Category: 3. Business

  • Can bitcoin bonds fund economic development?

    Can bitcoin bonds fund economic development?

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    The writer is an FT contributing editor

    In early December, the US state of New Hampshire announced what it called the “world’s first bitcoin-backed municipal bond”. Munis — bond issues from American states and cities — are a $4.3tn market. They’re a minor part of a $47.8tn market for bonds in the US, dominated by Treasuries and corporate issues, but munis confer a special blessing. Any interest earned from a muni is exempt from federal income taxes, and some munis even allow the lender to escape state income taxes.

    This tax break, $183bn in total over the next four years and long contested in US politics, allows local governments to borrow at lower rates. If a corporation can convince a local government to borrow on its behalf it can enjoy those lower rates, too, sheltered in what’s essentially a federal subsidy for private business.

    These “private activity bonds” are a common strategy to encourage companies to invest in infrastructure like hospitals or utilities. States also often have an even broader understanding of what infrastructure is, though — and which companies could use cheaper loans.

    The New Hampshire bitcoin muni has cracked open the door to a new idea: companies that hold bitcoin can do something for local economic development. This could lure bitcoin treasury companies or more bitcoin miners up north, at a time when the state legislature is considering a ban on any local restrictions on server farms.

    The new muni from New Hampshire stretches the definition of what economic development is. Digital assets are interesting. It’s not clear how they create growth.

    Sovereigns have always wanted to spend money they don’t yet have, and have had an interest in creating markets for their debt. In the early American republic, states chartered commercial banks as an economic development strategy. In return for a literal licence to print dollars, the bank would be obliged to dig a canal, for example. That approach fell out of favour with the widespread failure of chartered banks in 1837, and states increasingly turned to the federal practice of issuing bonds.

    Congress reconsidered the tax exemption on state bonds several times in the 20th century, particularly when raising revenue for the first and second world wars, but the principle that states could raise money unmolested by Washington endured.

    During the Great Depression, states had started offering this shelter as “industrial development bonds,” issues on behalf of local champions. This practice boomed in the middle of the century, growing from $6mn in 1956 to over $500mn just a decade later. In 1968 and again in 1986, Congress finally curbed this practice, more clearly defining what a private activity bond is and limiting issues by state.

    In 2022, the latest year for which the IRS offers data, states issued $119bn in private activity bonds. Most of these went to build airports, low-income housing and hospitals, and to support non-profits. New Hampshire’s Business Finance Authority, which issues the state’s private activity bonds, still has about $85mn in capacity under these limits, which means it has room to be creative, just as states feel the pressure to find more creative ways to borrow.

    “It’s not getting any easier to be a state anytime soon,” says Matt Fabian of Municipal Market Analytics, a research firm. States are more frequently running deficits and muni issues are growing, he explains, as states take on more obligations such as losses from climate change. This leaves less capacity for economic development.

    Normally, private activity bonds are guaranteed by future revenues — from the company and ultimately the state. In New Hampshire’s bond, a company would post its bitcoin as collateral, to be held in trust. The state issues the bonds, essentially converting the private company’s bitcoin into a cash loan.

    Bitcoin has lost 14 per cent of its value over the past six months; the head of the state’s business finance authority has said that the private company would have to put up bitcoin worth 150 per cent of the bond issue.

    “It seems interesting,” says Daniel Garrett, assistant professor of finance at Wharton, “but it doesn’t make any immediate sense to me as to why it would be necessary.” Garrett, whose research looks into the development returns from municipal bonds, says he can’t figure out the economic or public value the state gets out of it.

    New Hampshire, like Arizona and Texas, has approved a crypto reserve fund, which would allow it to hold bitcoin in the state’s rainy day fund, a vehicle some US states maintain for unexpected expenses. Together with the plan for a new bond issue, the reserve fund positions the state as friendly to crypto.

    Here again, it’s hard to understand what the state is getting in return for making an alternative currency liquid. It could just as easily hold euro-denominated assets in its rainy day fund or convert euro holdings to cash through a muni issue. Munis can be a creative way to get private companies to do things, but until we can figure out what the private companies will be doing, the question for New Hampshire’s new bond issue is the same as for most innovations around crypto: “Cool. But why?”

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  • List of steel derivative products subject to 25 per cent tariffs effective December 26, 2025

    3925.20.00

    Builders’ ware of plastics, not elsewhere specified or included.

    Doors, windows and their frames and thresholds for doors


    7216.91.00

    Angles, shapes and sections of iron or non-alloy steel.

    Other: Cold-formed or cold-finished from flat-rolled products


    7308.10.00

    Structures (excluding prefabricated buildings of heading 94.06) and parts of structures (for example, bridges and bridge-sections, lock-gates, towers, lattice masts, roofs, roofing frame-works, doors and windows and their frames and thresholds for doors, shutters, balustrades, pillars and columns), of iron or steel; plates, rods, angles, shapes, sections, tubes and the like, prepared for use in structures, of iron or steel.

    Bridges and bridge-sections


    7308.20.00

    Structures (excluding prefabricated buildings of heading 94.06) and parts of structures (for example, bridges and bridge-sections, lock-gates, towers, lattice masts, roofs, roofing frame-works, doors and windows and their frames and thresholds for doors, shutters, balustrades, pillars and columns), of iron or steel; plates, rods, angles, shapes, sections, tubes and the like, prepared for use in structures, of iron or steel.

    Towers and lattice masts


    7308.30.00

    Structures (excluding prefabricated buildings of heading 94.06) and parts of structures (for example, bridges and bridge-sections, lock-gates, towers, lattice masts, roofs, roofing frame-works, doors and windows and their frames and thresholds for doors, shutters, balustrades, pillars and columns), of iron or steel; plates, rods, angles, shapes, sections, tubes and the like, prepared for use in structures, of iron or steel.

    Doors, windows and their frames and thresholds for doors


    7308.90.00

    Structures (excluding prefabricated buildings of heading 94.06) and parts of structures (for example, bridges and bridge-sections, lock-gates, towers, lattice masts, roofs, roofing frame-works, doors and windows and their frames and thresholds for doors, shutters, balustrades, pillars and columns), of iron or steel; plates, rods, angles, shapes, sections, tubes and the like, prepared for use in structures, of iron or steel.

    Other


    7312.10.00

    Stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated.

    Stranded wire, ropes and cables


    7312.90.00

    Stranded wire, ropes, cables, plaited bands, slings and the like, of iron or steel, not electrically insulated.

    Other


    7313.00.00

    Barbed wire of iron or steel; twisted hoop or single flat wire, barbed or not, and loosely twisted double wire, of a kind used for fencing, of iron or steel.

     


    7314.12.00

    Cloth (including endless bands), grill, netting and fencing, of iron or steel wire; expanded metal of iron or steel.

    Woven cloth: Endless bands for machinery, of stainless steel


    7314.14.00

    Cloth (including endless bands), grill, netting and fencing, of iron or steel wire; expanded metal of iron or steel.

    Woven cloth: Other woven cloth, of stainless steel


    7314.19.00

    Cloth (including endless bands), grill, netting and fencing, of iron or steel wire; expanded metal of iron or steel.

    Woven cloth: Other


    7314.20.00

    Cloth (including endless bands), grill, netting and fencing, of iron or steel wire; expanded metal of iron or steel.

    Grill, netting and fencing, welded at the intersection, of wire with a maximum cross-sectional dimension of 3 mm or more and having a mesh size of 100 cm² or more


    7314.31.00

    Cloth (including endless bands), grill, netting and fencing, of iron or steel wire; expanded metal of iron or steel.

    Other grill, netting and fencing, welded at the intersection: Plated or coated with zinc


    7314.39.00

    Cloth (including endless bands), grill, netting and fencing, of iron or steel wire; expanded metal of iron or steel.

    Other grill, netting and fencing, welded at the intersection: Other


    7314.41.00

    Cloth (including endless bands), grill, netting and fencing, of iron or steel wire; expanded metal of iron or steel.

    Other cloth, grill, netting and fencing: Plated or coated with zinc


    7314.42.00

    Cloth (including endless bands), grill, netting and fencing, of iron or steel wire; expanded metal of iron or steel.

    Other cloth, grill, netting and fencing: Coated with plastics


    7314.49.00

    Cloth (including endless bands), grill, netting and fencing, of iron or steel wire; expanded metal of iron or steel.

    Other cloth, grill, netting and fencing: Other


    7314.50.00

    Cloth (including endless bands), grill, netting and fencing, of iron or steel wire; expanded metal of iron or steel.

    Expanded metal


    7315.11.00

    Chain and parts thereof, of iron or steel.

    Articulated link chain and parts thereof: Roller chain


    7315.12.00

    Chain and parts thereof, of iron or steel.

    Articulated link chain and parts thereof: Other chain


    7315.19.00

    Chain and parts thereof, of iron or steel.

    Articulated link chain and parts thereof: Parts


    7315.20.00

    Chain and parts thereof, of iron or steel.

    Skid chain


    7315.81.00

    Chain and parts thereof, of iron or steel.

    Other chain: Stud-link


    7315.82.00

    Chain and parts thereof, of iron or steel.

    Other chain: Other, welded link


    7315.89.00

    Chain and parts thereof, of iron or steel.

    Other chain: Other


    7315.90.00

    Chain and parts thereof, of iron or steel.

    Other parts


    7317.00.00

    Nails, tacks, drawing pins, corrugated nails, staples (other than those of heading 83.05) and similar articles, of iron or steel, whether or not with heads of other material, but excluding such articles with heads of copper.

     


    7318.11.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Threaded articles: Coach screws


    7318.12.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Threaded articles: Other wood screws


    7318.13.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Threaded articles: Screw hooks and screw rings


    7318.14.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Threaded articles: Self-tapping screws


    7318.15.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Threaded articles: Other screws and bolts, whether or not with their nuts or washers


    7318.16.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Threaded articles: Nuts


    7318.19.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Threaded articles: Other


    7318.21.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Non-threaded articles: Spring washers and other lock washers


    7318.22.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Non-threaded articles: Other washers


    7318.23.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Non-threaded articles: Rivets


    7318.24.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Non-threaded articles: Cotters and cotter-pins


    7318.29.00

    Screws, bolts, nuts, coach screws, screw hooks, rivets, cotters, cotter-pins, washers (including spring washers) and similar articles, of iron or steel.

    Non-threaded articles: Other


    7320.10.00

    Springs and leaves for springs, of iron or steel.

    Leaf-springs and leaves therefor


    7320.20.00

    Springs and leaves for springs, of iron or steel.

    Helical springs


    7325.91.00

    Other cast articles of iron or steel.

    Other: Grinding balls and similar articles for mills


    7326.11.00

    Other articles of iron or steel.

    Forged or stamped, but not further worked: Grinding balls and similar articles for mills


    7326.20.00

    Other articles of iron or steel.

    Articles of iron or steel wire


    7326.90.10

    Other articles of iron or steel.

    Other: Couplings for sucker rods, pony rods or polished rods for oilfield related pumps; Fishing tools and parts thereof to be employed in the exploration, discovery, development, maintenance, testing, depletion or production of oil or natural gas wells or for drilling machinery employed in the exploration, discovery, development or operation of potash or rock salt deposits; For climbing or mountaineering; For keeping nets open and swivels, to be employed in commercial fishing or in the commercial harvesting of marine plants; For use in the manufacture of detectors for propane or other toxic fumes; For use in the manufacture of fire fighting vehicles; For use in the manufacture of goods of Section XVI or of Chapter 73, such goods being used in the recovery or production of crude oil from shales, oil-sands or tar-sands; For use in the manufacture or repair of engines or parts thereof for commercial fishing vessels; Forged steel clevis hooks and eye hooks for use in the manufacture of debris chutes; Identification bands for migratory birds; Pitless well heads and parts thereof; Reusable containers, specially designed to be employed in the transportation of motor vehicle components which are free of customs duties, presented with the goods therein; Seat post clamps and cable hangers for use in the manufacture of unicycles, bicycles or tricycles; Semi-elliptical heads, of an external diameter of either 609.6 mm or 762 mm, to specification ASTM A455, for use in air compressor tanks; Snap hooks of forged steel, zinc plated, 12.5 cm to 23 cm in length, for use in the manufacture of debris chutes and chute hoists; Steel stanchions for confining livestock either in pens or individually; The following to be employed in the exploration, discovery, development, maintenance, testing, depletion or production of oil or natural gas wells or potash or rock salt deposits:  Flanged casing heads; Screwed casing heads for surface casings of an external diameter exceeding 273 mm, or rated for service in working pressures exceeding 14 MPa W.O.G. (water, oil, gas); Well packers and parts thereof; To be employed in the processing, storing or insemination of animal semen; Tracks for use in the manufacture of skid steer loaders; Vacuum evaporator masks, of stainless steel, having a 90% front etch and 10% back etch, for the production of photo cells; Wick sustainers for use in the manufacture of candles


    7326.90.90

    Other articles of iron or steel.

    Other: Other


    7614.10.00

    Stranded wire, cables, plaited bands and the like, of aluminum, not electrically insulated.

    With steel core


    8302.41.90

    Base metal mountings, fittings and similar articles suitable for furniture, doors, staircases, windows, blinds, coachwork, saddlery, trunks, chests, caskets or the like; base metal hat-racks, hat-pegs, brackets and similar fixtures; castors with mountings of base metal; automatic door closers of base metal.

    Other mountings, fittings and similar articles: Suitable for buildings: Other


    9401.71.10

    Seats (other than those of heading 94.02), whether or not convertible into beds, and parts thereof.

    Other seats, with metal frames: Upholstered: For domestic purposes


    9401.71.90

    Seats (other than those of heading 94.02), whether or not convertible into beds, and parts thereof.

    Other seats, with metal frames: Upholstered: Other


    9401.79.10

    Seats (other than those of heading 94.02), whether or not convertible into beds, and parts thereof.

    Other seats, with metal frames: Other: For domestic purposes


    9401.79.90

    Seats (other than those of heading 94.02), whether or not convertible into beds, and parts thereof.

    Other seats, with metal frames: Other: Other


    9403.10.00

    Other furniture and parts thereof.

    Metal furniture of a kind used in offices


    9403.99.00

    Other furniture and parts thereof.

    Parts: Other


    9405.99.00

    Luminaires and lighting fittings including searchlights and spotlights and parts thereof, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like, having a permanently fixed light source, and parts thereof not elsewhere specified or included.

    Parts: Other


    9406.20.00

    Prefabricated buildings.

    Modular building units, of steel


    9406.90.11

    Prefabricated buildings.

    Other: Silos for storing ensilage: Unassembled or incomplete, of glass fibre reinforced plastics, for use in the manufacture of silos


    9406.90.19

    Prefabricated buildings.

    Other: Silos for storing ensilage: Other


    9406.90.20

    Prefabricated buildings.

    Other: Air-supported buildings


    9406.90.90

    Prefabricated buildings.

    Other: Other


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  • Government implements new measures to protect Canada’s steel industry

    December 12, 2025 – Ottawa, Ontario – Department of Finance Canada

    In a rapidly changing and uncertain world, Canada’s new government is focused on what we can control. It has a plan to protect and strengthen the sectors most affected by U.S. tariffs. This includes helping Canadian industries adapt to this new global landscape.

    Today, the Honourable François-Philippe Champagne, Minister of Finance and National Revenue, announced the implementation of new measures announced by the Prime Minister on November 26, designed to provide immediate relief and long-term clarity for Canadian manufacturers.  

    To give Canadian businesses stability as they adjust supply chains, the horizontal remission of Canadian tariffs on imports from the United States has been temporarily extended as follows:

    • to January 31, 2026 for steel goods, used for manufacturing, processing, food and beverage packaging, and agricultural production in Canada, with the exception of steel goods used for the manufacturing of motor vehicles, aerospace goods, and their parts, for which remission is extended to June 30, 2026.
    • to June 30, 2026, for aluminum goods used for manufacturing, processing, food and beverage packaging, and agricultural production in Canada; and
    • to June 30, 2026, in the case of any goods used for public health, health care, public safety and national security purposes.

    The extended remission period will provide more predictability to businesses as they adjust their supply chains to transition from imported sources to Canadian domestic supply.

    The Government of Canada also published today the list of imported steel-derivative products that will be subject to a 25 per cent global tariff, effective December 26, 2025.

    As announced by the Prime Minister, tariff rate quota levels for imported steel products will also be reduced effective December 26, 2025:  to 20 per cent of 2024 levels for non-free trade agreement (FTA) partners, and 75 per cent of 2024 levels for non-CUSMA FTA partners.

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  • Data Back New Surrogate Endpoint to Accelerate AML Drug Development – Oncology News Central

    1. Data Back New Surrogate Endpoint to Accelerate AML Drug Development  Oncology News Central
    2. Prognostic relevance of limit of quantification as low-level cutoff for flow cytometry-based measurable residual disease assessment in acute myeloid leukemia  Nature
    3. What Does Minimal Residual Disease Mean?  Cure Today
    4. MRD May Predict Survival in Induction Chemotherapy AML Trials  CancerNetwork
    5. Measurable residual disease an early marker for treatment response in AML  Healio

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  • Governor Hochul Announces Completion of 576-Unit Affordable Housing Development in Brooklyn

    $387 Million Development Part of the State’s Vital Brooklyn Initiative To Address Health and Economic Disparities in Central Brooklyn

    Governor Kathy Hochul today announced the completion of Alafia Phase 1, a $387 million mixed-use development that will create 576 affordable homes in the East New York neighborhood of Brooklyn. The project is the first phase of a six-phase plan to redevelop the former Brooklyn Developmental Center campus into more than 2,400 affordable homes and is part of the State’s Vital Brooklyn Initiative — a comprehensive community development program designed to address social, economic, and health disparities in Central Brooklyn. Under Governor Hochul’s leadership, New York State Homes and Community Renewal has created or preserved nearly 10,000 affordable homes throughout Brooklyn. Alafia Phase 1 continues this effort and complements Governor Hochul’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

    “The Alafia development is a powerful example of how we can transform underutilized State-owned land to create vibrant, healthy communities,” Governor Hochul said. “By combining affordable housing, supportive services, and high-quality health care in one sustainable development, we are delivering the type of holistic investments that Central Brooklyn deserves. These 576 new homes reflect our commitment to advancing health equity, expanding housing opportunities, and building a stronger and more resilient Brooklyn for generations to come.”

    Alafia Phase 1 was built on the site of the Brooklyn Developmental Center, a former State institution for individuals with disabilities. As part of the Vital Brooklyn Initiative, it integrates housing, health, and economic benefits for the surrounding community. The development expands access to preventative health care with a 15,000-square-foot One Brooklyn Health outpatient clinic providing primary and specialty care, blood-drawing and infusion services, an on-site laboratory, and a pharmacy. The clinic’s design and programming were shaped through extensive community engagement to ensure that services meet the specific needs of local residents.

    The all-electric development incorporates a micro-grid, geothermal system for heating and cooling, rooftop solar, wastewater heat recovery systems, a green roof, urban farm, on-site composter, and Energy Star appliances. These features lower utility costs, reduce energy consumption, and improve indoor air quality. There is also 7,800 square-feet of retail space for small local businesses including a supermarket, enhancing the community’s economy and access to fresh food.

    All apartments are available to households earning up to 80 percent of Area Median Income.

    The development includes 132 supportive apartments reserved for eligible individuals with mental illness or individuals with developmental disabilities. On-site support services will be delivered by Services for the UnderServed and will include care coordination, daily living skills training, health and wellness coaching, employment support, and community-based mental health services.

    The development also includes units that are accessible and equipped for people with mobility impairments, as well as hearing and visual impairments. 

    The project is developed by L+M Development Partners, Services for the UnderServed, Apex Building Group, and RiseBoro.

    State financing for Alafia Phase 1 includes $38.1 million in permanent tax-exempt bonds, Federal Low-Income Housing Tax Credits that will generate $117.8 million in equity from the private sector and $174.9 million in subsidy from New York State Homes and Community Renewal’s (HCR) New Construction Program and Community Investment Fund. The development also benefits from $946,000 in Clean Energy Initiative funding, a partnership between HCR and the New York State Energy Research and Development Authority (NYSERDA). NYSERDA also provided over $850,000 in support for rooftop solar through the State’s NY-Sun initiative. The project is also expected to qualify for federal Solar and Geothermal Tax Credits that will generate $670,000 in equity. The New York State Office of Mental Health (OMH) is providing $430,000 in a Program Development Grant. Operational funding for the supportive units is funded through the New York State Office for People With Developmental Disabilities (OPWDD), as well as funded through the Empire State Supportive Housing Initiative and administered by OMH. The project’s site was owned by the Dormitory Authority of the State of New York and was acquired by the developers.

    In 2018, Empire State Development, in partnership with New York State Homes and Community Renewal, issued a Request for Proposals to redevelop the Brooklyn Developmental Center campus in East New York into a modern, mixed-use wellness-oriented community. ESD facilitated the procurement process through its General Project Plan, ultimately selecting a development team consisting of Apex Building Company, L+M Development Partners, Services for the UnderServed, and RiseBoro Community Partnership. The master plan for the six-phase redevelopment was designed by Dattner Architects.

    Read the full press release here.

     

     

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  • Orange announces the signing of a binding agreement with Lorca to acquire their 50% stake in MasOrange 

    Orange announces the signing of a binding agreement with Lorca to acquire their 50% stake in MasOrange 

    Orange has signed a binding agreement with Lorca to acquire full ownership of MasOrange, Spain’s leading operator in terms of customer base, through the acquisition of the remaining 50% stake in its Spanish joint venture for a price of 4.25 billion euros in cash. This announcement confirms the  non-binding agreement that was previously announced on 31 October.

    This transaction will accelerate Orange’s strategic plan “Lead the Future” and further strengthen Orange’s position in Spain, the Group’s second-largest market in Europe. With full ownership, Orange confirms its long-term industrial commitment in Spain, and its confidence in MasOrange and its management to create value for all stakeholders.

    The closing of the transaction is expected in the first half of 2026, subject to customary regulatory approvals and other closing conditions* recalled on 31 October. 

    ———————————

    For more information please refer to our 2024 Universal Registration Document filed with the French Autorité des marchés financiers available on our website, as well as the other risks, uncertainties and assumptions such as our ability to complete the acquisition, integrate the business and refinance the MasOrange debt at or after the closing.

    *At closing, MasOrange will be fully consolidated in Orange’s accounts, including certain debt that is expected to be refinanced at or after the closing of the acquisition. Please refer to its website: https://masorange.es/en for more information on recent financial developments of MasOrange, including its financial statements for the nine months ended 30 September 2025 and presentation of 9M 2025 earnings, and press release MasOrange issued on 4 December 2025 on the new joint fiber optic network company PremiumFiber in which MasOrange holds 58%. 

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  • TERN-701 Elicits Deep Responses in Heavily Pretreated CP-CML

    TERN-701 Elicits Deep Responses in Heavily Pretreated CP-CML

    The highly selective allosteric BCR-ABL1 inhibitor TERN-701 elicited a high response rate, including deep molecular responses, for a majority of heavily pretreated patients with chronic phase chronic myeloid leukemia (CML), according to findings from the phase 1 CARDINAL study (NCT06163430) presented at the 2025 ASH Annual Meeting and Exposition.1,2

    At the recommended phase 2 dose (RP2D) of TERN-701 of at least 320 mg once daily, the overall 24-week major molecular response (MMR) rate was 80% (95% CI, 61.4%-92.3%) for efficacy evaluable patients with more than 24 weeks of follow-up (n = 30). For those who entered the study without an existing MMR (n = 24), the MMR rate with TERN-701 was 75% (95% CI, 53.3%-90.2%). For those who entered with an existing MMR (n = 6), the MMR was maintained in 100% with TERN-701 (95% CI, 54.1%-100.0%).

    The deep molecular response rate (MR4 or MR4.5) with TERN-701 in 28 efficacy-evaluable patients was 36% (95% CI, 18.6%-55.9%). Of those who entered the study not in a cytogenetic complete response (CCyR; n = 13), 62% achieved an MR2 response (<1% BCR-ABL1) or better with TERN-701.

    “We see evidence of a dose-response relationship, with an increase in MMR achievement at the recommended phase 3 doses of 320 mg and above,” lead investigator Elias Jabbour, MD, a professor in the Department of Leukemia of the Division of Cancer Medicine at The University of Texas MD Anderson Cancer Center in Houston, said during a presentation of the results. “The majority of treatment-emergent adverse effects [TEAEs] were low grade with no apparent dose relationship. Rates of cytopenias were generally low, with less than 10% grade 3 thrombocytopenia and neutropenia. The majority of non-hematologic AEs were grade 2 or less.”

    CARDINAL Study Design and Patient Characteristics

    TERN-701 is active at the myristate pocket of BCR-ABL1, giving it 10,000 times greater selectivity than active site TKIs, Jabbour said. Given the site of activity, patients with resistance mutations at this location were excluded from the CARDINAL study.

    The phase 1 trial consisted of up-front dose escalation followed by dose expansion. At the time of the presentation, which had a data cutoff of September 13, 2025, 63 patients had been enrolled in the initial dose escalation portion of the study. In this group, TERN-701 was administered at 4 once-daily doses starting at 160 mg and ending at 500 mg. Of these patients, 53 received the 320 or 500 mg once-daily doses of TERN-701.

    A dose expansion arm of the study opened in April 2025 to explore the 2 larger doses from the escalation portion. In this portion of the study, patients are randomly assigned to received either 500 mg or 320 mg of TERN-701, with a goal of enrolling 40 patients at each dose. The dose expansion portion of the study continues to enroll patients, Jabbour noted.

    TERN-701 in Heavily Pretreated CP-CML

    • The highly selective allosteric BCR-ABL1 inhibitor TERN-701 generated deep molecular responses in patients with heavily pretreated CP-CML.
    • At the RP2D range of at least 320 mg, TERN-701 yielded an MMR rate of 75% and a deep molecular response rate of 36%.
    • Across all dose levels, these rates were 64% and 29%, respectively.

    Across all patients in the study, the median age was 57 years (range, 29-86). The median number of prior TKIs was 3 (range, 1-6), with most (60%) having received 3 or more prior TKIs, including prior asciminib (38%; Scemblix) and ponatinib (22%; Iclusig). Baseline BCR-ABL1 transcript levels were above 1% for 57% of patients, with 44% having a transcript above 10%. Levels were between 0.1% to 1% were reported for an additional 25%, indicating that 82% of patients entered the study without having experienced MMR to prior therapy, Jabbour noted. The most common BCR-ABL1 resistance mutations were T315I (10%), F317L (3%), and E255K (2%). “No patients had compound mutations,” Jabbour noted.

    The cause of prior TKI discontinuation was lack of efficacy by ELN 2020 criteria for 64% of patients, a lack of tolerability noted for 29%, and other reasons in 8%. “Those in the other category who were patients with multiple prior TKI failures who elected to discontinue their last TKI early to come on study,” said Jabbour. The primary causes of discontinuation for asciminib were lack of efficacy (75%) and tolerability (25%). For ponatinib, the causes were lack of efficacy (79%) and tolerability (21%).

    For those treated with the RP2D, the median age was 57 years (range, 30-82). The baseline BCR-ABL1 levels were above 0.1% for 86% of patients, with 47% having a level above 10%. The primary causes of prior discontinuation were lack of efficacy (68%), lack of tolerability (23%), and other reasons (9%). The median number of prior therapies was 3 (range, 1-6), with 60% having received 3 or more prior treatments. Twenty-one percent had received prior ponatinib, and 38% had received prior asciminib. Fifteen percent of patients had a BCR-ABL1 resistance mutation.

    Safety and tolerability were the primary end point of the study followed by efficacy and pharmacokinetics. A similar measure for MMR was used to assess efficacy as other studies, Jabbour noted. If MMR was present at baseline, TERN-701 had to maintain the MMR level for 24 weeks or longer. If an MMR was not present, it had to induce an MMR or better for 24 weeks.

    Additional Efficacy Findings for TERN-701

    In a pharmacokinetics examination of TERN-701 conducted in the study, linear dose-proportional increases were seen in plasma concentration across all dose levels examined in the dose escalation portion of the study. Additionally, target coverage exceeded the bar for efficacy across all doses in the KCL22 xenograft mouse model. The C-average exceeded the efficacious dose, Jabbour noted, which “supports robust pharmacokinetic effect,” he said. There were no clinical differences noted in exposure when the TKI was given with or without food.

    At the follow-up, the median duration of treatment was 6.1 months (range, 0.2-19). All patients had an improvement in their response from baseline, with no patients experiencing a worsening of response, Jabbour noted.

    In 38 efficacy evaluable patients without atypical transcripts across all dose levels, the overall MMR rate was 74% (95% CI, 56.9%-86.6%) with TERN-701. The MMR rate with TERN-701 was 64% (95% CI, 44.1%-81.4%) for those who entered the study without an existing MMR (n = 28). For those who entered with an existing MMR to prior therapy (n = 10), the MMR was maintained for 100% (95% CI, 69.2%-100.0%). The deep molecular response rate was 29% (95% CI, 15.1%-47.5%) by MR4 criteria and 27% (95% CI, 13.8%-44.1%) by MR4.5 criteria with TERN-701.

    Across all dose levels for patients with BCR-ABL1 levels of more than 10% at baseline (n = 11), the MMR rate was 45%, with the remaining patients listed as stable. For those with a level between 1% and 10% (MR1; n = 6), the MMR rate was 83%. All patients with a BCR-ABL1 level greater than 0.1% but less than 1% (MR2; n = 11) had an MMR. For those who entered the study without a CCyR (n = 17), an MR2 response was experienced by 59% (95% CI, 32.9%-81.6%).

    In those with a lack of efficacy to prior TKIs (n = 19), the MMR was 63% (95% CI, 38.4%-83.7%). For those with a lack of tolerability to prior TKIs (n = 7), the MMR rate was 71% (95% CI, 29.0%-96.3%). By prior TKI, those who received prior asciminib (n = 7) had an MMR rate of 43% with TERN-701 (95% CI, 9.9%-81.6%). In those who received prior asciminib, ponatinib, or an investigational TKI (ELVN-001; n = 8), the MMR rate was 50% (95% CI, 15.7%-84.3%).

    Safety Results for TERN-701

    At the cutoff, treatment was ongoing for 87% of patients. The primary cause for treatment discontinuation was treatment failure (n = 4), other (n = 2), physician decision (n = 1), and AEs (n = 1). “The AEs of grade 2 diarrhea, fatigue, and joint pain had also occurred on their prior TKIs,” said Jabbour.

    Across all dose levels (n = 63), TEAEs of any grade were experienced by 81% of patients. A grade 3 or higher TEAE was seen in 32% of patients, regardless of causality. There were no dose-limiting toxicities seen in the dose-escalation phase, and the maximum tolerated dose was not yet reached.

    The most reported all-grade AEs, regardless of causes, were diarrhea (21%), headache (19%), nausea (19%), thrombocytopenia (16%), fatigue (14%), neutropenia (13%), abdominal pain (13%), and myalgia (13%). The most seen grade 3 or higher AEs regardless of cause were thrombocytopenia (8%), neutropenia (8%), anemia (2%), fatigue (2%), abdominal pain (2%), and rash (2%). Jabbour noted that no clinical changes were seen in blood pressure, and there were no clinical cases of pancreatitis or symptomatic lipase elevations.

    References

    1. Jabbour E, Hughes T, Van Etten R, et al. CARDINAL: A phase 1 study of TERN-701, a novel investigational allosteric BCR::ABL1 inhibitor for patients with previously treated CML. Blood. 2025;146 (suppl 1):901. doi:10.1182/blood-2025-901
    2. Terns highlights additional positive phase 1 clinical data supporting TERN-701’s best-in-disease potential in relapsed/refractory CML at the 67th ASH Annual Meeting. News release. Terns Pharmaceuticals. December 8, 2025. Accessed December 12, 2025. https://ir.ternspharma.com/news-releases/news-release-details/terns-highlights-additional-positive-phase-1-clinical-data

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  • New courses to plug West Midlands medical technology skills gap

    New courses to plug West Midlands medical technology skills gap

    Gurdip ThandiLocal Democracy Reporter

    West Midlands Combined Authority West Midlands Mayor Richard Parker, wearing a navy blue suit and a white shirt with a red and white striped tie. He is standing in front of a green and blue branded board.West Midlands Combined Authority

    Mayor Richard Parker says it is essential local people can gain skills needed by employers

    A set of new qualifications have been devised to help plug a skills gap in medical technology.

    Higher Technical Qualifications (HTQs) are designed to support people in the West Midlands to enter in-demand jobs – including work on AI-enabled health devices such as wearable technology, imaging or diagnostic tools.

    The new qualifications are expected to be be taught by colleges, private training providers and universities.

    They have been developed in a partnership between West Midlands Combined Authority, Skills England and education firm Pearson, as well as employers.

    The Association of British HealthTech Industries estimated an extra 70,000 jobs would be needed by 2035 to meet demand across the sector, alongside 75,000 replacements for those leaving the workforce.

    More than 14,000 people work in the sector across the UK, with the West Midlands being home to innovation hubs including Birmingham Health Innovation Campus, Birmingham Knowledge Quarter, West Midlands Health-Tech Accelerator and Arden Cross – a huge development around the HS2 Interchange Station and is a partnership with the University of Warwick.

    The new qualifications are being piloted with funding from the West Midlands Investment Zone.

    “We’ve got the UK’s largest MedTech cluster, plus even more high-quality jobs coming to Birmingham Knowledge Quarter, so it’s essential that we ensure local people can gain the skills they need to work in this sector, and the opportunities to get a foot in the door,” said West Midlands Mayor Richard Parker.

    Phil Smith, chair of Skills England, said MedTech was “the future”.

    “Filling skills gaps for this fast-growing sector, through these new qualifications, will be a really practical way of supporting the NHS through boosting productivity,” he said.

    “It’s a fantastic example of how national and regional government can work with employers and the education sector to rapidly respond to skills needs in growth sectors.”

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  • Unlocking insights into Workers’ Compensation claims webinar

    Unlocking insights into Workers’ Compensation claims webinar

    Workers’ compensation claims can significantly impact your organization’s bottom line. Understanding the trends, cost drivers, and effective mitigation strategies is essential to managing risk and controlling expenses.

    Discover the latest trends and critical insights in workers’ compensation (WC) claims across various industries. Hosted by the Marsh WC Center of Excellence, in this informative session expert panelists will:

    • Review comprehensive WC loss statistics by industry to help you understand the broader landscape.
    • Provide insights so you can compare your company’s performance against industry benchmarks to see how you stack up.
    • Identify the top cost drivers impacting WC claims and learn where to focus your efforts.
    • Explore proven strategies to mitigate losses and improve your risk management approach.
    • Gain valuable perspectives from leading industry experts who will share their knowledge and answer your questions.

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  • Shares in data centre property group Fermi nearly halve after tenant pulls funding – Financial Times

    Shares in data centre property group Fermi nearly halve after tenant pulls funding – Financial Times

    1. Shares in data centre property group Fermi nearly halve after tenant pulls funding  Financial Times
    2. Fermi Down 43% After AI Campus Tenant Ends $150 Million Deal  Bloomberg.com
    3. Why Is Fermi Stock (FRMI) Down Today?  TipRanks
    4. Fermi’s first tenant of massive Trump-named power project backs out of funding deal  MarketWatch
    5. Fermi Stock Craters 43% as AI-Energy Company Loses Funding Commitment From First Major Tenant  Barron’s

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