand is forecast to outstrip the availability of aircraft and engines. The normalization of the structural mismatch between airline requirements and production capacity is unlikely before 2031-2034 due to irreversible losses on deliveries over the past five years and a record-high order backlog.

    Notable points on the current situation include:

    • Delivery shortfalls now total at least 5,300 aircraft.
    • The order backlog has surpassed 17,000 aircraft, a number equal to almost 60% of the active fleet. Historically, this ratio was steady at around 30-40%. This backlog is equivalent to nearly 12 years of the current production capacity.
    • The average fleet age has risen to 15.1 years (12.8 years for aircraft in the passenger fleet, 19.6 years for cargo aircraft, and 14.5 years for the wide-body fleet).
    • Aircraft in storage (for all reasons) exceed 5,000 aircraft, one of the highest levels in history despite the severe shortage of new aircraft.

    “Airlines are feeling the impact of the aerospace supply chain challenges across their business. Higher leasing costs, reduced scheduling flexibility, delayed sustainability gains, and increased reliance on suboptimal aircraft types are the most obvious challenges. Airlines are missing opportunities to strengthen their top-line, improve their environmental performance, and serve customers. Meanwhile, travelers are seeing higher costs from the resulting tighter demand/supply conditions. No effort should be spared to accelerate solutions before the impact becomes even more acute,” said Willie Walsh, IATA’s Director General.

    As production bottlenecks continue, new challenges and impacts are being revealed:

    • Delivery delays are compounded by several factors, including:
      • Airframe production is outpacing engine production (which is constrained due to issues with existing engines). This is resulting in newly completed airframes being parked until engines are available.
      • Longer timelines for new aircraft certification (from 12-24 months to four or even five years) are delaying entry into production/service, particularly impacting long-haul fleet renewal.
      • Tariffs on metals and electronics resulting from US-China trade tensions have worsened some supply bottlenecks and raised some maintenance costs.
      • A shortage of skilled labor, especially in engine and component manufacturing, is constraining production ramp-up plans.
      • The fragility of the aerospace supply chain network (often reliant on a limited number of suppliers for critical parts) can become an acute constraint amid economic uncertainty, changing tariff regimes, and tight labor markets. As a result, even small disruptions can be difficult to resolve and balloon to significant production delays.
    • Fuel efficiency improvements are slowing as the fleet ages. Historically, fuel efficiency improved by 2.0% per year, but this slowed to 0.3% in 2025 and is projected at 1.0% for 2026.
    • The situation for the air cargo fleet risks evolving:
      • Converted aircraft from passenger operations are in short supply as airlines keep them in use for passenger operations longer.
      • New-build wide bodies face production delays.
      • Older cargo aircraft which have been kept flying longer to compensate for slower fleet renewal will eventually reach hard limits on their useful life.

    A recent study by IATA and Oliver Wymann estimated that the cost to the airline industry of supply chain bottlenecks will be more than USD 11 billion in 2025, driven by four main factors:

    • Excess fuel costs (~USD 4.2 billion): Airlines are operating older, less fuel-efficient aircraft because new aircraft deliveries are delayed, leading to higher fuel costs.
    • Additional maintenance costs (USD 3.1 billion): The global fleet is aging, and older aircraft require more frequent and expensive maintenance.
    • Increased engine leasing costs (USD 2.6 billion): Airlines need to lease more engines since engines spend longer on the ground during maintenance. Aircraft lease rates have also risen by 20–30% since 2019.
    • Surplus inventory holding costs (USD 1.4 billion): Airlines are stocking more spare parts to mitigate unpredictable supply chain disruptions, increasing inventory costs.

    To help expedite solutions, the study pointed to several considerations:

    • Open up aftermarket best practices by supporting Maintenance, Repair and Operations (MRO) to be less dependent on OEM-driven commercial licensing models, as well as facilitating access to alternative sourcing for materials and services.
    • Enhance supply chain visibility by creating clearer visibility across all supplier levels to spot risks early, reduce bottlenecks and inefficiencies, and use better data and tools to make the whole chain more resilient and reliable.
    • Use data more extensively in leveraging predictive maintenance insights, pooling spare parts, and creating shared maintenance data platforms to optimize inventory and reduce downtime.
    • Expand repair and parts capacity to accelerate repair approvals, support alternative parts and Used Serviceable Material (USM) solutions, and adopt advanced manufacturing to ease bottlenecks.

    > More on aviation supply chain

     

    For more information, please contact:

    Corporate Communications

    Tel: +41 22 770 2967

    Email: corpcomms@iata.org

    Notes for Editors:

    • IATA (International Air Transport Association) represents some 360 airlines comprising over 80% of global air traffic.
    • You can follow us on X for announcements, policy positions, and other useful industry information.
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  • European shoppers reveal their hiding places for Christmas presents as four in ten admit to losing a gift

    European shoppers reveal their hiding places for Christmas presents as four in ten admit to losing a gift

    More than two-thirds (69%) of European shoppers reveal they’ve discovered a hidden present before the big day, and almost the same number ( 67%) feel guilty about packaging waste at Christmas.

    Four in ten (40%)* European consumers have hidden Christmas presents so well they couldn’t find them again until after Christmas Day, according to new research commissioned by Amazon. The survey of more than 10,000 adults in the UK, France, Germany, Spain and Italy reveals the creative lengths shoppers go to when hiding gifts, with some using suitcases (17%), sock drawers (14%), and even washing machines or tumble dryers (3%) as secret hiding spots. Meanwhile, more than two thirds (69%) of respondents admit to discovering their own Christmas gift before the 25th of December.

    With the festive season approaching, Amazon has shared the findings with a reminder to customers. One in two Amazon orders now comes in reduced packaging or the product’s original box. This means less packaging for customers to recycle and it has helped the company avoid more than 4 million metric tons of packaging since 2015.

    For some popular gifts, this may mean they arrive without additional Amazon packaging, revealing what’s inside. So if you’re buying a present for someone you live with and they might be home when it’s delivered, simply tick the box at checkout to add Amazon packaging and keep the surprise.

    Thais Blumer, Head of Sustainable Packaging, Amazon Europe said: “We’re proud that over half of Amazon orders in Europe now ship with reduced, recyclable packaging, or without anything but a shipping label added by us – helping customers reduce clutter and cut waste. But for those special surprises that need a bit more discretion, there’s always the option to add extra packaging at checkout.”

    Key research findings:

    • Hiding habits: The most common hiding places for Christmas gifts in Europe according to survey respondents are wardrobes/cupboards (48%), under the bed (31%), in the attic or loft (18%), in a suitcase (17%) or in a sock drawer (14%) with other spots including behind books on a shelf (15%), in a toolbox (7%), in the laundry bin (5%) and in a washing machines or tumble dryer (3%).
    • Lost and found: 40% of European shoppers surveyed have hidden gifts so well they couldn’t find them again until after Christmas Day.
    • Surprise spoilers: While 69% of respondents admit to discovering a present early, 42% of European consumers surveyed say this made them feel disappointed or guilty.
    • Festive waste: 67% of European respondents feel guilty about excess packaging waste at Christmas.
    • Reusing wrapping: European shoppers have used more sustainable alternatives to wrap their gifts with four in ten (41%) of respondents reusing delivery boxes or brown paper, 29% using newspapers or magazines and 16% using swatches of fabric, handkerchiefs or old scarves. Twelve per cent of respondents admit to wrapping gifts tin foil!

    For those who want to maintain the surprise without adding additional packaging, Prime members can also select Amazon Day Delivery to choose a specific day when they know gift recipients won’t be home.

    Amazon’s Ships in Product Packaging programme is part of the company’s wider efforts to reduce waste across its operations. By shipping items in right-sized packaging – or, where possible, in just the manufacturer’s box – Amazon helps to reduce unnecessary materials and the amount of packaging customers need to recycle at home. Since 2019, more than 1 billion shipments have been sent without added Amazon packaging, arriving in the product’s original box with only a shipping label attached. 

    Read more about how Amazon continues to improve its packaging.

    *Figures taken from a survey of 10,398 consumers in the UK, France, Germany, Italy and Spain, conducted by Kantar between 23rd October and 3rd November 202


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  • Pfizer strikes deal with YaoPharma for obesity pill

    Pfizer strikes deal with YaoPharma for obesity pill

    Pfizer CEO Albert Bourla talks during a press conference with European Commission President Ursula von der Leyen after a visit to oversee the production of the Pfizer-BioNtech COVID-19 vaccine at the factory of U.S. pharmaceutical company Pfizer in Puurs, Belgium April 23, 2021. 

    John Thys | Reuters

    Pfizer on Tuesday said it has struck an up to $2.1 billion licensing deal with YaoPharma to develop and commercialize its obesity pill, furthering the pharmaceutical company’s push into the weight loss space. 

    Pfizer will pay YaoPharma, a subsidiary of Chinese drugmaker Shanghai Fosun Pharmaceutical, an upfront payment of $150 million. YaoPharma could also receive up to $1.94 billion in milestone payments, along with tiered royalties on sales if the drug is approved. 

    YaoPharma’s drug works by targeting the same gut hormone, GLP-1, as Novo Nordisk‘s blockbuster weight loss injection Wegovy. But the pill is still in early-stage development, which means it will take several years before it reaches patients. 

    The deal will help Pfizer beef up and diversify its obesity drug pipeline after a string of setbacks, including its decisions to scrap two different pills over the last two years. The drugmaker boosted its prospects in the competitive space with its up to $10 billion acquisition of the obesity biotech Metsera last month, following a fierce bidding war with Novo Nordisk. 

    “We look forward to contributing our expertise and resources to continue the development of this investigational GLP-1 small molecule which complements and strengthens our growing portfolio of novel candidates for treating obesity and its adjacent diseases,” said Chris Boshoff, Pfizer’s chief scientific officer, in a statement. 

    Under the terms of the agreement, YaoPharma will conduct a phase one trial on its drug, while Pfizer will take control of later development. Pfizer also plans to conduct studies combining YaoPharma’s treatment with its own drug targeting another gut hormone receptor called GIP, which is currently in mid-stage development.

    That combination isn’t new in the space: Eli Lilly‘s weight loss injection Zepbound and diabetes drug Mounjaro use a dual approach of targeting both GLP-1 and GIP. 

    In a note on Tuesday, BMO Capital Markets analyst Evan Seigerman said limited information is available on YaoPharma’s drug, called YP05002. But Seigerman said he views “obesity diversification as promising in the short term” for Pfizer. 

    He added that Pfizer’s $150 million upfront payment reflects “prudent capital conservation in light of the recent Metsera bidding war.”

    The opportunity to enter the booming weight loss drug market could be huge for Pfizer. Some analysts expect the weight loss drug space could be worth roughly $100 billion by the 2030s.

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  • From greener AI to richer 3D worlds: 23 papers debuted at NeurIPS conference

    From greener AI to richer 3D worlds: 23 papers debuted at NeurIPS conference

    Cornell Tech faculty made a strong showing at the 2025 Conference on Neural Information Processing Systems (NeurIPS), held Dec. 2–7 in San Diego, presenting 23 research papers at one of the world’s premier gatherings for artificial intelligence and machine learning. NeurIPS draws thousands of scholars and industry leaders each year and is widely recognized as a leading forum for breakthroughs in AI, computational neuroscience, statistics, and large-scale modeling.

    This year, Cornell Tech researchers pushed the boundaries of AI on multiple fronts — from safeguarding data privacy and strengthening AI evaluation standards to boosting the speed and efficiency of large language models.

    Other contributions unveiled tools for analyzing environmental and health interventions, matching images to architectural plans, and generating realistic 3D scenes with unprecedented efficiency — innovations with far-reaching implications for public health, robotics, urban planning, and immersive media.

    Read more on the Cornell Tech website.

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  • AI warning for DIFC firms as survey finds quarter have insufficient governance

    AI warning for DIFC firms as survey finds quarter have insufficient governance

    The report (pdf, 2.9mb/16 pages) by the Dubai Financial Services Authority (DFSA) found that generative AI usage among financial institutions had surged by 166% over the past year. Overall, AI adoption in the DIFC rose from 33% of firms in 2024 to 52% in 2025, with significant growth seen in ‘narrow’ AI systems for specific tasks, deep learning and machine learning models.

    Despite this rapid uptake, the survey highlighted persistent governance gaps. The DFSA found that 21% of the 661 companies surveyed for the report have yet to introduce clear accountability mechanisms for governing their usage of AI. Similarly, the report warned that 26% of companies that use AI applications in a critical area of their business have no governance framework, with a further 11% lacking it around considerable or important areas of the business.

    “The uptake in AI has been rapid, but this comes against a backdrop of evolving regulatory expectations,” said Marie Chowdhry, a fintech expert with Pinsent Masons in Dubai.

    “Companies operating in the DIFC must immediately assess whether their governance frameworks adequately address the risks and responsibilities associated with their current level of AI deployments. This assessment should cover compliance with existing regulatory expectations at a minimum, but the strongest and most robust firms will also be looking to the future as this is a fast evolving area where we anticipate evolving standards, ethical considerations, and operational resilience obligations becoming more important, as AI becomes more deeply embedded in business models. Boards and senior management need to ensure that oversight mechanisms, accountability structures, and risk controls are robust enough to support both present use cases and future innovation,” she said.

    A need for clearer regulation of AI usage was identified as one of the main barriers to AI adoption, according to the report, with more than 38% of companies citing regulatory uncertainty as their biggest hurdle. The DFSA also found the majority of firms surveyed are still seeking clarification on how existing regulations apply to AI usage.

    Nevertheless, 60% of the surveyed companies plan to increase their usage of AI systems in the next year, with three-quarters of all companies aiming to increase their AI involvement in the next three years.

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  • SEC Chair Criticizes Accounting Firms for Pushing Rules Driven by ‘Self-Interest’

    At a conference, Securities and Exchange Commission (SEC) Chairman Paul Atkins strongly criticized accounting firms for having pressured the commission to adopt certain disclosure rules that do not necessarily reflect the traditional concept of materiality, issuing a stern warning to the firms.

    While he did not explicitly say so in his remarks, he was referring to large firms, especially Big Four firms, that strongly supported the SEC’s rulemaking on climate disclosure during the previous administration. These firms would financially benefit by providing assurance services.

    “Self-interest…is the one thing that is troubling; let’s just say about the last few years and some activities of the profession, the growing focus on issues and services that promote your own financial self-interest,” Atkins said at the AICPA Conference on Current SEC and PCAOB Developments in Washington on December 8, 2025.

    The Biden-era climate disclosure rule adopted by the SEC when Gary Gensler was chair is on hold following a court ruling. With change to the Trump administration, federal government agencies abandoned everything related to environmental, social, and governance (ESG) matters. As for the climate change rule for public companies, the commission stopped defending the rule but has not yet formally rescinded it either.

    “Basically our theme right now with respect to the profession is to get back to basics. We have to focus on things like integrity and objectivity, professional skepticism, which is the reason why we have auditors and accountants for protection of investors so they know how things are going. Honesty and fairness and independence to avoid bias and that sort of things. So, all that is really very important, challenging management judgment and what not,” the SEC chief said.

    In further explaining the “self-interest” aspect of the profession, Atkins said that in the past five years or so, he was “really shocked at the focus … on things that I think would have completely subverted the importance of financial materiality and financial accounting. That’s some of the disclosure rules that were pushed forward at the SEC to the chairs… and that would have subverted [Regulation] S-X, S-K, of course, and ultimately U.S. GAAP.”

    While the SEC scaled back its proposal, the March 2024 final rule requires larger companies to provide Scope 1 and Scope 2 disclosures. Scope 1 is direct emissions, and Scope 2 is indirect emissions from purchased energy. The SEC retained the assurance requirement for companies that disclose Scope 1 and Scope 2 emissions.

    The regulator estimated the rule would increase spending by filers on external service providers like assurance firms by as much as $907 million a year.

    Atkins: Will ‘Discount’ Firms’ Comment Letters on Climate

    Such self-interest is “a real problem. And some of these comment letters that were submitted to the SEC are still on firms’ websites,” Atkins said. “So, I guess you still stand by that. So looking forward, we have a very heavy regulatory agenda coming up next year, but basically, you know, I will look with rather skepticism, I guess, and you know, discount some of the comments that come from the profession in this area.”

    “So I think there has to be a real refocus, again, on the basics of financial accounting auditing,” he added.

    At the end of the day Q&A, SEC Chief Accountant Kurt Hohl was asked about Atkins’ remarks.

    In particular, the question concerned Atkins’ remarks that comment letters from the profession would be given less consideration, and how this approach could benefit the rulemaking process.

    Hohl explained that when representatives from firms or companies visit the SEC to meet with the chair or others, Atkins “basically gave the same message to all the firms. And that is, ‘don’t let your pecuniary interests in rulemaking overcome your or outweigh the principles in which you basically stand by. And that is, he’s focused mainly on materiality of disclosures. And I think he’s mostly focused on the comment letters that came from the climate change rule proposals” which the firms supported.

    He emphasized that this commission has inherited the climate change rule, and the SEC “is going to basically deal with the climate change rescission coming up soon.”

    “I don’t anticipate that comment letters from practitioners and firms are going to be weighed less in the comment process,” Hohl said. “They’re all very important, and we encourage everybody to come in and talk to us, and we’ll weigh all those comments the same way.”

     

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  • Job openings unexpectedly ticked up in October, shutdown-delayed data shows

    Job openings unexpectedly ticked up in October, shutdown-delayed data shows

    Job opportunities didn’t shrink as expected in October, but hiring continued to stall and layoffs increased in a month when the US government was shut down and hundreds of thousands of federal workers were furloughed, according to new data released Tuesday by the Bureau of Labor Statistics.

    There were an estimated 7.67 million US jobs available at the end of October, a slight increase from 7.66 million in September and 7.23 million in August (which was last available data prior to the federal shutdown), according to the latest Job Openings and Labor Turnover Survey.

    Still, despite the very slight pickup in posted jobs, Tuesday’s report showed further weakening across the US labor market: Hiring activity slipped, layoffs moved higher and fewer people quit their jobs.

    The BLS’ JOLTS report is a closely watched indicator of turnover activity, an important dynamism needed for a healthy labor market.

    Tuesday’s data, however, comes with some added caveats as well as some added significance.

    The October JOLTS report is the latest in a line of federal economic data affected by the federal shutdown. The report, which was originally slated for release last week, includes data for September, which had not been released until now.

    The October data also was negatively impacted by the statistical agency’s inability to collect, process, analyze and disseminate economic data during the shutdown, which lasted from October 1 through November 12.

    Still, it’s the first labor market release for October from the BLS. As such, it’s the most up-to-date official look at the job market for Federal Reserve policymakers, who are currently meeting to consider their next move on rates. An announcement is due at 2 p.m. ET on Wednesday.

    This story is developing and will be updated.

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  • TrustPoint sets 2027 target for initial rollout of LEO-based navigation services

    TrustPoint sets 2027 target for initial rollout of LEO-based navigation services

    WASHINGTON — TrustPoint, a five-year-old startup building a low-Earth-orbit navigation network as an alternative or complement to GPS, says it is on track to soft launch C-band PNT services in 2027. The schedule depends on continued on-orbit demonstrations and receiver integration over the next two years, but the company says early tests and government interest are strong enough to support the target.

    CEO and co-founder Patrick Shannon told SpaceNews that TrustPoint expects to draw on both military and commercial funding to accelerate deployment of a constellation that could eventually reach 300 satellites. The company bills itself as a complementary PNT provider to global navigation satellite systems such as GPS and Galileo, with differentiation rooted in its business model, orbital architecture and signal design.

    Shannon said TrustPoint’s early development has been financed through private seed investments and government SpaceWERX contracts to validate ground infrastructure and its encrypted C-band payload. Those efforts have supported tests now underway using three satellites in orbit. Even at this stage, he said, the company is getting a “strong demand signal from the U.S. government.”

    Defense agencies in the United States and abroad are looking for alternatives as jamming incidents continue to expose weaknesses in legacy GPS signals, particularly in Eastern Europe and the Middle East, Shannon said. He described TrustPoint’s approach as “throwing out the rule book” in order to meet modern security and performance needs.

    A central choice is to broadcast navigation signals solely in C-band, which runs roughly from 4 to 8 GHz, a higher frequency than L-band’s range of 1 to 2 GHz, a spectrum traditionally used by GPS and other GNSS operators. C-band signals can carry more data but demand more precise antennas. 

    From a security perspective, Shannon said adversaries are well-versed in jamming and spoofing L-band signals. Operating in C-band could complicate hostile efforts tuned to legacy frequencies.

    Goal to build 300 satellites

    TrustPoint, based in Herndon, Virginia, builds its payloads in-house and plans to announce a U.S. manufacturing partner for its cubesat-class satellites. Shannon estimates the full system will reach about 300 spacecraft, although “you can do quite a bit with as few as 60 or 80.” 

    A service reliable enough for military use could be available in 2027, he said, with a complete buildout by 2029. The full constellation would be needed for the most challenging applications, including street-level urban environments.

    By 2027, “we will have enough satellites on orbit to provide some augmentation capability,” Shannon said. As more satellites come online, customers would gain access to receivers built by a network of partners designing hardware for the TrustPoint signal.

    “We expect there to be two sources of capital to build out the system,” said Shannon. “The first source is private money. I think it’s safe to say commercial companies, backed by private capital, have shown to be very potent in the defense space for their speed and how effective they are at innovating in today’s environment.” That will be paired with “some substantial government support,” he said. 

    While the U.S. military is central, “there’s interest globally,” he added. Governments across “top tier allies” are evaluating funding paths and technical requirements aligned with U.S. concerns about PNT resilience.

    “We’ve seen advanced Western weapons fail in Eastern Ukraine because of GPS denial. And everyone’s looking for a solution around those problems,” Shannon said. 

    Competitive PNT market

    A direct competitor to TrustPoint is Xona Space Systems, which is developing a LEO-based PNT constellation called Pulsar. The company launched a demonstration satellite called Huggin in 2022 and its first production-class spacecraft in June 2025. Xona recently said it has shifted its primary focus to L-band signals and tabled its C-band plans for the time being. The decision was driven by practical engineering challenges and market compatibility considerations.

    In a blog post, the company said it “learned with Huginn that the C-band signals proved much more challenging for manufacturers to integrate into existing user equipment than we anticipated” and that the signals “were also shown to offer fewer benefits to jamming resistance than initially expected.” 

    Another emerging player, oneNav, is pursuing a next-generation GNSS receiver built around modern L5-band signals. Speaking in October at the MilSat conference in California, oneNav co-founder and CEO Stephen Poizner described Xona and TrustPoint as “really interesting startups” working to build “a system that’s equivalent to GPS, effectively, but just with LEOs.” 

    Lower orbits, he said, bring stronger signals and better in-building penetration, with the caveat that “it’s going to require a lot of capital.”

    Shannon insists that C-band is the right bet. “I think we need to move away from L-band, use more C-band or other frequencies as needed,” he said, noting that some European and Asian firms are exploring similar approaches. Customer feedback supports the strategy, he said. “We get a lot of traction because we’re not in L-bands.”

    TrustPoint is also designing a GPS-independent ground architecture, with up to 100 stations providing contact with LEO satellites. Under SpaceWERX contracts, the company is developing a ground control network that does not rely on GPS for timing or orbit determination. Ground transceivers will both monitor the space segment and send ranging signals to satellites, creating a navigation system for LEO constellations.

    The company sees potential demand from companies developing space-based interceptor prototypes for the Pentagon’s Golden Dome missile-defense program. “Space-based interceptors need to know what time it is, and they need to navigate,” Shannon said, noting that TrustPoint’s ground architecture could be adapted for interceptor constellations.

    He added that interest spans both ground-to-space and space-to-ground navigation. Operators facing interference over conflict zones have approached the company because “terrestrial jamming sources affect LEO satellites.” Shannon said commercial satellite operators with assets over the Middle East and Eastern Ukraine have reported GPS disruption degrading spacecraft performance. “They’re aware that we’re building our network, and they’ve shown interest in tapping into that network.”

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  • Rising third-party risks and persistent ransomware threats drive increased cybersecurity investments in 2026

    New York | December 9, 2025 

    In a global cyber environment marked by major security lapses, cyberattacks, and technology outages, new research released today by Marsh, the world’s leading insurance broker and risk adviser and a business of Marsh McLennan (NYSE: MMC), reveals that organisations around the world are more confident in how they approach cyber risk management and are planning to invest even more in cybersecurity defences in 2026.

    The report, Cyber catalyst report: Guiding priorities in cyber investments, draws insights from more than 2,200 cyber risk leaders across 20 countries and eight global regions. The study provides a snapshot of the rapidly evolving cyber risk landscape, revealing critical trends, challenges, and strategic priorities that shape how organisations worldwide manage and mitigate cyber threats.

    Among the key findings, nearly 75% of organisations globally express high confidence in their overall cyber risk management strategies. Confidence varies by regions, with organisations in India, Middle East and Africa region expressing the most confidence at 83%, while organisations in Asia are the least confident at 50%.

    Additionally, nearly two-thirds (66%) of organisations worldwide plan to increase their cybersecurity investments in the coming year, with more than a quarter (26%) planning to increase their budgets by 25% or more. Top investment priorities include cybersecurity technology and mitigation, incident planning and preparation, and talent acquisition. According to the report, UK organisations lead the way in planned cybersecurity spending increases, with 74% intending to increase their spending over the next 12 months.

    “Today’s evolving threat landscape demands not only increased investment but a strategic, holistic approach to cybersecurity,” said Thomas Reagan, Global Cyber Practice Leader, Marsh. “Our survey clearly shows that while many organisations are boosting budgets, true resilience comes from balancing technology, talent, and preparedness—especially in managing third-party risks. This momentum is crucial as ransomware and privacy breaches remain top threats globally, reminding us that cyber defence is no longer optional but a business imperative.”

    Among other key findings: 70% of organisations experienced at least one material third-party cyber incident in the past year, underscoring the critical and growing importance of managing third-party and supply chain cyber risks as an integral part of overall cyber resilience strategies; and 29% of global respondents ranked ransomware attacks and privacy breaches as their leading cyber concerns.

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