Category: 3. Business

  • Assessment of Local treatment modalities for more than 80 older years

    Assessment of Local treatment modalities for more than 80 older years

    Introduction

    Esophageal cancer is the sixth leading global cause of cancer-related deaths.1 The median age at diagnosis is 68 years, and more than 40% of the patients are aged 70 years or older.2 In practice, there is still controversy on choice of treatment method for esophageal squamous cell carcinoma (ESCC) patients over 80 years old. There is limited research on the local treatment modalities or outcomes of esophageal cancer in this population, and most of it is based on the experience of small, single institutions. In this case, the use of surgery in the elderly is low and may increase postoperative complications, and older people also rarely consider definitive chemoradiotherapy, but the treatment seems to be well tolerated and the efficacy is comparable to that of younger patients.3–6

    Several researches suggest that histological type is associated with the efficacy of RT. One population-based study7 showed that potentially curable esophageal adenocarcinoma cancer (EAC) (≥75 years old) had different OS between both definitive chemoradiotherapy (dCRT) or neoadjuvant chemoradiotherapy (nCRT) plus surgery, but not in ESCC (age ≥ 75 years). These differences in treatment response between patients with EAC and ESCC may be associated with tumor aggressiveness and different carcinogenesis.8 However, studies have also shown that in elderly ESCC patients, surgery has a better OS rate than RT.9 A meta-analysis showed that it is difficult to conclude the less efficacy of RT in elderly patients with ESCC.10

    Most studies reporting the efficacy of local treatment for EC are focused on patients younger than 80 years old and do not differentiate between adenocarcinoma and squamous cell carcinoma based on pathological types.5,6,9,10 Unfortunately, it is difficult to draw conclusions on local treatments in esophageal squamous cell carcinoma patients over 80 years old from previous studies. Because the lack of randomized trials, available data from small single-institution studies led to no consensus on local treatment for more than 80 years old patients with ESCC. Therefore, the most effective local treatment strategies still need to be further explored. In this regard, we used the data from the Surveillance Epidemiology and End Results (SEER) database to investigate the difference between Surgery and Radiotherapy. Furthermore, we discovered significant differences in the baseline characteristic of the studies. Thus, in this study, we performed propensity-score matched (PSM) analyses to adjust for biases from baseline characteristics of the two treatment groups.

    Materials and Methods

    Patient Selection in the SEER Database

    Patient data were obtained from the latest version of the SEER database as released in Nov 2023 (covering 8 registries, 1973–2021), by using SEER* Stat version 8.4.3. The inclusion criteria of this study were as follows: (1) patients with esophageal squamous cell cancer were clearly diagnosed; (2) age ≥ 80 years old; (3) treatment includes chemoradiotherapy, radiotherapy alone, Surgery alone, Surgery with chemotherapy or unknown. Exclusion criteria in this study were: (1) survival time was 0 or missing; (2) patients with more than one primary tumor. The following covariates were collected from the database: age, race, marital status, primary site, grade, size and Local treatment modalities. Relevant treatment-related data included cancer-directed surgery and Radiotherapy. Duration of follow-up, and cause of death described as due to cancer-specific survival (CSS) and overall survival (OS) were also included. As the SEER database contains public data, informed consent from relevant patients for the use of the SEER database for research purposes was not required, nor was the ethical approval. This study was approved by the Hebei General Hospital Ethics Committee (Approval ID: 2025-LW-0150). This study complies with the Declaration of Helsinki. Our request for access to the SEER data was approved by the National Cancer Institute, USA (reference number 19238-Nov2021).

    Statistical Analysis

    The chi-squared test (or Fisher’s exact test, if appropriate) was used to analyze the differences between patients grouped by categorical variables. Clinical outcomes were compared between patients treated with cancer-directed surgery (CDS) group and Radiotherapy (RT) group. Survival curves were generated using Kaplan-Meier methods, and compared by Log rank test. Univariate and multivariate Cox regression analyses were used to analyze the independent risk factors for CSS and OS. Only variables with statistical significance (P < 0.05) in univariate analysis were incorporated into multivariate analysis. Hazard ratios (HR) were calculated based on multivariable Cox proportional hazards models to estimate predictors of CSS and OS. All CIs were stated at the 95% confidence level. Statistical significance was set at P < 0.05. To adjust for differences and to minimize possible confounding effects of selection bias between CDS group and RT group for patients, we performed two PSM analyses using logistic regression at a 1:2 ratio accomplished using the nearest neighbor matching method with a caliper width equal to 0.20 standard deviation of logit of propensity score. The PSM model was based upon age, race, marital status, primary site, grade, size and surgery. The difference of each variable was considered significant if two-sided p-values less than 0.05. Statistical analyses were performed using SPSS 26.0 (SPSS Inc., Chicago, IL) and R software (version 3.5.1).

    Results

    Baseline Characteristics in the Entire Population

    In the unmatched database, a total of 1588 patients met our inclusion criteria and were included in our final analysis. The median follow-up time was 147.0 months (range: 103.8–190.2 months) in CDS Group and 169.0 months (range: 90.5–247.5 months) in RT Group. Table 1 summarizes the characteristics of the study population. A total of 165 (10.4%) patients underwent CDS and 1423 (89.6%) patients received RT treatment. Significant differences between two treatment groups were recorded regarding patient characteristics. As shown in Table 1, it was investigated that significant differences were found among the Age, Grade, Stage, Tumor Size and Chemotherapy. All of them had statistical difference (P < 0.05) except Sex, Race, Location and marital status (P>0.05).

    Table 1 Characteristics of Patients

    Analysis of Prognostic Factors

    In the dataset, univariate analysis showed that age, sex, tumor size, grade, stage, chemotherapy and local treatment modalities were prognostic factors that affected OS and CSS (P < 0.05; Tables 2 and 3). Marital status and race were not associated with OS (P > 0.05; Table 2). Location affected CSS (P < 0.05; Table 3), but not OS (P > 0.05; Table 2).

    Table 2 Univariate and Multivariate Analysis of Overall Survival

    Table 3 Univariate and Multivariate Analysis of Cause-Specific Survival

    Multivariate analysis showed that age, sex, tumor size, stage, chemotherapy and local treatment modalities were prognostic factors that affected OS and CSS (P < 0.05; Tables 2 and 3). Grade affected OS (P < 0.05; Table 2), but not CSS (P > 0.05; Table 3). Patients who received CDS treatment had better OS (HR = 0.717; 95% CI: 0.595–0.863; P < 0.05; Table 2) and CSS (HR = 0.674; 95% CI: 0.544–0.836; P < 0.05; Table 3).

    Impact of Local Treatment Modalities on Survival

    In the original cohort, according to the survival curve, the median OS of CDS was 11.0 months (95% CI:8.2–13.8 months), which was significantly better than that of RT group (8.0 months) (95% CI: 7.4–8.6 months) (P < 0.05) (Figure 1a). The median CSS of CDS was 16.0 months (95% CI:12.3–19.7 months), which was significantly better than that of RT (10.0 months) (95% CI:9.3–10.7months) (P < 0.05) (Figure 1b). Because there were both significant differences in the baseline characteristic of two groups, we performed PSM analyses at a 1:2 ratio to erase significant difference of each variable, respectively (Table 4). The 1:2 matching for CDS versus RT resulted in a sample size of 379 patients. In the matched dataset, we obtained similar results: the median OS of CDS was 10.0 months, which was significantly better than that of RT group (8.0 months) (P < 0.05) (Figure 1c). The median CSS of CDS was 13.0 months, which was significantly better than that of RT (10.0 months) (P < 0.05) (Figure 1d).According to subgroup analysis, as shown in Tables 5 and 6, CDS was associated with better OS and CSS in In the 80–84 age group (P < 0.05) (Figure 2a–c respectively); nevertheless, no differences were observed in OS and CSS according to different local treatment modalities in over 85 years old group (P>0.05) (Figure 2b–d, respectively).

    Table 4 Characteristics of PSM Cohorts for Patients

    Table 5 Overall Survival of Subgroups Analysis for Local Treatment Modalities

    Table 6 Cause-Specific Survival of Subgroups Analysis for Local Treatment Modalities

    Figure 1 Overall survival and Cancer-specific survival of esophageal squamous cancer patients with ≥80 years older before and after PSM. OS before PSM (a), CSS before PSM (b), OS after PSM (c) and CSS after PSM (d) with different local treatment modalities.

    Figure 2 Overall survival and Cancer-specific survival of esophageal squamous cancer patients with 80–84 years and ≥85 years older after PSM. OS with 80–84 years (a) and ≥85 years older (b), CSS with 80–84 years (c) and ≥85 years older(d) with different local treatment modalities.

    Discussion

    In the modern elderly patient population with esophageal squamous cell cancer, our research results indicate significant differences in treatment utilization and related outcomes based on demographic and tumor characteristics. Treatment outcomes are significantly influenced by age, gender, tumor size, stage, grade. Local treatment modalities and chemotherapy also affect utilization rates in specific situations. As the aggressiveness of treatment increases from definitive radiotherapy to surgical treatment of the disease, survival rates gradually improve.

    In the elderly population, age is one of the strongest predictors of treatment utilization and survival. More than 80 years old patients are more likely to not receive treatment in non-definitive therapy, while the likelihood of receiving triple therapy and individual esophagectomy in definitive therapy is much lower. These differences may be a combination of patient related factors, physician bias, and clinical reality. In theory, as age increases, the comorbidity rate should increase and physiological reserves should decrease, leading to a decrease in tolerance to aggressive treatment with age. Towards older adults, stem cell reserves and the presence of comorbidities that affect drug absorption and/or metabolism. In addition, esophagectomy is associated with a higher perioperative mortality rate in elderly people. In a large retrospective study evaluating the safety of esophagectomy in elderly patients, the surgical mortality rate significantly increased with age (8.8% for 65–69 years old, 13.4% for 70–79 years old, and 19.9% for those over 80 years old).11 In our analysis, surgery significantly prolonged OS and CSS compared to RT in ≥ 80 years age group. Although baseline characteristic of patients may affect these findings, we do see consistent improvement in matching cohorts with more aggressive treatment. However, surgery was not associated with a better OS in age ≥85 years groups compared to RT in subgroup analysis. However, in properly selected individuals, the incidence rate and mortality of esophagectomy are comparable to those of patients in their 80s.12,13

    Endoscopy is used for staging esophageal cancer patients, especially T staging, and can be performed noninvasively. However, elderly patients have more preexisting comorbidities, which are contraindications for this surgery. Therefore, in this study, we used tumor Size and SEER staging instead of TNM staging. Before using endoscopic staging in EC, tumor Size (1–3cm,4–6cm,7–9cm, ≥10cm), is used to predict patient prognosis.14 Several studies have identified that tumor Size is an important prognostic factor for esophageal cancer (EC) in different treatment strategies for young patients.15–17 Similarly, our research findings indicate that tumor size is also a prognostic factor for elderly patients.

    Gender is also a predictive factor for the utilization rate and survival rate of esophageal cancer treatment. The results also described esophageal cancer, in which male patients had lower long-term survival rates after surgery.18–20 A nationwide study in Sweden reported a prognostic advantage for female patients with esophageal squamous cell carcinoma (ESCC) both after either curative surgery or dCRT, while no such difference was observed for adenocarcinoma (AC).21 Another study, including patients from a variety of European and North-American centers, highlights that survival was improved for women in the AC group, whereas this difference was not confirmed in squamous cell cancer.22 In the current analysis, the predominant subtype of SCC in women has improved survival rates. Although differences in mortality caused by concurrent diseases may be a contributing factor, gender differences in disease progression and treatment response are an unexplored possibility. A possible biological mechanism for a sex difference is estrogenic influence, which could inhibit cancer cell growth.23,24 Healthcare-seeking patterns, socioeconomic and lifestyle factors might also differ between the sexes, with women more readily and more often using health resources available to them, compared with men. Further research is needed to delve deeper into this hypothesis.

    Univariate and multivariate analysis showed that chemotherapy (CT) associated with good prognosis. However, subgroup analysis suggested that CDS for patients did not improve the OS and CSS over RT in CT group. Although the chemotherapy and radiotherapy regimen not recorded in this study, we should note that elderly patients with combined therapy do not tend to improve OS compared to younger patients. Jingu et al reported that concurrent chemotherapy with radiotherapy did not have significant OS benefit over radiotherapy alone for esophageal cancer in patients aged 80 years or older, and the chemotherapeutic regimens were platinum based dual drugs (n=62), and single chemotherapy drug (n=17).25 Ji et al reported that CRT with S-1 (≥80 years: 37 (24.8%)) provided significant benefits over radiotherapy alone (≥80 years: 39 (26.2%)) in older patients with EC in a Phase III randomized clinical trial.26 The chemotherapy regimen and combined with CDS/RT can be considered in the future to improve the OS of elderly patients with EC.

    There were some limitations to our study. First, In practical clinical treatment, ≥80 years patients with ESCC who were assessed as not tolerating chemotherapy or unwilling to undergo chemotherapy.27,28 It should be noted that, due to the lack of medical information in the SEER database, we were unable to obtain details of chemotherapy. Potential chemotherapy may influence survival, which lead to biased results. Second, in our study, patients received different doses of radiotherapy, which may have led to some deviations in the survival and safety of patients. In addition, we did not comprehensively assess the health status and quality of life after treatment in elderly patients, which may be a key factor in influencing whether patients can complete treatment, and can better assess the safety of local treatment Local treatment modalities. We were unable to evaluate toxicities, because of lack of information in the registry.

    Conclusion

    In conclusion, our study provided creditable evidence for characteristics and outcome for ESCC patients aged ≥ 80 years old based on large, population-based registry. Our study suggested that ESCC patients aged ≥ 80 years old benefit from CDS only if the cancer is in localized/regional stage, but not in ≥85 years older in subgroup analysis. However, the limitations of this study must be acknowledged; therefore, more large-scale prospective randomized clinical trials are warranted to investigate the effect of local treatment on over 80 years old patients with ESCC.

    Statement of Ethics

    This study was approved by the Hebei General Hospital Ethics Committee (Approval ID: 2025-LW-0150). All procedures were performed in accordance with the Declaration of Helsinki.

    Acknowledgments

    We would like to sincerely thank the original SEER and the related consortiums for sharing and managing the summary statistics. The authors wish to thank all hands and minds involved in this study.

    Author Contributions

    All authors made a significant contribution to the work reported, whether that is in the conception, study design, execution, acquisition of data, analysis and interpretation, or in all these areas; took part in drafting, revising or critically reviewing the article; gave final approval of the version to be published; have agreed on the journal to which the article has been submitted; and agree to be accountable for all aspects of the work.

    Funding

    This work was supported by Medical Science Research Project Plan of Hebei Provincial Health Commission (20220920).

    Disclosure

    The author(s) report(s) no conflicts of interest in this work.

    References

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    22. Mantziari S, Elliott JA, Markar SR, et al. Sex-related differences in oncologic outcomes, operative complications and health-related quality of life after curative-intent oesophageal cancer treatment: multicentre retrospective analysis. BJS Open. 2024;8(2):zrae026. doi:10.1093/bjsopen/zrae026

    23. Ueo H, Matsuoka H, Sugimachi K, et al. Inhibitory effects of estrogen on the growth of a human esophageal carcinoma cell line. Cancer Res. 1990;50(22):7212–7215.

    24. Nozoe T, Oyama T, Takenoyama M, et al. Significance of immunohistochemical expression of estrogen receptors alpha and beta in squamous cell carcinoma of the esophagus. Clin Cancer Res. 2007;13(14):4046–4050. doi:10.1158/1078-0432.CCR-07-0449

    25. Jingu K, Takahashi N, Murakami Y, et al. Is concurrent chemotherapy with radiotherapy for esophageal cancer beneficial in patients aged 80 years or older? Anticancer Res. 2019;39(8):4279–4283. doi:10.21873/anticanres.13592

    26. Ji Y, Du X, Zhu W, et al. Efficacy of concurrent chemoradiotherapy with S-1 vs radiotherapy alone for older patients with esophageal cancer: a multicenter randomized phase 3 clinical trial. JAMA Oncol. 2021;7(10):1459–1466. doi:10.1001/jamaoncol.2021.2705

    27. Hurria A, Togawa K, Mohile SG, et al. Predicting chemotherapy toxicity in older adults with cancer: a prospective multicenter study. J Clin Oncol. 2011;29(25):3457–3465. doi:10.1200/JCO.2011.34.7625

    28. Hurria A, Wong FL, Villaluna D, et al. Role of age and health in treatment recommendations for older adults with breast cancer: the perspective of oncologists and primary care providers. J Clin Oncol. 2008;26(33):5386–5392. doi:10.1200/JCO.2008.17.6891

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  • Enhancing Knowledge Retention by Simulation-Based Learning Among First-Year Medical Students

    Enhancing Knowledge Retention by Simulation-Based Learning Among First-Year Medical Students


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  • China Achieves A Groundbreaking Advancement In High Speed Maglev Technology By Successfully Eliminating The Tunnel Boom Issue That Has Challenged Engineers For Years

    China Achieves A Groundbreaking Advancement In High Speed Maglev Technology By Successfully Eliminating The Tunnel Boom Issue That Has Challenged Engineers For Years

    Published on
    August 9, 2025 |

    China has reached a major milestone in transportation innovation by developing a cutting-edge solution that removes the long-standing tunnel boom problem in high speed maglev trains. This breakthrough not only enables the trains to operate at their maximum speed of 600 kilometers per hour without causing disruptive shockwaves, but also ensures smoother, quieter, and more environmentally friendly journeys, marking a decisive step toward the future of next-generation rail travel.

    China’s magnetic levitation (maglev) train program continues to push the limits of modern transportation, aiming for speeds that challenge and even surpass commercial aircraft. The newest prototype, designed to reach 600 kilometers per hour—roughly 370 miles per hour—demonstrates the nation’s determination to revolutionize rail travel. Yet, one significant challenge has hindered progress: the tunnel boom.

    When a train speeds out of a tunnel, it forces the air ahead into a sudden, high-pressure wave that erupts outward with an intense and thunderous noise. The blast can cause discomfort for passengers, damage tunnel structures, and disturb surrounding communities. Engineers have spent years searching for an effective solution that eliminates the boom without compromising performance.

    China Introduces a New Solution

    Recent breakthroughs reveal a promising fix.Engineers have created advanced noise-dampening buffers designed to be fitted at both the entry and exit points of tunnels. Built from advanced porous materials, these buffers absorb and diffuse the pressure before it forms a destructive wave. Tests show that this innovation can reduce the boom’s intensity by as much as 96%, dramatically improving safety, comfort, and environmental quality.

    The technology works much like a silencer, redirecting and dispersing energy rather than allowing it to erupt in a single blast. This solution will soon integrate into China’s newest maglev prototypes, representing a critical step toward full commercial readiness for ultra-high-speed trains.

    Reshaping China’s Transportation Network

    The benefits for China’s rail system are substantial. Maglev trains equipped with these buffers could connect major hubs like Beijing and Shanghai in under two hours—faster than many domestic flights. The nation’s reliance on tunnels to navigate mountains and urban landscapes makes this development even more valuable.

    China is already home to some of the most advanced railway networks in the world, and the addition of tunnel boom suppression technology is set to make long-distance travel even faster, smoother, and noticeably quieter. This will also give the country a competitive edge in high-speed transport, particularly in regions where air travel has long been the dominant choice.

    Global Potential for the Innovation

    The success of this solution extends beyond China’s borders. By eliminating one of the main engineering obstacles in maglev development, this technology could influence similar projects worldwide. Countries working on high-speed rail, from Japan’s Chuo Shinkansen to future hyperloop systems, may adapt this approach to overcome their own noise and safety challenges.

    If adopted internationally, these advances could reduce global dependence on short-haul flights, cut carbon emissions, and make rail travel more appealing to both passengers and governments focused on sustainability.

    Environmental and Operational Benefits

    The environmental advantages are clear. Quieter trains reduce disruption to wildlife and lower noise pollution for residents near high-speed lines. Smoother tunnel transitions also protect infrastructure from excessive wear, lowering maintenance costs and extending the lifespan of both tunnels and tracks.

    On an operational level, improved passenger comfort could boost ridership, increasing the economic viability of maglev routes. Reduced vibration and noise will help cities gain public support for expanding high-speed rail corridors in densely populated or environmentally sensitive areas.

    Challenges Ahead

    Despite the breakthrough, several challenges remain. Upgrading current tunnels with the newly developed soundproofing buffers will demand substantial financial resources and highly accurate engineering execution. The materials must endure extreme conditions and maintain their performance over many years of operation.

    Aerodynamic adjustments to the trains themselves may still be necessary to address any minor residual effects of pressure buildup. Comprehensive testing will determine how the buffers perform in varying climates and at different operational speeds.

    Outlook for 2025 and Beyond

    As China moves toward commercial deployment of its 600-kilometer-per-hour maglev trains, the successful integration of tunnel boom suppression will likely accelerate the development of new routes. These trains could redefine travel times between China’s economic hubs, stimulating business, tourism, and regional development.

    International interest will likely grow as other nations evaluate the economic and environmental gains of adopting similar systems. Countries seeking to modernize transportation infrastructure may view maglev technology as a viable alternative to air travel, especially for routes of 500 to 1,500 kilometers where train speeds can match or exceed the convenience of flying.

    A Strategic and Technological Milestone

    Overcoming the tunnel boom challenge positions China at a strong advantage in the global competition to develop next-generation transportation systems. Reduced structural stress will lower long-term costs, while improved comfort and environmental performance will help build a strong public image for maglev travel.

    This achievement reflects a broader trend in transportation—using targeted engineering to remove barriers that once seemed unavoidable. The combination of extreme speed, low noise, and environmental benefits could set a new global benchmark for high-speed rail systems.

    Closing the Gap Between Vision and Reality

    With ongoing tests, refinements, and large-scale implementation plans, the vision of ultra-fast, whisper-quiet maglev travel is moving from futuristic concept to practical reality. The tunnel boom solution not only strengthens China’s position in the global transport industry but also paves the way for a future where rail travel dominates short and medium-distance travel corridors worldwide.

    China has achieved a major leap in high speed maglev technology by eliminating the tunnel boom issue, allowing trains to run at 600 kilometers per hour with greater comfort, reduced noise, and improved environmental performance.

    By overcoming one of the most challenging technical barriers in high-speed train design, China has signaled that the era of silent, superfast travel is closer than ever.

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  • ‘I’d rather take shares than a big salary’

    ‘I’d rather take shares than a big salary’

    Gyve Safavi’s eureka moment came after spending weeks bored at home during Covid, inadvertently photobombing his wife’s work calls in his pyjamas.

    The co-founder of the sustainable electric toothbrush company Suri was on a pandemic-induced career hiatus when he decided to dig into the oral care industry and its waste problem. After dismantling dozens of electric toothbrushes, the former brand executive spotted an opportunity to challenge the duopoly that controlled 75 per cent of the market, by marrying sustainability with design. Social media users may recognise Suri’s slim, aluminium-bodied brushes from its Instagram advertising onslaught.

    Five years on, Suri has sold more than 1mn toothbrushes and last year reported revenue of £23.4mn. The company has raised nearly £9mn from investors including JamJar Investments, V3 Ventures and DMG Ventures.

    CV

    Born: September 14, 1983, New York City

    Education: BA, McGill University, BA in economics, with honours, minor in music technology

    Career: Procter & Gamble: 2006-2014, various roles across finance and marketing

    WPP: 2014-2017, business development director

    AKQA: 2017-2018, global head of strategic partnerships

    Miroma Ventures: 2018-2020, strategy director, chief executive, ShowcaseBeauty

    Suri: 2020-Present, chief executive and co-founder

    Lives: London, with wife Amy Cole and two daughters Ellie and Tara.

    Where does your entrepreneurial spirit come from?
    I was born in New York City to immigrant parents. My mother worked for the UN and my father was an architect, and they were incredibly driven. That must have rubbed off on me; there was this sense that to do anything right, you really have to focus. Also, from a young age, they took us to design museums, and had us building cardboard models and planes. That instilled an early appetite for invention. I initially wanted to be a scientist.

    Education was also hugely valued in our home. I started at the United Nations International School and later went to boarding school in New England. That period of private schooling probably focused me even more.

    After university, my first proper job was with Procter & Gamble, at their Geneva headquarters. I started in finance and spent three years building spreadsheets until midnight, which was crazy in Switzerland because nothing there is open past 9pm.

    It wasn’t glamorous and I didn’t love it, but it laid the foundations for how I think today about business.

    Why toothbrushes?
    It was a few years in at P&G that I started thinking about electric toothbrushes. By then, I’d moved into marketing, leading the female razor division at Gillette — Venus, and we happened to sit on the same office floor as the toothbrush team [P&G owns the Oral-B brand]. I was curious about their product development and I remember thinking: “Can’t this be done better?” But I wasn’t allowed to input. That frustration stuck with me.

    Before starting Suri, you spent time working for Sir Martin Sorrell, the British advertising tycoon. How did that come about?
    After leaving P&G, I worked closely with Sir Martin at WPP as his aide-de-camp and business development lead in London for three years.

    I first met him at an industry event and we stayed in touch. I was later considering doing an MBA, and reached out for advice, and he suggested I go to work with him. He was right — that job was an MBA. It was sink or swim. I’d often travel with him, sit in on meetings with major business leaders like Sheryl Sandberg, former chief operating officer at Meta, and see what it takes to scale a company globally. I learned a lot from brand building at P&G, but I’d never before seen how to run a company from the top with 300,000 employees and 300 agencies around the world.

    I left WPP because I really wanted to work for a start-up; a few years later, I’d be starting one myself.

    How did you fund the early days of Suri?
    I put in around £30,000 to build the first rather ugly prototype, and to run research surveys. Some of that money came from my mother. She helped me survive that first year — 2020 to 2021. I later offered to repay her, but she refused; she just wanted to support me.

    Mark [Rushmore, Suri’s other co-founder] came on board soon after the first prototype was ready. I knew I wanted a co-founder, though I played it cool. I offered him nothing at first — he just wanted to get involved and we spent hours on Zoom for about a month before we formalised it. We didn’t go 50/50 on the share split; I’m the largest shareholder and chief executive officer but between us we own a majority of over 50 per cent.

    We began making a presentation to investors and talking to some angels — Sorrell couldn’t invest due to a conflict of interest, but we’re still friendly. We secured an £800,000 pre-seed in 2021, which helped us fund our designer and the first batch of 5,000 toothbrushes, which went live in May 2022.

    Neither of us took salaries for a while. We survived thanks to our partners — Mark and I both say we couldn’t have done this if our wives hadn’t supported the home front.

    We’ve also always run things lean. We saw the “grow now, fix later” approach play out, but we said from day one: “If this isn’t structurally right economically, we’ll never get to profit.” So we focused early on that and last year, we reached £1mn Ebitda. 

    How have your finances changed since sales took off?
    We did a small secondary sale during our Series A to take some money off the table. It wasn’t much, but I just needed to stabilise. I have a mortgage and it wasn’t easy taking a very low salary for years. I also wanted to pay my wife back too. She floated our home expenses for a year and a half.

    I wanted to keep most of my equity in the firm. I’d also rather take shares than a big salary, so I’m not the highest paid person on the team.

    About 40% of your sales are in the US. Are you concerned about the new tariff regime?
    Yes, it’s definitely something we’re keeping a close eye on and is a risk. But so far it’s been manageable. Luckily, we’ve been proactive: we held a healthy amount of inventory stateside, which means we haven’t had to raise prices immediately [there’s currently a 30 per cent tariff on products shipped from China, where the toothbrushes are made, to the US]. In parallel, we’ve been running a pretty thorough cost-cutting exercise and looking at alternate sourcing routes to avoid passing the full brunt on to customers. 

    We’re also thinking about other markets. Germany is really interesting. Electric toothbrush penetration is very high there — 65 per cent of the population, vs UK/US, which is around 50 per cent.

    Currently, in the UK, we account for low single digits [electric toothbrush] market. It really is David and Goliath trying to get dentists to recommend us because we don’t have the money to give them out for free like the big players. Telling dentists you need to buy it first is terrible, right?

    Are you a saver or a spender?
    My approach to money has definitely evolved over time, especially through the experience of starting a company. In the early days, when I wasn’t taking a salary, I was extremely conservative with spending. I even sold a number of smaller possessions I didn’t use — an exercise that really opened my eyes to how much we accumulate without purpose, and how those things could be more valuable to someone else.

    These days, I’m back to enjoying a healthy dose of consumerism — something I’m always trying to keep in check — but I’ve become more intentional. I’m increasingly drawn to the idea of buying fewer, better things. That applies especially to our kids: we try to focus on toys and products that can grow with them, such as Lego or open-ended creative sets, rather than things that are short-lived.

    Do you invest?
    I don’t invest directly in the stock market myself, but [my wife and I] work with a financial adviser who manages our savings through a portfolio that includes funds in both the UK and US.

    As an early-stage founder, I’ve had to be very focused with my time, prioritising work and family above all else. Perhaps as the business matures I’ll have the bandwidth to explore more direct involvement in investing, including angel investing.

    If you started your business again, would you do anything differently?
    I didn’t focus enough on health initially, especially mental health. And I didn’t celebrate wins early enough. I remember Mark and I sat in an airport on our way to China, totally exhausted, and I was like, “Don’t tell me the good news.” He said: “You want to do this for 10 years and not celebrate anything?” He was right. Now we make time to mark the milestones. If we hit a revenue goal, we go out for a meal with the team or do an off-site. You have to enjoy the wins.

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  • Mukesh Ambani still richest in South Asia—here’s who follows

    Mukesh Ambani still richest in South Asia—here’s who follows

    As of 2025, Mukesh Ambani, chairman and managing director of Reliance Industries, continues to be the wealthiest person in India and South Asia, with a staggering net worth estimated at $118 billion. His diversified empire spans telecom (Jio), energy, petrochemicals, and retail, cementing his position as a global business magnate. But how does Ambani’s wealth compare to the wealthiest individuals in neighbouring South Asian countries like Pakistan, Nepal, Sri Lanka, and Bangladesh?

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  • SBP injects over Rs1tr liquidity

    SBP injects over Rs1tr liquidity

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    KARACHI:

    The State Bank of Pakistan (SBP) on Friday injected a total of Rs1.004 trillion into the banking system through dual open market operations (OMOs), using both conventional and Shariah-compliant instruments to manage liquidity.

    In the conventional reverse repo OMO, the SBP accepted Rs898 billion against bids of Rs1.098 trillion. This included Rs198 billion for the seven-day tenor at 11.04% and Rs700 billion for the 14-day tenor at 11.01% (partially allotted on a pro rata basis).

    Under the Shariah-compliant Mudarabah OMO, the central bank injected Rs106 billion, comprising Rs103 billion for the seven-day tenor and Rs3 billion for the 14-day tenor, both at a higher uniform rate of 11.13%.

    Furthermore, the Pakistani rupee continued its upward momentum against the US dollar, appreciating 0.03% in the inter-bank market. By the close of day’s trading, the local currency settled at 282.47, up nine paisa from Thursday’s close at 282.56.

    According to AKD Securities, the rupee strengthened for the third consecutive week against the greenback.

    Gold prices in Pakistan rose, mirroring gains in the international market, where US gold futures hit a record high amid uncertainty about whether country-specific US import tariffs would extend to the most commonly traded sizes of gold bars.

    Spot prices were little changed but remained on course for a weekly advance. In the domestic market, the price of gold per tola increased by Rs500 to settle at Rs362,700, according to the All Pakistan Sarafa Gems and Jewellers Association. The price of 10-gram gold rose by Rs428 to Rs310,956.

    The modest gain came a day after a sharp jump, when gold per tola surged by Rs2,900 on Thursday to close at Rs362,200, driven by strong safe-haven demand and a rally in global bullion prices.

    December US gold futures rose 1.1% to $3,491.30 per ounce as of 12:32 pm ET (1632 GMT) after hitting a record $3,534.10 earlier in the session, when the Financial Times first reported the news, according to Reuters.

    The spread between US gold futures and spot prices widened and stood at $91. Spot gold steadied at $3,399.91 per ounce, but was up 1% for the week.

    Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, according to a ruling on the US Customs and Border Protection service’s website, which would be a major blow to global supply chains for the metal.

    Some gold refineries, including a large Swiss entity, have paused deliveries of bullion to the US due to uncertainty over whether country-specific US import tariffs will apply to their metal, two sources familiar with the matter told Reuters.

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  • PSX closes in red as investors book profits

    PSX closes in red as investors book profits

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    KARACHI:

    The Pakistan Stock Exchange (PSX) ended Friday’s session on a weak note, with the KSE-100 index slipping over 260 points to close just below 145,400 as investors booked profits after a brief rally.

    The market opened on a positive note, climbing to intra-day high of 146,813 points on selective blue-chip buying, but momentum faded amid concerns over a swelling trade deficit, declining foreign exchange reserves and macroeconomic headwinds, prompting a late-session sell-off ahead of the weekend.

    Engro Holdings, Fauji Fertiliser Company (FFC), Oil and Gas Development Company (OGDC) and MCB Bank were among the top positive contributors, whereas Engro Fertilisers, Lucky Cement, Systems Limited, Mari Petroleum and Hubco dragged the index down.

    “Stocks closed under pressure amid profit-taking in overbought shares. Concerns remained over a $2.8 billion trade deficit for July, up 44% year-on-year (YoY),” said Ahsan Mehanti, MD of Arif Habib Corp.

    Foreign outflows, concerns over provincial tax collection shortfalls and the missed cash surplus target under IMF conditions as well as political noise were the catalysts for bearish close at the PSX, he added.

    At the end of trading, the benchmark KSE-100 index posted a decline of 264.34 points, or 0.18%, and settled at 145,382.80.

    “Continuing its momentum, the KSE-100 index opened on a positive note and touched the intra-day high of 1,166 points (up 0.8%),” Topline Securities noted in its market review. However, investors preferred to book gains before the weekend as the index declined to close at 145,383, down 0.18%.

    The top positive contribution to the index came from Engro Holdings, FFC, OGDC and MCB Bank as they cumulatively contributed 395 points. On the other hand, Engro Fertilisers, Lucky Cement, Systems Limited, Mari Petroleum and Hubco weighed the index down by 399 points, it said.

    Traded value-wise, OGDC (Rs5.44 billion), FFC (Rs4.68 billion), Pakistan Petroleum (Rs4.19 billion) and Pakistan State Oil (Rs3.57 billion) dominated the trading activity, Topline added.

    Arif Habib Limited (AHL) noted that the KSE-100 enjoyed another solid week, rising 3.08% to close above 145,000. On Friday, 38 shares gained while 62 declined, with Engro Holdings (+2.66%), FFC (+0.86%) and OGDC (+1.27%) driving the index higher, while Engro Fertilisers (-2.64%), Lucky Cement (-1.98%) and Systems Limited (-1.61%) were the biggest drags.

    It mentioned that remittances from overseas Pakistanis rose 7.4% YoY to $3.2 billion in July, though they fell 6% month-on-month (MoM). With August underway, equities enter a seasonally weak phase lasting through October.

    In MSCI’s latest review, Faysal Bank (-1.93%) was added to the MSCI Frontier Markets Standard Index, raising Pakistan’s weight to about 6.3% with 27 constituents. For the coming week, support for the KSE-100 index lies at 143,000-145,000, with resistance at 146,800-147,000; a break below support could align the index with its longer-term seasonal trend, AHL said.

    Muhammad Hasan Ather of JS Global commented that the KSE-100 index closed a volatile session down by 264 points at 145,383, despite rising earlier to 146,813 amid investor optimism.

    The gains were driven by selective buying, but the broader market remained under pressure due to falling foreign exchange reserves and a widening trade deficit. The central bank’s reserves declined for a third straight week, reflecting external debt repayments, he said.

    Going forward, persistent macroeconomic concerns may cap the upside potential, with investor focus likely to remain on currency stability and fiscal management signals, Ather added.

    Overall trading volumes were recorded at 548.1 million shares, compared with the previous day’s tally of 712.5 million. The value of shares traded during the day was Rs45.5 billion.

    Shares of 482 companies were traded. Of these, 151 stocks closed higher, 296 fell and 35 remained unchanged.

    Pakistan Petroleum was the volume leader with trading in 21.97 million shares, losing Rs1.51 to close at Rs188.23. It was followed by The Bank of Punjab with 21.3 million shares, losing Rs0.23 to close at Rs13.92 and Loads Limited with 20.6 million shares, gaining Rs0.73 to close at Rs16.58. Foreign investors bought shares worth a net Rs33.5 million, the National Clearing Company reported.

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  • Rocket Lab on “green light” schedule to make first Neutron launch in 2025

    Rocket Lab on “green light” schedule to make first Neutron launch in 2025

    WASHINGTON — Rocket Lab continues to push for a first launch of its Neutron rocket before the end of the year, but company executives acknowledge that schedule has no margin for error.

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    Jeff Foust writes about space policy, commercial space, and related topics for SpaceNews. He earned a Ph.D. in planetary sciences from the Massachusetts Institute of Technology and a bachelor’s degree with honors in geophysics and planetary science… More by Jeff Foust


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  • Generative Artificial Intelligence for Compliance Risk Analysis: Applications in Tax and Customs Administration – International Monetary Fund

    1. Generative Artificial Intelligence for Compliance Risk Analysis: Applications in Tax and Customs Administration  International Monetary Fund
    2. Taxpayers cannot risk automation without clear rules of the road  The Hill
    3. Taxing Intelligence: AI’s Role in Modern Tax Administration  Skadden, Arps, Slate, Meagher & Flom LLP
    4. The AI Tax Revolution: How Consumer Fintech is Reshaping the Tax-Preparation Landscape  AInvest
    5. AI in tax: trust, governance and the rise of digital specialists  International Tax Review

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  • China’s July consumer prices flat, factory-gate prices miss forecast

    China’s July consumer prices flat, factory-gate prices miss forecast

    Chinese women dressed in traditional style clothing, or Hanfu, and other shoppers walk in a popular shopping area on November 8, 2024 in Beijing, China.

    Kevin Frayer | Getty Images News | Getty Images

    China’s consumer prices were unchanged in July, while producer prices fell more than expected, underscoring the impact of sluggish domestic demand and persistent trade uncertainty on consumer and business sentiment.

    Factory-gate prices have been declining for more than two years, and Saturday’s data suggest early-stage efforts to tackle price competition have yet to yield results.

    Deflationary pressures have prompted Chinese authorities to address overcapacity in key industries. However, the latest round of industrial restructuring appears to be a pared-down version of the sweeping supply-side reforms launched a decade ago that were pivotal in ending a deflationary spiral.

    The consumer price index was flat year-on-year in July, compared with a 0.1% rise in June, National Bureau of Statistics data showed on Saturday, beating a Reuters poll forecast of a 0.1% slide.

    Food prices fell 1.6%, following a 0.3% decline in June.

    Extreme weather added to the economic strain, with sweltering heat gripping much of China’s eastern seaboard last month and heavier-than-usual downpours lashing the country with the East Asian monsoon stalling over its north and south.

    On a monthly basis, the CPI edged up 0.4%, against a 0.1% drop in June and exceeding forecasts for a 0.3% rise.

    Core inflation, which excludes volatile food and fuel prices, was 0.8% in July from a year earlier, quickening from June’s 0.7%.

    A prolonged housing downturn and a fragile trade truce with the U.S. are weighing on consumer spending and factory activity.

    Policymakers are prioritising efforts to curb what they view as disorderly competition in the auto and other key industries, rather than rolling out immediate stimulus measures, but analysts see limited potential for the campaign to significantly boost final demand.

    The producer price index (PPI) fell 3.6% year on year in July, missing economists’ forecast of a 3.3% slide. It fell 3.6% in June too, which was the lowest since July 2023.

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