Category: 3. Business

Vietnam ranks third in ASEAN for AI readiness but still faces gaps in data, infrastructure, and talent. What should ACCA do to help countries like Vietnam keep pace with AI and avoid the AI matrix trap?

ACCA’s global president Ayla Majid

Vietnam is a rapidly growing country that holds significant importance from a global perspective. With its impressive growth rate of around 8 per cent, now moving towards double digits, and its strong adoption of AI, Vietnam is clearly ahead of many nations in the region.

However, when adopting any form of technology, it is essential to ensure that the human element remains central. While AI continues to advance and brings undeniable benefits, enhancing reliability, efficiency, and saving time for professionals, it cannot replace human judgment. Human scepticism, ethical standards, and efforts to eliminate bias in datasets remain indispensable.

Through its latest curriculum, ACCA has integrated AI adoption and developed new skill sets that balance technological proficiency with ethical awareness. AI is now an essential component of professional practice across all sectors.

In Vietnam, ACCA has established strong partnerships with various institutions, most notably the State Audit Office of Vietnam (SAV).

Since the beginning of their collaboration in 2009, ACCA and SAV have worked closely to advance auditing processes through the responsible and transparent adoption of AI. This partnership aims to strengthen trust, uphold transparency, and foster innovation within Vietnam’s auditing and financial sectors.

How does ACCA see the auditor’s role evolving by 2030, especially in auditing AI systems, and what steps is it taking to prepare members for this?

ACCA most certainly has a clear roadmap for the integration of AI into its operations and professional framework. AI now plays a central role, not only in how ACCA collaborates with stakeholders around the world, but also in how the organisation operates internally.

Reflecting this commitment, ACCA launched its new qualification programme in June this year, which embeds AI adoption and digital innovation at its core.

This evolution is ongoing. ACCA continues to advance and innovate, ensuring that AI is effectively integrated into its learning, assessment, and professional development processes. There is no option but to seize this opportunity, as AI represents a transformative force that can enhance both efficiency and the public good.

With new areas like sustainability reporting, digital assurance, and data analytics emerging, what skills and mindsets should future ACCA members develop to lead the profession into 2030?

First and foremost, what matters most is having the right mindset: a readiness to change and a commitment to continuous learning. Equally important is the willingness to collaborate and co-create solutions with stakeholders.

The way we work today has evolved dramatically, from how businesses operate to how financial reporting and auditing are conducted. Each of these areas now rests firmly on a technological foundation.

While professional accountants may not necessarily be data coders, they can and should collaborate closely with technology partners. The advent of AI has made this collaboration faster, more efficient, and far easier to implement. Collaboration, therefore, remains absolutely fundamental.

It is true that AI has taken over some tasks traditionally performed by humans, but this should not be viewed as a threat. Rather, it presents an opportunity for professionals to upskill, learn new competencies, and move into more strategic, higher-value roles. Continuous learning, in this sense, becomes an essential part of professional growth.

Technology has also enhanced transparency, particularly in assurance and auditing. For instance, auditors are no longer limited to sample data sets; with the power and speed of technology, it is now possible to audit entire data populations, which provides deeper insights.

From a global view, how can ACCA Vietnam contribute to global accountancy, particularly in transparency, innovation, and sustainable finance?

When meeting stakeholders in Vietnam, I see an absolute clarity of vision. The country is nurturing a pool of talented professionals capable of addressing its own 2030 and 2040 development goals as well as the broader financial and professional needs of the world.

In today’s interconnected environment, physical borders no longer limit collaboration. Virtual working has enabled professionals to engage and contribute across jurisdictions, making knowledge sharing more vital than ever.

Vietnam, in particular, is evolving rapidly to adopt global best practices in technology integration, AI, and sustainability reporting. While the government has taken the lead, the private sector is also accelerating its efforts, recognising that Vietnam’s economy is deeply embedded in international trade networks.

ACCA and SAV explore AI’s role in modernising public auditing The Association of Chartered Certified Accountants and the State Audit Office of Vietnam convened a high-level forum in Hanoi to explore how AI can enhance public auditing and financial governance.

SAV and ACCA lead discussion on building trustworthy AI in auditing As digital transformation continues to reshape industries across the globe, AI has emerged as a powerful driver of innovation and efficiency in governance, particularly within accounting, auditing, and the public sector.

ACCA builds new generation of financial leaders in Vietnam The Association of Chartered Certified Accountants (ACCA) celebrated its New Member Ceremony on October 13 and 14 in Hanoi and Ho Chi Minh City, highlighting the theme “Legacy of Leadership”.

Stock Futures Rise Ahead of Major Week of Earnings

The economic highlight of the week will be the September consumer price index, coming out on Friday.

—-

China’s Economic Growth Slows to One-Year Low

The Chinese economy lost momentum in the third quarter, expanding at its slowest pace in a year and strengthening the case for additional policy support.

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The Warning Signs Lurking Below the Surface of a Record Market

Utilities, healthcare stocks and consumer staples are leading the S&P 500 this month.

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Luxury Brands’ Stiffest Competition Is the Stuff They Have Already Sold

Sales of secondhand luxury goods are growing faster than in brands’ own stores.

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A New Challenge for China’s Economy: ‘Involution’

Beijing is fighting to limit the damage from a pattern of price wars and excess capacity across multiple industries.

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Is Gold in the Grips of a Speculative Bubble?

The danger is that gold is in the grip of the sort of speculative excess that creates bubbles in other parts of the financial system.

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Week Ahead for FX, Bonds: U.S. Inflation, PMI Data in Focus as Shutdown Continues

Delayed U.S. inflation data are due to be released during the week and will attract attention from investors seeking evidence on the likelihood of future interest-rate cuts.

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Unemployment Claims Filed by Federal Workers Shoot Higher

Data from states show that initial unemployment claims filed by federal government workers have jumped up this month.

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Banks’ Strong Earnings Leave Investors Digging Deeper for Trouble Spots

Earnings from the country’s biggest banks show a booming Wall Street and a solid consumer. But a warning from Jamie Dimon took center stage.

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Bank of Canada Survey, CPI Data to Weigh on Next Rate Decision, Gov. Macklem Says

The central bank’s quarterly business-outlook survey and September’s consumer-price index data are slated for release next week.

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BOE Should Show More Caution in Future Rate Cuts, Says Chief Economist

The BOE’s Huw Pill called for the pace of cuts to be slowed in recognition of stubborn high inflation.

—-

Venezuela Mobilizes Troops and Militias as U.S. Military Looms Offshore

Nicolás Maduro says his country is ready for combat, though the strongman’s military is underfunded, ill-trained and no match for American firepower.

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Gold Stocks Are Surging. They Still Lag Behind Cold, Hard Bullion.

Since the start of August, a fresh rush into gold has fed demand for gold equities, whose gains have outpaced chip stocks riding the artificial-intelligence boom.

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China’s Communist Elites Gather to Map Strategy

A communique after the Communist Party’s Central Committee meeting, which runs Monday to Thursday, will indicate how Beijing aims to steer the economy through turbulence, though details of its 15th five-year plan won’t be released until March.

  (END) Dow Jones Newswires

  October 19, 2025 23:15 ET (03:15 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.

Ivonescimab paired with chemotherapy led to a significant improvement in progression-free survival (PFS) vs tislelizumab-jsgr (Tevimbra) plus chemotherapy in patients with advanced squamous non–small cell lung cancer (NSCLC), according to findings from the phase 3 HARMONi-6 study (NCT05840016) presented during the 2025 ESMO Congress.¹

The median PFS was 11.14 months (95% CI, 9.86-not evaluable [NE]) with ivonescimab plus chemotherapy (n = 266) vs 6.90 months (95% CI, 5.82-8.57) with tislelizumab plus chemotherapy (n = 266), translating to a 40% reduction in the risk of disease progression or death (HR, 0.60; 95% CI, 0.46-0.78; P < .0001). The PFS benefit favored ivonescimab plus chemotherapy across all key subgroups.

“Ivonescimab plus chemotherapy showed significant efficacy improvement with a manageable safety profile and might be a new standard of care for advanced squamous NSCLC,” Shun Lu, MD, PhD, of Shanghai Chest Hospital, in Shanghai, China, said in a presentation of the data during a presidential symposium.

Top HARMONi-6 Highlights

• Ivonescimab plus chemotherapy significantly improved PFS to 11.1 vs 6.9 months with tislelizumab (HR, 0.60; P < .0001) in advanced squamous NSCLC.

• Benefit was observed across PD-L1 subgroups, with higher ORR (75.9% vs 66.5%) and longer median DOR (11.2 vs 8.4 months).

• Safety remained manageable, with expected immune- and possibly VEGF-related AEs.

• Findings support ivonescimab as a potential new standard of care in this population.

In April 2025, Akeso announced that the first-line combination of ivonescimab plus chemotherapy improved PFS in this patient population.²

What Was Examined in the HARMONi-6 Study?

The multicenter, double-blind, parallel-controlled study enrolled patients with pathologically confirmed squamous NSCLC who had stage IIIB to IV disease and an ECOG performance status of 0 or 1.^1,3 Patients did not have prior exposure to systemic therapy and did not have tumors harboring EGFR mutations or ALK rearrangements.

Participants (n= 532) were randomly assigned 1:1 to receive ivonescimab at 20 mg/kg every 3 weeks (Q3W) or tislelizumab at 200 mg Q3W plus carboplatin at area under the curve (AUC) 5 Q3W and paclitaxel at 175 mg/m² Q3W up to 4 cycles followed by ivonescimab at 20 mg/kg Q3W or tislelizumab at 200 mg Q3W for up to 24 months or intolerable toxicity. They were stratified by disease stage (IIIB/IIIC vs IV) and PD-L1 tumor proportion score (TPS; ≥1% vs <1%).

The primary end point of the study was PFS by independent radiology review committee (IRRC) assessment and RECIST 1.1 criteria, and a key secondary end point was overall survival (OS). Additional secondary end points included investigator-assessed PFS, objective response rate (ORR), disease control rate (DCR), duration of response (DOR), time to response (TTR), and safety.

A total of 528 patients were planned to provide 86.3% power for PFS assuming PFS HR of 0.70 and 80% power for OS assuming OS HR of 0.73. Investigators leveraged a hierarchical testing approach to evaluate PFS first and OS second—both at a 1-sided α level of 0.025. The presentation delivered at the 2025 ESMO Congress was based on the prespecified PFS interim analysis, which was planned for when 208 PFS events occurred; 221 PFS events were actually observed. The corresponding statistically significant efficacy boundary is P ≤ .0094.

What Were the Baseline Characteristics of the Patients Enrolled in HARMONi-6?

In the ivonescimab-plus-chemotherapy arm (n = 266), 49.2% of patients were at least 65 years of age; 47.7% of patients in the tislelizumab/chemotherapy arm (n = 266) were at least 65 years. Most patients in both arms were male (96.2% vs 89.5%), had an ECOG performance status of 1 (84.2% vs 83.5%), were current or former smokers (92.1% vs 86.1%), and had stage IV disease (92.1% vs 92.5%).

In the ivonescimab arm, 39.5% had a TPS of less than 1%, 60.5% had a TPS of ≥1%, 42.1% had a TPS ranging from 1% to 49%, and 18.4% had a TPS of ≥50%; in the tislelizumab arm, these respective rates were 39.5%, 60.5%, 37.2%, and 23.3%. In the ivonescimab arm, 15.8% of patients had 3 or more metastatic sites, 10.5% had liver metastases, and 3.4% had brain metastases; in the tislelizumab arm, these rates were 14.7%, 16.9%, and 6.4%, respectively.

What Was the PFS With Ivonescimab in the Different PD-L1 Expression Subgroups?

Ivonescimab demonstrated meaningful PFS improvement over tislelizumab irrespective of PD-L1 expression. The HR for PFS in those with PD-L1 TPS of under 1% was 0.55 (95% CI, 0.37-0.82); in those with PD-L1 TPS of 1% or higher, the HR for PFS was 0.66 (95% CI, 0.46-0.95). In those with PD-L1 TPS ranging from 1% to 49%, the HR for PFS was 0.63 (95% CI, 0.41-0.98). Lastly, in those with a TPS of 50% or higher, the HR for PFS was 0.71 (95% CI, 0.37-1.33).

What Additional Ivonescimab Efficacy Data Were Reported?

In those with any PD-L1 expression, the ORR by IRRC with ivonescimab plus chemotherapy was 75.9% vs 66.5% with tislelizumab plus chemotherapy (P = .008). In the ivonescimab arm, 0.4% of patients had a complete response as best overall response, 75.6% had a partial response, and 14.7% had stable disease; 2.3% had progressive disease. In those with a PD-L1 TPS of less than 1%, the ORRs with ivonescimab were 69.5% vs 61.0% with tislelizumab. In those with a PD-L1 TPS of 1% or higher, these respective rates were 80.1% and 70.2%.

The median DOR with ivonescimab plus chemotherapy was 11.20 months (95% CI, 8.54-NE) vs 8.38 months (95% CI, 5.72-NE) with tislelizumab plus chemotherapy (P = .0219).

What Was the Safety Profile of Ivonescimab?

Treatment-related adverse effects (TRAEs) occurred in 99.2% of patients in the ivonescimab arm vs 98.5% in the tislelizumab arm; they were grade 3 or higher for 63.9% and 54.3%, respectively. Serious TRAEs were experienced by 32.3% of those in the ivonescimab arm and 30.2% of those in the tislelizumab arm. TRAEs led to discontinuation of ivonescimab vs tislelizumab in 3.4% vs 4.2% of patients; 3.0% vs 3.8% of patients experienced TRAEs that led to death.

The most common TRAEs experienced by at least 15% of patients in the ivonescimab plus chemotherapy arm included alopecia (all grade, 65.4%; grade ≥3, 0%), anemia (53.0%; 6.4%), decreased neutrophil count (45.1%; 32.0%), decreased white blood cell count (36.1%; 10.9%), decreased platelet count (28.6%; 2.6%), hypoesthesia (26.7%; 0%), decreased appetite (21.8%; 1.5%), increased alanine aminotransferase (19.5%; 0.8%), pain in the extremity (18.8% vs 1.1%), proteinuria (18.0%; 1.5%), hypertriglyceridemia (17.3%; 1.1%), increased aspartate aminotransferase (15.8%; 0%), hypoalbuminemia (15.8%), and leukopenia (14.3%; 5.6%), and nausea (14.3%; 0.8%).

Any-grade immune-related AEs (irAEs) occurred in 27.4% of those in the ivonescimab arm vs 25.3% of those in the tislelizumab arm; they were grade 3 or higher in 9.0% and 10.2% of patients, respectively. Serious irAEs occurred in 8.6% of those who received ivonescimab and 9.8% of those who received tislelizumab. irAEs led to discontinuation of either drug for 1.1% and 2.3% of patients, respectively; 1 patient on the tislelizumab arm experienced an irAE that led to death.

AEs potentially related to VEGF inhibition occurred more frequently in the ivonescimab arm, and most cases were grade 1 or 2. In the ivonescimab arm, these effects occurred at any grade in 46.2% of patients and at grade 3 or higher in 7.5% of patients; in the tislelizumab arm, these rates were 22.6% and 2.3%, respectively. In the ivonescimab arm, the most common possibly VEGF-related AEs were proteinuria (27.1%; 2.3%), hemorrhage (21.4%; 1.9%), hypertension (10.2%; 3.0%), arterial thromboembolism (1.1%; 1.1%), venous thromboembolism (0.8%; 0%), and fistula (0.4%; 0%).

What Is the Take-Home Message Regarding Ivonescimab in NSCLC?

After the presentation, Myung-Ju Ahn, MD, PhD, of the Division of Hematology-Oncology in the Department of Medicine at Samsung Medical Center, Sungkyunkwan University School of Medicine, in Seoul, Korea, commented on the significance of the data. She said: “Ivonescimab plus chemotherapy demonstrates clinically meaningful PFS and ORR across PD-L1 subgroups, with a low rate of hemorrhage even in a population enriched for high-risk features. HARMONi-6 represents an important step forward in the management of squamous NSCLC.”

She cited the following as important unanswered questions:

• Real-world application will need multidisciplinary vigilance, especially in those with central tumors or cavitation
• It is unknown whether PFS benefit will translate into OS benefit. Duration of treatment exposure and post-progression therapy patterns will be important to decipher long-term benefit.
• Mature OS and quality-of-life data are needed. Angiogenic and immune biomarkers are also needed for patient selection.
• Global external validation is needed across diverse populations.

Disclosures: Dr Lu received research support from AstraZeneca, Hutchison, BMS, Heng Rui, Beigene, and Hansoh. Speaker fees were received from AstraZeneca, Roche, Hansoh, and Hengrui Therapeutics. He serves as an advisor and consultant for AstraZeneca, Pfizer, Hutchison MediPharma, ZaiLab, Yuhan Corporation, Menarini, InventisBio Co., Ltd, Shanghai Fosun Pharmaceutical Group Co., Ltd., and Simcere Zaiming Pharmaceutical Co., Ltd. He is an independent board member of Innovent Biologics, Inc.

References

1. Lu S, Yang F, Jiang Z, et al. Phase III study of ivonescimab plus chemotherapy versus tislelizumab plus chemotherapy as first-line treatment for advanced squamous non-small cell lung cancer (HARMONi-6). Presented at: 2025 ESMO Congress; October 17-25, 2025; Berlin, Germany. Abstract LBA4.
2. Ivonescimab in combination with chemotherapy demonstrates statistically significant and strongly positive results in first-line treatment of squamous non-small cell lung cancer (sq-NSCLC) vs. tislelizumab in combination with chemotherapy. News Release. Akeso. April 23, 2025. Accessed October 19, 2025. https://www.akesobio.com/en/media/akeso-news/250423/
3. AK112 in combination with chemotherapy in advanced squamous non-small cell lung cancer. ClinicalTrials.gov. May 2, 2025. Accessed October 19, 2025. https://clinicaltrials.gov/study/NCT05840016

Regional banks drive US market gains

After a choppy week, the three major United States (US) equity indices finished higher on Friday and for the week. Markets were buoyed as tariff threats faded and regional bank earnings eased credit market concerns. For the week, the Nasdaq 100 finished 2.46% higher, the S&P 500 added 1.70%, and the Dow Jones lifted by 711 points.

Regional banks rebounded on Friday after several, including Truist Financial, Regions Financial, and Fifth Third, reported better-than-expected earnings. Zions Bancorporation surged 5.8% to $49.67, Truist gained 3.67% to $42.60, Western Alliance added 3.1% to $72.48, and Fifth Third climbed 1.31% to $40.89.

Despite Friday’s rebound, questions remain about whether last week’s regional bank flare-up is contained or an early sign of broader systemic stress, particularly given the rapid growth in collateralised loan and private credit markets and signs of weaker lending discipline. Thursday’s flare-up followed JPMorgan’s Jamie Dimon warning earlier in the week about ‘cockroaches’ in the credit market after the collapses of Tricolour Holdings and First Brands Group.

Focus on US-China developments and upcoming tech earnings

Tariff-related tensions eased into the weekend after US President Trump acknowledged that a 100% tariff on China was unsustainable. It was confirmed he will still meet Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) Summit at the end of this month. News that Treasury Secretary Bessent will meet Chinese officials later this week in Malaysia also helped sentiment.

Looking ahead, attention this week will focus on US-China developments and third quarter (Q3) 2025 earnings from technology companies, including Tesla, Netflix, International Business Machines Corporation, and Intel.

Despite the US government shutdown entering its fourth week and the Federal Reserve (Fed) now in the blackout period, markets will receive a US inflation update (previewed below).

Consumer price index 

Date: Friday, 24 October at 10.30pm AEST

For August, headline inflation in the US increased by 0.4% in line with expectations. This resulted in the annual rate of headline inflation rising to 2.9%, below the forecast of 3%.

The annual core consumer price index (CPI), which excludes volatile items like food and energy, rose by 0.3% month-on-month (MoM), which saw the annual core inflation rate remain at 3.1%, unchanged from July and in line with market expectations.

For September, the expectation is for the annual headline inflation rate to rise to 3.1% year-on-year (YoY), which would be its highest reading since May 2024, while the core measure is expected to remain at 3.1% YoY.

Ahead of this, the US interest rate market is fully priced for a 25 basis point (bp) Fed cut in October and fully priced for another 25 bp cut in December, as the Fed prioritises bringing support to a cooling labour market despite persistent inflation.

US core inflation rate chart

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At the event, Zurich named 10 winners of the Zurich Innovation Championship 2025, its global competition to find technology solutions that address insurance challenges and improve customer outcomes. Now in its sixth year, the competition reflects Zurich’s push to embed digital innovation and artificial intelligence across underwriting, claims and operations.

Home Prices in China’s major cities fell at a slightly faster pace in September from the previous month, highlighting persistent weakness in the nation’s real estate market.

Average home prices across China’s 70 biggest cities declined 0.41% in September, widening from the 0.3% drop in the previous month, according to calculations by The Wall Street Journal based on data released by the National Bureau of Statistics on Monday.

Of the 70 cities, 63 reported month-on-month price declines, up from 57 in August.

On a yearly basis, home prices fell 2.7% in September, compared with a 3.0% drop in August, with 61 cities posting year-over-year declines versus 65 a month earlier.

For the first nine months of the year, average home prices in the 70 major cities were down 4.1% from a year earlier.

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  (END) Dow Jones Newswires

  October 19, 2025 22:04 ET (02:04 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.