Category: 3. Business

  • Journal of Medical Internet Research

    Journal of Medical Internet Research

    Key Takeaways

    • UnitedXR Europe 2025 highlighted that health care extended reality (XR) is no longer constrained by technical capability but by alignment between industry, academic evidence, and clinical governance.
    • Persistent gaps remain between how success, risk, and readiness are defined by developers, researchers, and health care professionals.
    • Formats that enable direct cross-stakeholder dialogue may be as critical as technological advances for translating XR potential into routine clinical practice.

    Extended reality (XR) is not new to health care, but over the past decade, its use has become more widespread in medical training, rehabilitation, pain management, and mental health care, supported by a growing body of evidence [-]. Despite clear gains in technical maturity, the adoption of XR in health care remains uneven. Immersive tools are increasingly capable, yet their integration into routine clinical practice appears to depend less on technical performance than on organizational readiness, governance, and professional acceptance—a pattern well described in implementation research [,].

    UnitedXR Europe 2025 offered a concentrated view of this tension and an effort to resolve it. The event marked the first joint edition of two historically distinct strands of the European XR ecosystem. Stereopsia—anchored in Brussels since 2009—has long served as a meeting point for immersive research, cultural production, and policy dialogue. In parallel, the Augmented World Expo evolved into a global, industry-led platform focused on enterprise deployment and market scale.

    Their integration under UnitedXR Europe has brought these traditions into direct contact, highlighting gaps and areas of convergence, as well as creating a shared space for dialogue between industry, academia, health care, and policy actors.

    UnitedXR Europe 2025 brought together more than 125 exhibitors across 14 parallel tracks, including a dedicated Healthcare, Pharma, & Wellbeing track. Across the event’s agenda, health care XR appeared to be entering an infrastructure phase, positioned not as a peripheral demonstration but as a maturing vertical confronted with questions of scale, integration, and long-term sustainability.

    Beyond formal sessions, interaction extended into curated environments, such as the European Market for Immersive Creativity and business-to-business matchmaking between developers, researchers, and institutional actors. Roundtables, workshops, start-up pitch competitions, and the European XR Awards Gala reinforced the event’s dual role as a space for exchange and an indicator of technical maturity.

    This shift was visible on the expo floor, where novelty gave way to utility. Across the XR ecosystem, major headset vendors relied on real-world implementation partners to demonstrate use cases rather than on product-centric stands, with a dedicated demonstration pavilion hosted by the International Virtual Reality Healthcare Association. Within this context, hands-on demonstrations, such as those by VirtualiSurg [], illustrated how VR is being embedded into established training pathways, particularly when combined with modular haptic systems, such as those provided by SenseGlove [].

    The scientific program reflected a similar maturation. As noted by Oliver Schreer, PhD, track chair, submissions increased from barely a dozen in previous editions to over 45 this year, accompanied by a clear shift toward more application-oriented research.

    Moving between tracks revealed a persistent asymmetry. Enterprise discussions were supported by a settled language of scaling, procurement, and return on investment. Health care discussions, by contrast, were anchored in regulation, safety, and professional accountability. Side by side, these perspectives exposed a central tension: while the XR industry largely seems prepared to scale, health care systems are still negotiating why, and under what conditions, that scale should occur.

    What emerged from these observations was a coordination problem. The remaining barriers to health care XR adoption lie less in hardware or software performance than in the absence of shared decision-making structures.

    This gap surfaced repeatedly in discussions about adoption criteria. In one interactive panel within the health care track, participants were asked to rank factors that guided XR implementation. Priorities clearly diverged, with safety treated as a nonnegotiable baseline by some and as one consideration among many by others. The exchange was brief but revealing, with high audience participation.

    Audience engagement during an interactive panel session. Faces have been blurred to protect participant privacy. Photograph credit: Sonya Seddarasan, track chair for Healthcare, Pharma, & Wellbeing at UnitedXR Europe 2025.

    What this exchange made visible was that XR initiatives often stall not because immersive systems fail to perform but because organizations lack an agreed framework for guiding early-stage decisions about readiness for clinical use. A recurring takeaway from the session was the growing consensus that health care XR must move beyond repeated proofs of concept. Without a shared way to assess safety, credibility, and contextual fit before implementation begins, pilots tend to accumulate without a clear pathway toward sustained, real-world integration.

    Points of agreement and divergence became most visible during interactive panel sessions. For example, open discussion forced participants to make their criteria explicit and revealed how differently evidence, risk, and readiness were understood across institutional and professional contexts.

    The organizers appeared attentive to this dynamic. Sonya Haskins—Augmented World Expo’s head of programming—noted that future editions may place greater emphasis on roundtable formats intended to support cross-disciplinary negotiation. Alexandra Gérard—codirector of UnitedXR Europe—similarly pointed out the need to broaden participation within the health care track, including participation by patients and frontline practitioners with direct insight into care delivery.

    For health care XR, where adoption depends on trust and legitimacy as much as it does on performance metrics, creating conditions for this kind of dialogue may be as consequential as any technical advance.

    Health care discussions at UnitedXR Europe reflected a growing recognition that immersive technologies carry a different kind of responsibility than that of most digital health tools. XR was framed not merely as a delivery medium but as a technology that directly shapes perception, attention, and embodied experience—a distinction that is well established in prior experimental and neuroscientific work [,,].

    This concern surfaced most clearly in informal exchanges. Sonya Haskins described XR creation as “hacking the brain,” using the phrase as a metaphor to underscore why immersive systems cannot be treated as neutral software development. When technologies act directly on perception and experience, questions of intent, safety, and oversight move rapidly to the foreground.

    Policy frameworks are beginning to respond, albeit unevenly. The event coincided with the launch of the European Partnership for Virtual Worlds, which explicitly identifies health care as a strategic domain []. This marks progress when compared with earlier global digital health strategies, including those of the World Health Organization, where immersive technologies remain largely unnamed despite their growing use in practice [,].

    Terminology remains a point of friction. As several clinicians noted, framing clinical XR under the umbrella of “virtual worlds” sits uneasily with health care practice. Recent European policy work differentiates professional and health care uses of immersive technologies from consumer-oriented virtual worlds, emphasizing that clinical applications are bounded; task specific; and subject to heightened safety, ethical, and governance requirements []. In this sense, UnitedXR functioned as a translation layer, highlighting where policy language must be refined to align with the risk-aware logic of patient care.

    UnitedXR Europe 2025 made clear that health care XR has moved beyond the phase of technical proof. What remains unresolved is not what the technology can do but how it is integrated into the social, ethical, and organizational fabric of health care. From my perspective as a clinician-researcher involved in real-world XR deployment, these tensions are familiar from practice and, importantly, addressable.

    The challenge ahead is one of alignment; synchronizing industrial velocity with clinical deliberation; and narrowing the vocabulary gap between policymakers, developers, and practitioners.

    As this event demonstrated, that work rarely happens through polished presentations alone. It happens in shared spaces where assumptions are tested, priorities collide, and the real conditions for responsible adoption begin to take shape.

    None declared.

    © JMIR Publications. Originally published in the Journal of Medical Internet Research (https://www.jmir.org), 21.Jan.2026.

    Continue Reading

  • Boehringer Ingelheim Launches Phase 2 Trial of IL-11 Antibody for IPF Treatment

    Boehringer Ingelheim Launches Phase 2 Trial of IL-11 Antibody for IPF Treatment

    A new clinical trial (NCT07036523) evaluating a novel monoclonal antibody to treat patients with idiopathic pulmonary fibrosis (IPF), conducted by Boehringer-Ingelheim, a biopharmaceutical company and investor in research and development, began recruiting participants in Germany.1,2

    The drug BI 765423 signifies another step forward in Boehringer-Ingelheim’s goal to advance innovative care for those living with IPF.1 Despite numerous standard therapies that may help slow the progression of the disease, there still remains an unmet need to stop disease progression and reverse lung tissue damage completely. Prior research and ongoing clinical trials suggest a potential breakthrough in stopping the progression of the disease with experimental, targeted, oral therapies.3 BI 765423 targets pleiotropic cytokine IL-11 inhibition—a key biomarker and mediator of fibrosis.1

    “With BI 765423, we aim to go beyond slowing disease and to pursue next-generation therapies that could restore lung functionality for people living with IPF,” Vittoria Zinzalla, global head of Experimental Medicine at Boehringer Ingelheim, said in a press release.

    BI 765423 is designed to bind directly to IL-11, thus interrupting the signaling pathways that cause fibrosis. Prior preclinical studies have shown that inhibiting IL-11 can halt fibrosis and restore barrier function.1 Another phase 2a clinical trial demonstrated reduced type 2 (IL-4 and IL-13) and type 3-associated cytokines (IL-17a and IL-22) when targeting invariant natural killer T cells (iNKT) in patients with IPF. Thus, supporting Boehringer-Ingelheim’s objective to target profibrotic cytokines, which may reduce fibrosis and lung tissue damage in patients with IPF while restoring lung functionality.

    In phase 1 of the biopharmaceutical company’s clinical trial, BI 765432 demonstrated favorable safety and tolerability in participants. Phase 2 of the clinical trial aims to evaluate the efficacy of the drug.

    The double-blind, randomized, placebo-controlled, parallel-group study is open to adults with IPF aged 40 or older of either sex. Participants must have a forced vital capacity greater than or equal to 45% and fibrosis of 20% or more confirmed by a high-resolution computed tomography. Patients must also have a hemoglobin-corrected diffusing capacity of the lungs for carbon monoxide (DLCO) of 20% or greater.

    Participants will be randomized 1:1 to receive BI-765432 or a placebo, administered intravenously every 4 weeks for 8-10 months. During the study, participants can continue their regular treatment for IPF and frequently visit the study site for screenings, treatment, and follow-up.2

    Some of the outcomes expected to be measured include absolute change in FVC, DLCO, oxygen saturation, distance walked during a 6-minute walk test, and log10-transformed SPD plasma concentration from baseline to 12 weeks.

    There are currently 71 participants enrolled in the clinical trial. The study is expected to be completed in September 2027. Of the 50 study locations, 6 sites have begun recruiting participants: Chesterfield, Missouri; Franklin, Tennessee; Chermside, Queensland, Australia; Hanover, Germany; Fukuim Yoshida-gun, Japan; and Busan, South Korea.

    Although Boehringer Ingelheim is evaluating the safety and efficacy of BI 765423, the company acquired the drug from Enleofen to continue its development and maintain control. The drug’s intellectual property—including patents, data, and know-how—was in-licensed by Enleofen from Singapore Health Services and the National University of Singapore.1

    “Our aim is to transform the lives of patients and their families by demonstrating the potential of this first-in-class IL-11 inhibitor to deliver clear benefits for patients, backed by compelling evidence and delivered at speed,” Zinzalla said.

    References:

    1. Boehringer Ingelheim advances potential first-in-class IL-11 inhibitor to phase II clinical research in idiopathic pulmonary fibrosis. News release. Boehringer-Ingelheim. January 13, 2026. Accessed January 20, 2026. https://www.boehringer-ingelheim.com/science-innovation/human-health-innovation/new-trial-explores-advancements-ipf-treatment

    2. A study to find out whether BI 765423 has an effect on lung function in people with idiopathic pulmonary fibrosis (IPF) with or without standard treatment. Clinicaltrials.gov. January 6, 2026. Accessed January 20, 2026. https://clinicaltrials.gov/study/NCT07036523?a=11#contacts-and-locations

    3. McCrear S. Phase 2a trial shows Gri-0621 improves biomarkers and lung repair in IPF. AJMC. January 20, 2026. Accessed January 20, 2026. https://www.ajmc.com/view/phase-2a-trial-shows-gri-0621-improves-biomarkers-and-lung-repair-in-ipf

    4. Gri Bio announces additional positive data from phase 2A study in idiopathic pulmonary fibrosis, strengthening clinical proof-of-concept for GRI-0621. News release. GRIbio. January 8, 2026. Accessed January 20, 2026. https://gribio.com/gri-bio-announces-additional-positive-data-from-phase-2a-study-in-idiopathic-pulmonary-fibrosis-strengthening-clinical-proof-of-concept-for-gri-0621

    Continue Reading

  • Gen Xers the new baby boomers: analysis identifies Australia’s richest landholders by generation | Housing

    Gen Xers the new baby boomers: analysis identifies Australia’s richest landholders by generation | Housing

    Gen X households now hold the most property wealth of any generation, as baby boomers downsize their homes and move more of their money into cash and retirement accounts.

    Once known as the “slacker generation”, those born between 1965 and 1980 are mostly now aged over 50 years and have enjoyed years of inflated home prices.

    Gen X households average $1.455m in wealth from dwellings and land, according to an analysis of ABS and census data by KPMG.

    Sign up: AU Breaking News email

    This compared to $1.36m in average property wealth among boomers – who remain the wealthiest overall, due to their super holdings and relative lack of debts.

    Terry Rawnsley, an urban economist at KPMG, said the figures showed a generational “passing of the baton” when it came to property riches, which remains a “cornerstone” of Australians’ wealth.

    In contrast, household property wealth among millennials – aged between 29 and 44 – was $890,000 on average, the analysis shows, reflecting lower rates of home ownership among this generation.

    Table

    But with housing more unaffordable than ever, home ownership among younger households has dropped sharply and risks a major rise in intergenerational inequity, Rawnsley said.

    By age bracket, households of those aged between 25 and 34 had $575,000 in property wealth on average – although this is offset by an average $346,000 in debt.

    Rawnsley said while home ownership rates among older generations hovered about 80%, only around half of households in this younger cohort owned homes.

    “The median house price at almost $1m across the country, so with that 50% home ownership rate you get to $500,000 in property wealth pretty easily”.

    Table

    It was the remaining half of younger households who risk being left behind by the time they are in their 40s and 50s if they are unable to get on to the property ladder.

    “If you miss out on that property purchase when you are in your 20s or 30s, the impact of that on your wealth will carry on for the next 30-40 years,” Rawnsley said.

    With only slightly more than one in 10 homes for sale affordable for the average first home buyer, according to KPMG research, the pressure on younger Australians to make the right decisions was growing.

    “There are a lot more difficult questions being asked of a 25-year-old today than there were 10, 20 or 40 years ago,” Rawnsley said.

    “Being a ‘forever renter’ is not just about a lifestyle choice, it can be about locking in generational disadvantage – and not just for you, but for your kids as well, given the growing role of the bank of mum and dad.”

    There has been strong criticism of the government’s first home buyer scheme on the basis it simply adds to demand, and therefore prices.

    But Rawnsley’s “contrarian” view was that paying what he judged as 1-2% more for a home because of such schemes was worth it.

    “If someone can save five years of rent in Sydney and get into the property market five years earlier, then that means a lot of people who can’t rely on the bank of mum and dad will ultimately be better off.”

    Continue Reading

  • CrowdStrike Endpoint Security Delivers 273% ROI in Forrester Study

    CrowdStrike Endpoint Security Delivers 273% ROI in Forrester Study

    Total Economic Impact study quantifies the ROI organizations achieve by modernizing endpoint security with CrowdStrike

    AUSTIN, Texas – January 21, 2026 – CrowdStrike (NASDAQ: CRWD) today announced the findings of a commissioned Total Economic Impact™ (TEI) study, conducted by Forrester Consulting on behalf of CrowdStrike. The study found that a composite organization representative of interviewed customers that replaced legacy endpoint security with CrowdStrike achieved a 273% return on investment (ROI) by reducing breach risk and simplifying security operations, with a payback period of under six months, and $5 million in total quantified benefits over three years.

    “The endpoint is a primary risk and productivity point in today’s enterprise, but many organizations are still relying on legacy endpoint security built for a different threat era,” said Elia Zaitsev, chief technology officer at CrowdStrike. “Our Forrester study shows that modern endpoint security isn’t just more effective, it’s more economically rational. Replacing legacy endpoint approaches with CrowdStrike reduces breach risk, simplifies operations, and delivers measurable ROI that makes the decision to modernize clear.”

    Endpoint Security Modernization Drives Measurable Outcomes

    Key findings from the Forrester TEI study include clear economic and operational value tied directly to endpoint consolidation and modernization, including: 

    • Economic Value from Endpoint Modernization: CrowdStrike Endpoint Security delivered $5 million in total benefits over three years, driven by lower technology and labor costs, simplified security operations, and faster deployment across new environments and acquisitions.
    • Stopping Breaches at the Endpoint: Interviewed organizations reported a significant reduction in endpoint-related breach risk, with Forrester quantifying $1.7 million in avoided breach-related costs over three years for a representative organization based on four interviewed customers.
    • Improved Analyst Experience – by Design: By deploying a single, lightweight endpoint sensor, organizations reduced endpoint security management labor by 95% and significantly reduced alert noise and false positives, allowing analysts to focus on real threats and accelerate investigations without adding headcount.
    • Built for Consolidation and Scale: The study notes that Falcon’s cloud-native, single-sensor architecture enables organizations to expand protection across identity, next-gen SIEM, cloud security, and additional modules without new deployments or operational disruption.


    Customer interviews:

    “[Our legacy provider] was very hard to manage and we wanted to go to something simpler. Then we looked at CrowdStrike, did the proof of concept, we liked it, and we decided to go all in. We have their Endpoint product, Identity product, and then some of the other SIEM solutions as well.” – Enterprise Security Manager, Oil & Gas 

    “I was pleasantly surprised by how, from just that single agent deployment, we were able to expand past EDR with little to no effort and there weren’t additional deployments.”  – Director of Cyber Defense, Healthcare

    “The visibility that we get in CrowdStrike is second to none. Being able to query and do those types of investigations across your enterprise at a moment’s notice in five minutes is just really handy.” – CISO, Retail

    To learn more about the Total Economic Impact™ study and CrowdStrike Endpoint Security, visit our website and read our blog.

    About CrowdStrike

    CrowdStrike (NASDAQ: CRWD), a global cybersecurity leader, has redefined modern security with the world’s most advanced cloud-native platform for protecting critical areas of enterprise risk – endpoints and cloud workloads, identity and data.

    Powered by the CrowdStrike Security Cloud and world-class AI, the CrowdStrike Falcon® platform leverages real-time indicators of attack, threat intelligence, evolving adversary tradecraft, and enriched telemetry from across the enterprise to deliver hyper-accurate detections, automated protection and remediation, elite threat hunting, and prioritized observability of vulnerabilities.

    Purpose-built in the cloud with a single lightweight-agent architecture, the Falcon platform delivers rapid and scalable deployment, superior protection and performance, reduced complexity, and immediate time-to-value.

    CrowdStrike: We stop breaches.

    Learn more: https://www.crowdstrike.com/

    Follow us: Blog | X | LinkedIn | Instagram

    Start a free trial today: https://www.crowdstrike.com/trial

    © 2026 CrowdStrike, Inc. All rights reserved. CrowdStrike and CrowdStrike Falcon are marks owned by CrowdStrike, Inc. and are registered in the United States and other countries. CrowdStrike owns other trademarks and service marks and may use the brands of third parties to identify their products and services.

    Media Contact

    Jake Schuster

    CrowdStrike Corporate Communications

    press@crowdstrike.com



    Continue Reading

  • Next buyout saves footwear brand Russell & Bromley but 400 jobs likely to be lost | Next

    Next buyout saves footwear brand Russell & Bromley but 400 jobs likely to be lost | Next

    Next has rescued the footwear retailer Russell & Bromley out of administration for £3.8m but about 400 jobs are likely to go at 33 shops not included in the deal.

    The British brand, founded in 1879 in Eastbourne, East Sussex, trades from 36 stores and nine concessions across the UK and Ireland. Next will take on only three stores – in Chelsea, Mayfair and the Bluewater shopping centre – and about 48 store staff, it is understood.

    The rescue deal, which includes Russell & Bromley’s brand and other assets including £1.3m of stock, is the latest brand acquisition for Next. The British fashion and homeware retailer now controls a swathe of labels from FatFace, Joules and Made.com to the UK distribution of Gap and Victoria’s Secret.

    Next said in a statement: “This acquisition secures the future of a much-loved British footwear brand. Next intends to build on this legacy and provide the operational stability and expertise to support Russell & Bromley’s next chapter, allowing it to return to its core mission, the design and curation of world-class, premium footwear and accessories, for many years to come.”

    Andrew Bromley, the chief executive of Russell & Bromley, which until now has been a family-owned business, said: “Following a strategic review with external advisers, we have taken the difficult decision to sell the Russell & Bromley brand. This is the best route to secure the future for the brand and we would like to thank our staff, suppliers, partners and customers for their support throughout our history.”

    Will Wright, the head of Interpath, which is acting as administrator to Russell & Bromley, said the 33 stores and nine concessions not included in the deal would remain open and continue to trade while the joint administrators continue to assess options for them.

    He said: “Across its 147-year history, Russell & Bromley has been at the forefront of contemporary style. We’re pleased therefore to have concluded this transaction, which will preserve the brand and the commitment to quality craftsmanship that it has become so well known for.

    “Our intention is to continue to trade the remaining portfolio of stores for as long as we can while we explore the options available.”

    Continue Reading

  • Start of the Circular economy: Zwickau vehicle plant launches business areas

    Start of the Circular economy: Zwickau vehicle plant launches business areas

    Andreas Walingen, Head of Group Circular Economy: “The circular economy will become increasingly important for Volkswagen AG in the coming years. It addresses key challenges facing the automotive industry: raw material resilience, decarbonisation, economic efficiency and employment. Specifically, we are pursuing the goal of reusing raw materials for the construction of new vehicles. This will make Volkswagen less dependent on the global raw materials trade, reduce the CO2 footprint of its vehicles and create new business models. The circular economy promotes technological and digital innovation and secures jobs at the site and value creation in Germany. That is the mission of the Zwickau vehicle plant. Here, we define, test and review all the necessary processes and standards. In the medium term, we will need a CE value creation network with additional locations and partnerships throughout Europe in order to scale the circular economy successfully in economic terms.

    To get started with the circular economy, up to 90 million euros will be invested in conversion work, technical equipment and AI applications at the site over the next few years. This year, 500 pre-series vehicles (test vehicles) are already being processed. From 2027, the number of vehicles will increase. A modular dismantling concept will allow capacity to be gradually increased to 15,000 vehicles per year by 2030.

    Danny Auerswald, spokesperson for the management board of Volkswagen Saxony: “Volkswagen Saxony is once again taking on a pioneering role. We were the first plant to switch completely to e-mobility. Now we are tapping into the important business area of the circular economy. With our experience in large-scale production and the excellent university landscape in Saxony, we will examine these new business areas for the Group, present them in an economically viable manner and expand them.”

    Dirk Panter, Minister for Economic Affairs in the Free State of Saxony: “With the recycling topic here in Zwickau, we are breaking new ground for VW as a whole. The plant in Mosel is thus taking on an important function and pioneering role within the Group. Saxony can once again prove that it has solutions for the future of the automotive industry. The new project highlights the responsible use of existing resources and also offers new prospects for employees in Mosel. The diversification of the Zwickau location thus strengthens the future viability of this Saxon automotive region.”

    The circular economy will play a greater role in future apprenticeships and university courses. In close cooperation with the Volkswagen Education Institute and the West Saxon University of Applied Sciences, existing career paths and courses of study will be supplemented with content on the circular economy. The Zwickau site will thus also take on the training and further education of employees at future locations.

    The move into the circular economy was agreed for the Zwickau site during collective bargaining negotiations in December 2024. In addition to vehicle production, this business area is a second pillar for securing sustainable employment and building expertise in the Central Germany region.

    Continue Reading

  • It’s showdown time for the Fed’s independence at the Supreme Court : NPR

    It’s showdown time for the Fed’s independence at the Supreme Court : NPR

    Fed Chair Jerome Powell speaks with Lisa Cook, a member of the Board of Governors of the Federal Reserve, during a meeting in Washington on June 25. President Trump’s desire to fire Cook for cause is at the center of Wednesday’s Supreme Court argument — an argument that could have major consequences for financial markets and the broader economy.

    Saul Loeb/AFP via Getty Images


    hide caption

    toggle caption

    Saul Loeb/AFP via Getty Images

    The U.S. Supreme Court hears arguments Wednesday in a case that has Wall Street and the financial markets in a near panic.

    At issue are President Trump’s efforts to break with 112 years of law and precedent by firing Lisa Cook, a member of the Federal Reserve’s governing board appointed by President Biden. 

    Cook’s case is not unique, as evidenced by the recent blow up between Trump and Jerome Powell, who was appointed Fed chair in 2018 by Trump himself.

    Powell, known for a cool head and a quiet demeanor, has consistently avoided direct confrontations with Trump, even as the president’s personal displeasure with the Fed chair escalated from behind the scenes pressure to public bashing.

    As Trump put it on CNBC in speaking of Powell last week, “Either he’s incompetent or he’s crooked.”

    Trump v. Powell

    The Trump administration hit the Fed with grand jury subpoenas on Jan. 9 initiating a criminal investigation into Powell for his testimony before the Senate Banking Committee last June. That testimony dealt with cost overruns at two Federal Reserve buildings being renovated for the first time since the 1930s.

    The normally reticent Powell finally blew.

    “This new threat is not about my testimony last June or about the renovation of federal reserve buildings. Those are pretexts,” Powell said in a video posted on social media. “The threat of criminal charges is a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public rather than following the preferences of the president.”

    Congress established the Federal Reserve board in 1913 after a series of financial panics in the late 1800s. In an effort to stabilize the economy, the legislative branch sought to shield monetary policy from political manipulation by establishing limited terms for Fed governors and barring them from being fired, except for malfeasance in office.

    Daniel Tarullo, a Harvard law professor and former Fed governor, observes that presidents of both parties always want interest rates to go down, particularly in election years, but he says that inevitably destabilizes the economy.

    “When those long-term rates start to go up because of fears of inflation down the road, what gets affected?” he asks. “Mortgages and business investment.”

    The issue before the court

    That said, the actual legal issue before the court Wednesday is, at least superficially, quite narrow. Trump’s lawyers will tell the Supreme Court that he is not asking for a free pass to fire Cook. He is firing her for cause; namely, the administration claims that Cook falsified documents to obtain loans on two different properties she listed as her primary residences. Her lawyers say she listed one of the properties as a vacation home. The accusations against her were lodged initially by Bill Pulte, Trump’s head of the Federal Housing Finance Agency.

    Cook, for her part, denies any wrongdoing whatsoever. Her lawyers in their Supreme Court papers contend that Cook’s mortgage applications were “cherry-picked” by Pulte to make it appear that perfectly legal mortgage applications were somehow nefarious. And to underline the point, her lawyers point to recent reporting that four of Trump’s Cabinet members, plus his deputy attorney general, and even Pulte’s own relatives have recently made applications for multiple mortgages similar to Cook’s, without any suggestion of wrongdoing.

    But the Trump administration argues that once the president has determined he has cause to fire a Fed board member, that decision is not reviewable by any court. That’s a big caveat that essentially hands the president unrestricted power to fire members of the Fed and replace them with his personal picks.

    That is as it should be, argues Jacob Huebert, senior litigation counsel at the conservative New Civil Liberties Alliance.
    Because Article II of the U.S. Constitution vests all executive power in the president, Huebert explains, the president “has to be able to remove people who he doesn’t want to work with. Otherwise he’s being forced to share executive power with someone he doesn’t want to share it with.”

    Plus, he adds, just because “we’ve had a Federal Reserve that functions as it does now for a long time doesn’t mean we need to have it forever.”

    Experts warn Fed’s independence is in peril

    Economists of varying political stripes see the situation as far more dire. With the exception of Powell, every living Federal Reserve board chair, plus Treasury secretaries, and prominent economists from both parties have signed on to Supreme Court briefs urging the justices not to tinker with the Fed’s independence.

    Top business leaders like Jamie Dimon, CEO and chairman of JPMorganChase, warned last week that interference with the Fed “will have reverse consequences,” likely raising inflation and increasing borrowing rates over time.

    Just what the Supreme Court will do is unclear. In other cases last year, the court’s conservative majority allowed Trump to remove other agency leaders, at least temporarily overriding federal laws that had protected term-limited agency heads from firing.

    But at the same time, the court’s conservatives, in one cryptic passage of an emergency docket opinion, said that the Fed is different because it is a “uniquely structured, quasi-private entity that follows in the distinct historical tradition of the First and Second Banks of the United States.” Indeed, the first Congress created the first bank in 1791, and the second was created in 1816.

    Should Trump prevail, however, he almost certainly would seek to replace not just Cook, but other Fed governors. Powell’s term as Fed chair expires this spring, but he has two more years on his term as a Fed governor. Unless Trump is able to remove sitting governors, he will not have a majority of his own appointees on the board during the remainder of his presidency.

    Noteworthy is that making the case against Trump and for Cook, and indirectly the Fed, will be Paul Clement, who served as solicitor general for President George W. Bush. Additionally, Chair Powell is expected to be in the Supreme Court chamber when the case is argued.

    Continue Reading

  • Rolls-Royce strengthens defence capabilities: 350 mtu engines for Boxer wheeled armoured vehicles

    Rolls-Royce strengthens defence capabilities: 350 mtu engines for Boxer wheeled armoured vehicles

    The Boxer armoured transport vehicle and the mtu Series 199 have been a joint success story for years. Further orders were added in 2025, bringing the total number of 8V199 engines to around 400 in 2025. The modular vehicle consists of an eight-wheeled drive module onto which mission modules are mounted depending on the intended use. This has resulted in a large number of variants for European and non-European armies in a short period of time. What they all have in common is the drive: all of the more than 2,000 Boxer vehicles ordered or already delivered and their derivatives are powered by mtu 8V199 engines.

    With over 4,500 engines delivered, the mtu 199 series is the world’s most successful programme in its performance class for military land vehicles used by the armies of NATO members and allied states. It stands for high-performance engines with low space requirements and high power density, which can be used to power new weapon systems and to re-engine existing vehicle fleets with high efficiency.

    Building on this concept, Rolls-Royce is expanding the 199 series into a larger family to meet the increasing performance requirements of the troops and the limited budgets of the armies. Rolls-Royce recently announced performance upgrades of the existing variants of the mtu Series 199 and the development of a 10-cylinder variant with up to 1,100 kW and a 12-cylinder variant with over 1,300 kW of power.


    Continue Reading

  • Scott Bessent ‘not concerned’ by sell-off: Denmark is irrelevant

    Scott Bessent ‘not concerned’ by sell-off: Denmark is irrelevant

    “Denmark’s investment in U.S. Treasury bonds, like Denmark itself, is irrelevant,” U.S. Treasury Secretary Scott Bessent told reporters at Davos on Wednesday.

    The “sell America” trade was in full swing Tuesday after President Donald Trump and European leaders escalated tensions over Greenland. U.S. stocks and bond prices tumbled, sending yields spiking.

    It comes as Trump’s threats to impose 10% tariffs on eight European countries as part of his push to take over Greenland spooked markets. The levies would come into force on Feb. 1, Trump said, and later rise to 25%.

    Europe’s holdings in U.S. treasuries, however, have been tipped as a potential countermeasure.

    Danish pension operator AkademikerPension said Tuesday it was selling $100 million in U.S. Treasurys. The decision was driven by “poor [U.S.] government finances,” said Anders Schelde, AkademikerPension’s investing chief.

    When Bessent was asked how concerned he is about European investors pulling out of treasuries, Bessent said at a press conference at the World Economic Forum: “Denmark’s investment in U.S. Treasury bonds, like Denmark itself, is irrelevant.”

    “That is less than $100 million. They’ve been selling Treasuries for years, I’m not concerned at all.”

    Bessent added that the U.S. has had “record foreign investment” in its Treasurys.

    He suggested that the Japanese bond sell-off following the announcement of a snap election in the island state, has “spilled over to other markets.”

    The “notion that Europeans would be selling U.S. assets came from a single analyst at Deutsche Bank,” Bessent said, which was then amplified by “the fake news media.”

    “The CEO of Deutsche Bank called to say that Deutsche Bank does not stand by that analyst report,” he added. CNBC has reached out to Deutsche Bank for comment.

    Deutsche Bank says Europe has one big advantage as Trump threatens tariffs over Greenland

    The U.S. has deemed Greenland a national security concern as the Arctic warms and new trade routes emerge, opening the floor for a potential power play between the U.S., Russia and China. The Trump Administration has said it wants to avoid that conflict.

    “We are asking our allies to understand that Greenland needs to be part of the United States,” Bessent told reporters.

    He added that U.S. bought the U.S. Virgin Islands from Denmark during the First World War because they “understood” the islands’ importance.

    Follow CNBC International on Twitter and Facebook. 


    Continue Reading

  • UK inflation December 2025

    UK inflation December 2025

    A shopper browses fruit and vegetables for sale at an indoor market in Sheffield, UK. The OECD recently predicted that the UK will experience the highest inflation among all advanced economies this year.

    Bloomberg | Bloomberg | Getty Images

    The U.K. inflation rate rose to 3.4% in December, above forecasts of 3.3% from economists polled by Reuters.

    The inflation rate had cooled sharply to 3.2% in the twelve months of November, with the data encouraging the Bank of England to cut interest rates at its final meeting of the year last month.

    Core inflation, excluding energy, food, alcohol, and tobacco, stood at 3.2% in December, unchanged from November, according to the latest figures from the Office for National Statistics.

    The figures, coming after employment data on Monday which showed further cooling in the labor market, raise doubts over whether the BOE will proceed with its expected February rate cut.

    “We expect the Bank of England to remain on hold for at least the next couple of meetings,” Matthew Ryan, head of Market Strategy at Ebury, commented Monday.

    “The hawks on the committee have long emphasised upside risks to U.K. inflation, but these arguments are losing steam amid the deteriorating employment picture and the moderation in wage pressures,” he noted.

    This is a breaking news story, please check for further updates.

    Continue Reading