Category: 3. Business

  • A Look at Armstrong World Industries’s Valuation Following Upbeat Q3 Results and Raised 2025 Guidance

    A Look at Armstrong World Industries’s Valuation Following Upbeat Q3 Results and Raised 2025 Guidance

    Armstrong World Industries (AWI) delivered a strong third-quarter update, topping forecasts for adjusted earnings and net sales while raising its outlook for 2025. This financial momentum has been met with a more upbeat mood among investors.

    See our latest analysis for Armstrong World Industries.

    Momentum has picked up for Armstrong World Industries this year, with a 35.4% share price return since January and a one-year total shareholder return of nearly 20%. Investors seem to be rewarding the company’s upgraded outlook and recent string of upbeat earnings, supporting a more positive long-term view on the stock.

    If this kind of upward momentum has you interested in broader market trends, now is the perfect opportunity to uncover other fast growing stocks with strong insider support through our fast growing stocks with high insider ownership.

    With shares already up strongly year to date and trading just below analyst price targets, investors now face a key question: Is Armstrong World Industries still undervalued, or is all the future growth already priced in?

    With Armstrong World Industries closing at $189.74 versus the narrative fair value estimate of $207.1, the stage is set for a deeper look at what is driving the disconnect between price and value in the eyes of the most closely followed forecasters.

    Ongoing strategic acquisitions (for example, 3form and Zahner) and successful integration are broadening Armstrong’s addressable market to capture additional spaces within commercial buildings and accelerate cross-selling opportunities. This is expected to support both revenue growth and improved net margins through scale and operational synergies.

    Read the complete narrative.

    Want to know what fuels this surprisingly optimistic price target? See how the narrative’s biggest bets on future sales, profit margins and sector leadership play out in numbers. Is Armstrong’s growth story credible or are expectations set sky high? Click through and see just how bold these projections really are.

    Result: Fair Value of $207.1 (UNDERVALUED)

    Have a read of the narrative in full and understand what’s behind the forecasts.

    However, risks remain. Prolonged soft commercial construction demand or ineffective acquisition integration could quickly reverse Armstrong’s current growth momentum.

    Find out about the key risks to this Armstrong World Industries narrative.

    Shifting from narrative fair value to a different lens, the current price-to-earnings ratio stands at 26.8x, outpacing the industry’s 18.9x and also above the fair ratio of 21.8x. This highlights a valuation premium, which may reflect investor confidence. However, it also leaves less margin for error if expectations falter. Could the stock be riskier at these levels, or does the market know something others do not?

    See what the numbers say about this price — find out in our valuation breakdown.

    NYSE:AWI PE Ratio as at Nov 2025

    You do not have to take these conclusions at face value. Explore the numbers, follow your own instincts, and assemble your unique take in just a few minutes. Do it your way

    A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding Armstrong World Industries.

    Smart investors always keep their edge sharp. Take the next step now by checking out handpicked stocks matching themes and opportunities you will not find anywhere else.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include AWI.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • Does Global Business Travel Group’s 8% Share Price Jump Signal New Value After M&A Buzz?

    Does Global Business Travel Group’s 8% Share Price Jump Signal New Value After M&A Buzz?

    • Thinking about whether Global Business Travel Group stock is a real bargain or just flying under the radar? You are not alone. Figuring out the true value of this stock has plenty of investors curious.

    • The share price jumped 8.4% over the past week, but it is still down 1.7% for the month and sits nearly 18% below where it was a year ago. This hints at both fresh optimism and lingering skepticism in the market.

    • Recently, industry updates and M&A discussions have kept Global Business Travel Group in the spotlight. Investors are weighing announcements about new strategic partnerships and travel demand trends, all of which are shaping sentiment around the stock’s future potential.

    • If you are keeping score, Global Business Travel Group currently rates a 6 out of 6 on our valuation checklist, meaning it is deemed undervalued on every single metric we track. Let’s dive into what that score really means, and stick around for a look at an even more insightful take on valuation coming later in the article.

    Find out why Global Business Travel Group’s -17.9% return over the last year is lagging behind its peers.

    The Discounted Cash Flow (DCF) model determines a company’s intrinsic value by projecting its future free cash flows and discounting them back to today’s dollars. This approach helps investors assess whether a stock’s current price fairly reflects its future earning power.

    For Global Business Travel Group, the latest reported Free Cash Flow stands at $129.7 Million. Projections point to continued growth, with analysts expecting FCF to reach $425 Million by 2028. Although detailed analyst estimates end at five years, Simply Wall St extends the outlook by extrapolating steady growth up to 2035, with future cash flows peaking at $625.9 Million. All projections are in US dollars.

    Using these figures, the DCF model estimates the stock’s fair value at $14.21 per share. This valuation signals a substantial discount because the current market price sits about 45.8% below this intrinsic value.

    In summary, Global Business Travel Group appears undervalued at today’s prices based on the DCF analysis alone, which may be of interest to value-focused investors.

    Result: UNDERVALUED

    Our Discounted Cash Flow (DCF) analysis suggests Global Business Travel Group is undervalued by 45.8%. Track this in your watchlist or portfolio, or discover 920 more undervalued stocks based on cash flows.

    GBTG Discounted Cash Flow as at Nov 2025

    Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Global Business Travel Group.

    The Price-to-Sales (P/S) ratio is often considered a reliable benchmark for valuing profitable companies, especially when earnings may be less consistent year over year. This ratio is particularly useful in sectors like hospitality, where revenue growth can signal underlying business health even when profits fluctuate due to temporary costs or investments.

    Investors should keep in mind that normal or fair P/S ratios reflect not just a company’s growth prospects, but also risk factors such as market volatility and profit consistency. Companies with better growth outlooks or lower risks typically command higher multiples, while slower or riskier businesses tend to trade at discounts.

    Currently, Global Business Travel Group trades at a P/S ratio of 1.60x. For comparison, the industry average sits at 1.66x, and close peers average 3.45x. Simply Wall St’s proprietary Fair Ratio, which accounts for the company’s unique combination of earnings growth, profit margins, industry, market cap, and risk profile, stands at 2.12x.

    This Fair Ratio offers a tailored benchmark and is more insightful than a straight comparison to peers or the industry average, as it incorporates projections and qualitative factors that standard multiples do not reflect.

    In this case, Global Business Travel Group’s current P/S ratio is clearly below the Fair Ratio. This points to attractive value at current levels, suggesting the stock is undervalued by this metric.

    Result: UNDERVALUED

    NYSE:GBTG PS Ratio as at Nov 2025
    NYSE:GBTG PS Ratio as at Nov 2025

    PS ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1443 companies where insiders are betting big on explosive growth.

    Earlier we mentioned that there is an even better way to understand valuation, so let’s introduce you to Narratives. A Narrative is a story-driven framework for investing, where you connect your perspective about a company—its opportunities, risks, and the reasons behind its potential—directly with the numbers, such as forecasts of future revenue and profit margins, to form a unique view of fair value.

    Unlike static data points, Narratives invite you to actively consider how business events and your own research shape the financial future you expect. On Simply Wall St’s Community page, millions of investors use Narratives as a simple tool to articulate their reasoning, see how their story translates into numbers, and instantly compare the resulting Fair Value to the current market price.

    Narratives make it easier to decide when to buy or sell by updating dynamically as new information, such as earnings results or industry news, emerges. For example, some Global Business Travel Group Narratives are built around bullish views that integration of acquisitions and digital expansion will drive fair value as high as $11.00 per share, while more cautious investors, focusing on uncertain travel demand and integration risks, arrive at targets as low as $7.00.

    Do you think there’s more to the story for Global Business Travel Group? Head over to our Community to see what others are saying!

    NYSE:GBTG Earnings & Revenue History as at Nov 2025
    NYSE:GBTG Earnings & Revenue History as at Nov 2025

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

    Companies discussed in this article include GBTG.

    Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

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  • US small businesses sound alarm over Trump’s tariffs amid crucial holiday season | Small business

    US small businesses sound alarm over Trump’s tariffs amid crucial holiday season | Small business

    Donald Trump’s tariffs have increased prices on an array of popular holiday goods and driven a “massive” number of small firms out of business, industry leaders have warned.

    On Small Business Saturday, firms have their fingers crossed that strong holiday sales will ease the impact of a tough year. But many aren’t holding their breath.

    “My husband and I have invested a lot of our retirement money into this business,” Joann Cartiglia, owner of Queen’s Treasures, a toy company in Ticonderoga, New York, during a press briefing organized by We Pay the Tariffs, a coalition of small businesses, this week. “And now I have absolutely no hope of retirement.”

    “I honestly feel the government is putting me out of business,” added Cartiglia, 64.

    Lawsuits, opposition from big business, and pleas for help from small importers have failed to persuade the Trump administration to reconsider its aggressive strategy on trade from overseas, which the US president claims will raise trillions of dollars for the federal government.

    Opponents of tariffs are “serving hostile foreign interests”, Trump has claimed.

    The tariff rates of various holiday goods have risen in the past year

    Small businesses, particularly in the retail industry, typically rely heavily on the holiday trading season, but are grappling with increased costs, supply chain disruption, logistical issues and uncertainty due to tariffs.

    Tariffs have hit some small businesses especially hard, as they often have smaller margins – and are less able to absorb costs, or secure exemptions – than bigger firms.

    Jared Hendricks has run Village Lighting Co in West Valley City, Utah, which specializes in holiday lights and decorations, for over 20 years. He estimates his tariffs costs are approaching $1m so far this year.

    “At this point, we’ve kind of transitioned from working for profits to working for tariffs,” said Hendricks. “We are just in business to pay off our tariff debt.”

    But some operators anticipate that the problem is likely to get worse.

    “Whatever price increases you’re seeing in the holiday industry for your Christmas trees, for your lighting, for your other decor, this year will be small compared to next year, if tariff relief isn’t given for the 2026 season,” added Hendricks. “American manufacturing has never done Christmas goods, so it’s not responsible for taking away any jobs.

    “The supply chain for Christmas items is simply too complex, and [it] would take billions of dollars in decades to build that infrastructure to move that production here. And then, even if you did, the workforce is not sufficient to support it.”

    Boyd Stephenson, owner of Game Kastle College Park in College Park, Maryland, said the firm’s costs had soared due to the tariffs. “Most of my manufacturers and publishers don’t really have the space to absorb, or to pass on price increases to their customers, so they’re getting squeezed,” he said. “The number of toy and game studios that I have seen go under this year is massive.

    “Up until a month ago, I’d be saying: ‘Hey, most of the federal workforce isn’t employed either, so we’re hunkering down for a terrifying holiday season.’ But we’re still pretty scared, even with the shutdown being over.”

    A survey of 1,048 small businesses conducted by Small Business for America’s Future found 71% of small business owners expect tariffs to have a negative impact on consumer spending this holiday season, and 44% expect a very negative impact.

    About 44% of small businesses surveyed reported raising prices due to tariffs, and 74% reported being worried about their business surviving over the next 12 months.

    “The administration has consistently maintained that the cost of tariffs will ultimately be paid by the foreign exporters who rely on access to the American economy, the world’s biggest and best consumer market,” said White House spokesperson Kush Desai. “As tariffs secure new trade deals and trillions in investments to make and hire in America, the Administration is simultaneously implementing a pro-growth agenda of tax cuts, deregulation, and energy abundance for big and small businesses alike to thrive again as they did during President Trump’s first term.”.

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  • Don’t Miss These Black Friday Clothing Deals 2025, Up to 50% Off

    Don’t Miss These Black Friday Clothing Deals 2025, Up to 50% Off

    Some of these retailers have been known to offer discounts up to 50%, so be sure to keep following our countdown right to Cyber Monday. Editors’ note: should you want to start your holiday shopping early, each of these prized pieces make wonderful gifts for any fashion enthusiast on your list. Below, the best Black Friday clothing and accessory deals worth shopping all weekend long—get them while they’re chaud!

    Net-a-Porter’s Black Friday sale is brimming with over 12,000 pieces—up to 50% off—across nearly every category imaginable, from T-shirts and sweatshirts to leggings, elegant outerwear, and more. Among the standouts: Loulou de Saison’s plush faux fur and Leset’s striped lounge pant, both perfect for elevating your cold-weather layers. And when in doubt, great denim never fails—Khaite’s refined blue jeans are as polished as it gets. Rounding out the mix, discover Loewe’s corduroy-collared barn jacket, timeless LBDs from Tove, and an evening-ready clutch from Toteme.

    Altuzarra

    Altuzarra’s ruffled chiffon gown—fresh off the fall 2025 runway—is your holiday showstopper. Light, romantic, and guaranteed to fit into every dress code this holiday season.

    The Row

    A rare moment: The Row handbags on sale. Now is the time to invest in one of its iconic, award-winning accessories, like the mini Canteen shoulder bag—a staple Vogue editors wear on repeat.

    Both the majors (The Row, Khaite, and Brunello Cucinelli) and the contemporaries (Savette, Proenza Schouler, and Magda Butrym) are up to 50% off at Mytheresa, with plenty of other holiday dressing picks and winter must-haves to round out your shopping spree. If you haven’t added a sumptuous suede blazer to your seasonal capsule wardrobe, well, now is the time.

    Proenza Schouler

    This season’s knit to know: Proenza Schouler’s Fair Isle turtleneck. Cozy and charming, it will instantly elevate your winter wardrobe.

    Nour Hammour

    The leather layer you’ll reach for on repeat. Nour Hammour’s black blazer sharpens classic denim and pairs effortlessly with a printed scarf.

    Savette

    Symmetry 26 crossbody bag

    Nordstrom’s Black Friday sale is in full swing, with up to 60% off clothing, jewelry, accessories, beauty, home, menswear, and more. Some of the retailer’s great deals include Burberry’s iconic khaki trench, Dries Van Noten’s sequin-embellished midiskirt, and Chloé’s early-aughts-inspired shoulder bag. You’ll also find Another Tomorrow’s scarf-accented LBD, an effortless way to bring fashion-forward flair to your everyday wardrobe. For a striking contrast, reach for Marni’s floral-print midi dress or Khaite’s sleek knee boots—consider it the ultimate finishing touch. And if you’re simply in need of the basics, there’s plenty of basics (from hoodies and joggers to bras, beanies, and pajamas) to stock up on.

    Adidas

    A sneaker we’d easily buy full price—why not make the most of your wish list and pick it up now?

    Jacquemus

    Vogue editors’ favorite styling trick this season? A pop of red. Jacquemus’s cherry bright knit cardigan is a versatile layer that energizes every winter look.

    Burberry

    long gabardine trench coat

    Nearly everything is 50% off at Banana Republic right now, including the brand’s covetable women’s cashmere crewnecks and leather outerwear pieces. Otherwise, there are cool cargo pants, long-sleeve tees and short-sleeve T-shirts, and wear-with-everything dresses, all of which have made their way onto our most-wanted wish lists. Well, that is until everything imminently sells out.

    Banana Republic

    A breton boatneck top is a year-round essential in our books.

    Banana Republic

    The barn jacket continues to trend—pair it with leggings and shearling-lined boots now, then with an airy cotton dress come spring.

    Banana Republic

    relaxed turtleneck sweater

    Beyond runway-ready pieces that fold seamlessly into an everyday wardrobe, Tory Burch consistently delivers some of the most compelling markdowns of sale season: currently, select styles from the fall collection are 30% off, including summer carryovers already on sale. This Black Friday, the spotlight is on the brand’s shimmering sequin midiskirt, a statement piece that pairs effortlessly with a printed turtleneck or billowy blouse. In true Tory fashion, a classic black shirtdress remains a forever favorite—easy to elevate with peep-toe pumps or keep understated with embellished ballet flats. For something more relaxed, a color-blocked fleece strikes the perfect balance of chic and cozy. Style it with simple black leggings on the weekend or corduroy trousers at your nine-to-five. Also catching our eye? Burch’s classic wool overcoat and cool denim midiskirt.

    Tory Burch

    A mainstay in the wardrobe of Vogue’s head of editorial content Chloe Malle, Tory Burch’s layered sweater is the standout top that moves effortlessly from office hours to elegant dinner plans.

    Tory Burch

    Tailored denim is forever staple, and Tory Burch’s skinny-leg pair—straight from its fall 2025 runway—is the Black Friday win you’ll wear on repeat.

    Tory Burch

    deconstructed denim skirt

    Flannel shirts! Slouchy leather bomber jackets! Pops of red! Easy denim! Kitten heels! Don’t these prized pieces sound like something you’re going to want to add to your Black Friday shopping cart? Thanks to Ssense’s designer sale, full of seasonal bestsellers, you can.

    Dragon Diffusion

    Add a lively pop of red to any outfit with Dragon Diffusion’s small tote—a seasonless staple you’ll carry straight through summer.

    Toteme

    Toteme’s khaki trench is the ultimate winter layer—it looks polished over chunky knits and tailored trousers as it does matching lounge sets.

    The Shopbop sale is a go-to when it comes to contemporary fashion finds that are both on-trend and wallet-friendly. (You’ll also find great essentials in the mix, if you’re looking for simple cardigans, leggings and sweatpants, and even puffer jackets!) This Black Friday of course, is no different. With code HOLIDAY, shop the retailer’s entire site and earn up to 25% off your entire wardrobe. Highlights include Reformation’s leopard-print faux fur, Levi’s easy blue jeans, Hill House Home’s fabulous floral dress, and a pair of classic penny loafers from Rag & Bone. Your cold weather wardrobe refresh has never looked so good!

    Jeanerica

    The denim search ends here—Jeanerica’s barrel-leg jeans offer the perfect modern shape to round out your everyday wardrobe.

    Staud

    A hero of the season, Staud’s Wally boot delivers the sleek and polished knee-high silhouette that pairs effortlessly with any ensemble.

    Alex Mill

    Chiltern Street barn jacket

    Countryside coats! Fair Isle sweaters! Festive plaid! Faux fur! All of these and more trending new arrivals are up for grabs at J.Crew’s much-anticipated Black Friday sale. Don’t forget to also add their beloved chocolate brown corduroys or pair of sleek black knee boots to your already overflowing cart. Happy shopping!

    J.Crew

    For a playful take on a classic, J.Crew’s red-and-navy striped cardigan pairs perfectly with dark-wash denim—easy, cheerful, and timeless.

    J.Crew

    Choose J.Crew’s forest-green trench for a fresh update on the staple. Style it with unexpected color pairings to give the look a modern edge.

    J.Crew

    Andi keyhole ballet flats

    J.Crew

    Fair Isle mockneck sweater

    Run—don’t walk—to Moda Operandi’s just-dropped Black Friday sale. Fashion set favorites are up to 50% off, including Khaite’s canvas tote bag (a perfect holiday gift to yourself), Heirlome’s fringe-trim knit dress, Aeyde’s zebra-striped ballet flats, and a pair of red-hot strappy sandals from St. Agni. You’ll also find everyday essentials with quiet edge—like Worn Vintage’s perfectly broken-in leather jacket, The Row’s drawstring trousers, and Agolde’s khaki utility pants. Moda’s edit is a perennial must-shop, and this season’s lineup is especially good. Trust us: you’ll want to add to cart ASAP.

    The Row

    Sleek, effortless, and endlessly polished, The Row’s hobo shoulder bag delivers a modern twist on a timeless silhouette.

    Ralph Lauren

    Marsha pleated maxi skirt

    Fresh from the fall 2025 runway, Ralph Lauren’s pleated maxi skirt is the season’s standout buy—especially fitting after his Women’s Designer of the Year win.

    Madewell’s Black Friday sale has officially arrived—and it’s a good one. The beloved retailer is offering up to 40% off its newest seasonal hits with code LETSGO. If that alone doesn’t spark excitement, the following lineup will: think leopard-print wool coats, perfectly worn-in blue jeans, sumptuous suede ankle boots, and preppy striped polos. As for handbags, Madewell’s classic black tote remains a forever staple—this Black Friday and well beyond.

    Madewell

    Utilitarian layers are everywhere this season—allow Madewell’s oversized field jacket brings a country-coded twist to your winter wardrobe.

    Madewell

    Madewell’s two-tone white corduroys offer a modern, elevated take on denim’s winter alternative.

    Madewell

    The Lexington oversized tote

    Madewell

    The Dean easy straight jeans

    Madewell

    The Perfect vintage jeans

    Madewell

    The Essential bucket tote

    Some of the season’s hottest trends are now up to 40% off at Bloomingdale’s Designer Event. Instant standouts include Cinq à Sept’s bohemian-inspired blouse, CO’s timeless LBD, Altuzarra’s cropped jean jacket, and a statement knit from Victoria Beckham that feels straight off the catwalk and into your closet. Accessories bring the same sense of play—whether you opt for Miu Miu’s classic cat-eye sunglasses, Tory Burch’s wear-with-everything tote, or Stuart Weitzman’s patent knee-high boots. Honestly, what more could you ask for this sale season?

    Sandro’s leather jacket delivers an elevated take on the classic cut. Give it a fresh twist by styling it with striped pants and a soft cashmere knit.

    Fashion loves a horse girl! Vince’s black riding boots are the chic, timeless addition your winter wardrobe needs.

    High-street hero H&M isn’t just running a dedicated sale section; they’re offering up to 30% off everything–yes, everything–on-site, from glittering new party pieces to standout outerwear built to last for seasons. Luckily for you, we’ve already done the work, narrowing the sprawling selection to the eight need-to-know H&M finds worth adding to cart this Black Friday.

    The black dress remains a staple for a reason. H&M’s fitted jersey midi is the minimalist foundation you can style a hundred ways.

    Add a little shine this season with H&M’s beige embellished skirt—dress it up with a sleek party top or keep it casual with a simple white tee.

    Run, don’t walk: Bergdorf Goodman’s legendary designer sale is stocked with major goodies. First on our list is Wales Bonner’s shearling-lined leather bomber jacket, a true street-style staple, or test-drive a few other trends of the season: notable knit dresses that pack a punch, pops of rich burgundy, flashes of preppy argyle, and polished fashion pumps. Plus, earn a gift card up to $1,500 with code GIFTBG.

    In true Jennifer Lawrence fashion, add an animal-print bag for a spirited pop of pattern. Tom Ford’s leopard-print large tote makes the perfect everyday carryall.

    The knit you’ll reach for on repeat—TWP’s cashmere polo is looks elegant with trousers, denim, or midi skirts.

    Closet classics that feel anything but basic? That’s where Leset comes in. This Black Friday, the brand is offering up to 30% off sitewide—yes, really. Now’s the time to stock up on the beloved Margo white tee (size up for the perfect relaxed fit!), a chic argyle polo sweater, cozy loungewear staples, and so much more. ’Tis the season for stylish staying-in—and some of the best deals can be found right here.

    Leset’s collarless blazer is the minimalist layer that elevates any winter-white look with sleek and understated polish.

    Checked prints ruled street style this season—Leset’s yellow-hued take adds a fresh burst of color and pairs effortlessly with a cozy knit.

    If your denim drawer is looking a little too loved, consider this your sign to restock. Levi’s is offering up to 50% off its most iconic fits—from the forever-timeless 501 to darker, slouchier silhouettes like the Low Loose. Whether you skew baggy or prefer a more polished, straight-leg finish, anchor your denim with a striped tee or a crisp button-down. It’s the kind of effortless daily uniform that you will reach for again and again.

    Nothing pairs with denim quite like a crisp button-down—the purveyors of classic Americana denim would know. It’s the perfect clean canvas for all your standout accessories.

    Levi’s built its legacy on great denim—so consider this your cue to refresh your rotation with the classic 501s. They’re a staple for a reason.

    Gap’s sitewide sale is the moment to refresh your fall (and winter) wardrobe of essentials. Think caramel-colored corduroys, statement jackets, and cozy layers in unexpected shades like crimson red. Even their soft pinstriped PJ pants earn daytime potential when styled with chunky knits. Stock up now—your future self will thank you.

    Brown is the color of the year. Choose Gap’s cozy turtleneck version for a staple you’ll wear all season long.

    Statement coats are a winter essential—especially when your wardrobe leans neutral. Gap’s faux-fur leopard iteration adds instant impact, perfect thrown over an all-black look.

    Zara’s Black Friday sale is brimming with trend-driven staples that feel far more expensive than their price tags. On the outerwear front, shearling jackets are the hero buy; for something sleeker, add a black boho style blouse to your nighttime rotation. And don’t skip the dress section—holiday party hits tend to vanish fast.

    Winter boho continues to reign—Zara’s black blouse is the perfect base for layered pendant necklaces and pairs beautifully with a billowing skirt.

    The satin pant is the ideal cozy-meets-polished option for festive attire. Style Zara’s version with a soft knit and preppy loafers for an elevated day-to-night look.

    From cult-favorite sneakers to cozy, heavyweight sweats and water-resistant windbreakers you’ll actually run in, Nike’s up to 50% off sale covers every athletic staple worth having. Consider it the ideal moment to upgrade your gym uniform—or your Saturday-morning coffee-run look.

    Go for the modern twist on Nike’s classic Air Superfly silhouette—the black pony hair feels especially current and has quickly become an editor favorite.

    For an easy, throw-on layer, Nike’s black zip fleece is the go-to staple—whether you’re heading to the gym or grabbing your morning coffee.

    Uniqlo’s reliable lineup of essentials are now even more temptingly priced. Stock up on cashmere sweaters, wool coats, classic scarves, and their perfect pleated trousers. Prefer something with more of a fashion spin? The funnel-neck shirts and checked pants deliver just enough edge while maintaining Uniqlo’s signature practicality.

    Uniqlo’s cashmere sweaters are the ultimate steal—stock up this Black Friday on pieces you’ll wear all winter long.

    These comfy wide-leg trousers are a trusted editor buy for the office and a night out.

    Yes, you read that right. Frame is marking down select items up to 80%—their biggest sale of the year. Expect preppy-meets-modern wardrobe staples: an argyle knit polo you’ve been eyeing since September, seasonless denim, and cropped leather jackets. These are the kinds of pieces you wear on repeat and brag about scoring on sale.

    A light-wash pair of jeans that’s easily dressed up and down.

    Khaite rarely goes on sale, which makes this the ultimate add-to-cart moment. Invest in sleek leather coats, sculptural suede bags, or those glossy red patent pumps you’ve been saving in your “someday” cart. These are heirloom-level pieces you won’t regret getting at a steal.

    A signature Khaite shoulder bag that’s one of our best finds of the sale.

    An impeccably cut slip dress for a dream date nights at Caviar Kaspa.

    Your basics deserve a refresh, and Skims is answering with up to 30% off their best sellers. Slip into their warm PJ sets, restock your rotation of bras and tees, or finally pick up the viral slip dress—an endlessly versatile layer whether you’re dressing it up or lounging in. These are the items you will buy once and wear forever.

    You, this set, and a copy of Heart the Lover. Saturday night, plans.

    Well-fitting underpinnings are essential to making your outfit work.

    A true fashion-insider favorite, DeMellier is offering 20% off sitewide with code “BF20”—a rare opportunity to score the London label’s most coveted silhouettes. Think sculptural evening bags, impeccably structured carryall totes, and everyday leather essentials. These are the pieces you can actually use year-round, and the brand’s loyal fanbase—Kate Middleton, Katie Holmes, Reese Witherspoon—prove just how timeless they are. If you’ve been eyeing one, now is time to invest.

    Spotted most recently on EmRata, who styled the brand’s bestseller with a suede trench coat and black pointy boots.

    Your new work bag, found.

    The Scandinavian leather-goods brand, Liffner, is offering up to 30% off select styles this Black Friday—an invitation to invest in timeless, minimalist accessories. Expect impeccable craftsmanship, luxurious silhouettes, and an attention to detail that makes each piece feel considered. Long loved by editors for their understated elegance, these are the bags and small-leather goods you’ll covet (and carry) forever.

    One of our go-to totes for work, travel, and beyond—choose from classic black leather or a buttery suede option. There are no wrong choices here.

    Also available in clutch form, Liffner’s new Pushlock tote redefines the modern ladylike top-hande. We love the rich chocolate color this one comes in.

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  • China-ASEAN innovation base launched to boost collaboration in emerging industries

    China-ASEAN innovation base launched to boost collaboration in emerging industries

    SHENZHEN, Nov. 29 — A collaborative innovation base for emerging industries between China and ASEAN countries was officially launched on Friday, marking a new step toward deepening cross-regional cooperation in emerging technologies, rules and regulations, and industrial standards.

    The China-ASEAN Collaborative Innovation Demonstration Base for Emerging Industries was announced at the 2025 ASEAN-CHINA GBA Economic Cooperation (Qianhai) Forum, held in Shenzhen, a reform pioneer in south China’s Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The two-day event attracted over 1,000 participants from government bodies, business associations and enterprises in China and ASEAN countries.

    The first four demonstration bases will be established in Shenzhen, Guangzhou, Singapore and Kuala Lumpur, forming a network to facilitate industrial cooperation and regulatory alignment.

    During the forum, more than 20 cooperation projects were signed, covering sectors such as AI healthcare, distributed photovoltaic and cell therapy.

    Against a backdrop of slowing global growth and rising protectionism, China and ASEAN countries are strengthening economic integration and have been each other’s largest trading partners for five consecutive years, said Shi Zhongjun, secretary-general of the ASEAN-China Centre.

    To emphasize the forum’s role in fostering closer collaboration, he expressed his hope to build a tighter network for exchanges, deepen cooperation in areas such as digital intelligence, and deliver more tangible outcomes.

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  • Gold Prices Surge Yet Again in Pakistan

    Gold Prices Surge Yet Again in Pakistan

    Gold prices in Pakistan rose sharply on Saturday, mirroring the strong upswing in the international bullion market.

    According to the All Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24 karat gold climbed to Rs. 444,162 per tola after increasing by Rs. 5,300 during the day.

    The 10 gram rate also moved up, reaching Rs. 380,797 following a gain of Rs. 4,544. This comes after two days of stability, when gold held firm at Rs. 438,862 per tola on Friday.

    In the global market, spot gold jumped by $53 to hit $4,218 per ounce, including a premium of $20, reflecting heightened investor demand.

    Meanwhile, silver prices also recorded a notable increase. The per tola rate rose by Rs. 267, reaching Rs. 5,909 in the domestic market.


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  • Hong Kong reaps the fruits of fintech seeds sown nearly 10 years ago

    Hong Kong reaps the fruits of fintech seeds sown nearly 10 years ago

    When Alvin Kwock, co-founder of digital insurer OneDegree, took part in the inaugural Hong Kong FinTech Week in November 2016, it was held at a venue suitable for only a few hundred people.

    “As it was the first ever fintech event in Hong Kong, only fintech start-ups were interested, no big financial institutions paid attention,” Kwock said. “People did not have a clear idea of fintech as it was still in an exploratory stage.”

    In the years since, fintech in Hong Kong has gone through a sea change. “Now fintech is no longer confined to a few start-ups; it’s on the top of the agenda of banks and insurers,” Kwock said.

    Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

    The venue has moved from the PMQ (formerly the Police Married Quarters) to the massive Hong Kong Convention and Exhibition Centre, with the number of attendees growing 18-fold to 45,000 people. At the recent forum, speakers included some of the most high-profile figures in the financial sector like HSBC CEO Georges Elhedery and Standard Chartered Bank CEO Bill Winters.

    HSBC CEO Georges Elhedery (left) takes part in a discussion with Financial Secretary Paul Chan Mo-po (centre) and Standard Chartered CEO at the Hong Kong FinTech Week on November 3. Photo: Jonathan Wong alt=HSBC CEO Georges Elhedery (left) takes part in a discussion with Financial Secretary Paul Chan Mo-po (centre) and Standard Chartered CEO at the Hong Kong FinTech Week on November 3. Photo: Jonathan Wong>

    This maturation has intensified Hong Kong’s long-standing rivalry with Singapore. The two cities are competing to develop fintech, a rivalry highlighted this month as both hosted their 10th annual flagship fintech festivals.

    While attendance in Hong Kong may have been thinner than in Singapore, the city has an edge over its Southeast Asian rival, thanks to its vibrant capital market providing funding for fintech companies and serving as a gateway to the Greater Bay Area.

    Hong Kong secured the world’s top fintech ranking for the first time in the Global Financial Centres Index in September, while Singapore ranked fourth, according to the report by Z/Yen and the City of London that tracked 116 centres based on criteria like regulations, access to finance and talent.

    In the inaugural survey on fintech in 2017, Hong Kong ranked seventh and Singapore eighth. The same year, the Hong Kong Monetary Authority (HKMA) introduced the first phase of fintech development.

    Since then, the HKMA has issued eight digital banking licences, with the lenders offering online-only services. This week, British digital bank Revolut announced plans to launch operations in Hong Kong.

    The arrival of global players is a direct result of a concerted regulatory push – the HKMA’s fintech initiatives, the Insurance Authority’s promotion of virtual insurance, and the Securities and Futures Commission’s rules for virtual asset trading. Bourse operator Hong Kong Exchanges and Clearing’s listing reforms too have paved the way for start-ups to raise funds.

    “Hong Kong’s fintech development in the past decade has been nothing short of transformative,” said HKMA chief executive Eddie Yue Wai-man in a written interview. The 18-fold increase in the number of participants in this year’s FinTech Week compared with nine years ago was “proof not only of growing interest but also of a hub that has become a magnet for talent, ideas and ambition in fintech”, he said.

    However, a broader measure of digital competitiveness reveals ongoing challenges. Despite Hong Kong’s many advantages, Singapore ranked third and Hong Kong fourth in the 2025 World Digital Competitiveness Ranking released earlier this month.

    The report, however, noted that Hong Kong performed the worst in “IT integration”, placing 29th overall, due to low scores in government cybersecurity capacity and legal framework for privacy protection.

    Singapore, which topped the ranking in 2024, fell behind Switzerland and the US this year.

    The report said Singapore was strong in its digital regulatory framework and hi-tech patent grants, topping these categories. The institute also highlighted Singapore’s weakness in two areas, where it ranked 29th in technology, media and telecommunications stock market capitalisation and 61st in telecommunications investment.

    Analysts and fintech firms regard Singapore and Hong Kong as Asian fintech leaders, albeit with different roles.

    “Singapore offers a more accessible pathway for regional expansion across Asean, whereas Hong Kong’s competitive strength remains closely tied to the China-Hong Kong corridor and its leadership in regulated digital-asset innovation,” said Benjamin Quinlan, CEO and managing partner of Quinlan & Associates, a Hong Kong-based consultancy.

    Quinlan said Hong Kong had also made progress in digital asset and tokenisation initiatives, including the coming stablecoin regime and tokenised government bond issuance, which provided a unique competitive angle in this emerging sector.

    Singapore, by contrast, had positioned itself as a launch pad for the Association of Southeast Asian Nations, while the country had a clean regulatory environment and was innovation-friendly, supported by comparatively lower barriers to entry and a strong investor appetite, Quinlan said.

    The HKMA’s Yue said the gateway role to mainland China would continue to be a major advantage for Hong Kong’s fintech development, as companies took advantage of cross-border trading schemes in stocks, bonds, swaps, exchange-traded products and wealth management.

    Yue added that the development of fintech had benefited many sectors like digital banks, while also making it easier for small and medium-sized enterprises (SMEs) to get bank loans via the Commercial Data Interchange (CDI).

    The CDI, which was launched in October 2022 as part of the HKMA’s Fintech 2025 strategy, is a financial data platform designed to make it easier for businesses, especially SMEs, to access financial services. The CDI had facilitated over 71,000 loan applications totalling HK$58.1 billion (US$7.5 billion) for SMEs until the end of September.

    “Think of a wonton noodle shop that could use the CDI to share its historical turnover data from point-of-sale terminals with a bank, which could then use this alternative data for a more accurate credit assessment and loan approval, all without requiring traditional collateral,” Yue said. “We are also advancing trade finance digitalisation through CargoX to support SME traders in a complex global trade landscape.”

    Project CargoX is a public-private collaboration led by the HKMA to use cargo and trade data to improve trade finance.

    The HKMA’s Faster Payment System has over 18 million users. Photo: Handout alt=The HKMA’s Faster Payment System has over 18 million users. Photo: Handout>

    One of the HKMA’s first fintech initiatives was the launch of the Faster Payment System in 2018, with the platform currently boasting more than 18 million users. This was followed by licences for eight digital banks in 2019.

    Even in a market with more than 150 lenders, these virtual banks had 3.4 million customers, with HK$77 billion in deposits and HK$29 billion in loans as of June, according to the HKMA.

    To build on this decade of progress and solidify Hong Kong’s future position, Yue unveiled the Fintech 2030 road map this month. The five-year programme will launch more than 40 initiatives in four areas: data, artificial intelligence, resilience and tokenisation.

    The city has also incubated some prominent fintech unicorns – start-ups with a valuation of at least US$1 billion – like Airwallex, HashKey Group, WeLab, Micro Connect and ZA Group.

    Hong Kong currently has more than 1,200 fintech companies, a 10 per cent increase from last year, with the sector’s revenue expected to exceed US$606 billion by 2032, according to a recent report by the Financial Services Development Council.

    The UK’s Revolut will add to the tally.

    Revolut is a global disrupter with over 65 million clients and has a strong presence in the US, Europe and Asia, so adding Hong Kong was the next stop in the expansion, said Camilo Ramirez, head of financial services at Sia Partners Hong Kong, a consultancy.

    “While Hong Kong looks like a saturated market, it still lags behind in digital capabilities compared with Europe and mainland China,” Ramirez said. “With the HKMA launching the fintech road map, Revolut would land in a perfect environment to bring its innovative capabilities to Hong Kong at a pivotal and exciting moment for the financial services industry.”

    Alvin Kwock, co-founder of online insurer OneDegree. Photo: Handout alt=Alvin Kwock, co-founder of online insurer OneDegree. Photo: Handout>

    One Degree’s Kwock said the conversations around fintech had continued to evolve at FinTech Week. Initially, it was about exploring the use of fintech, which later shifted to digital banks, digital insurance and virtual assets trading, before moving to AI this year, he said.

    “Cybersecurity will be a key issue going forward as the city becomes a virtual-asset trading hub,” Kwock said.

    Meanwhile, home-grown fintechs like WeLab have been using their early-mover advantage to good use by expanding in Southeast Asia.

    WeLab serves 70 million customers via its WeLend online lending platform and two digital banks in Hong Kong and Indonesia, WeLab Bank and Bank Saqu, respectively.

    “Positioned at the nexus of two major growth corridors – northbound to the Greater Bay Area and mainland China, and southbound to the rapidly growing and digitally transformative markets of Southeast Asia, Hong Kong acts as a natural springboard for regional fintech expansion,” said Simon Loong, founder and group CEO of WeLab.

    Fintech has also transformed one of Hong Kong’s oldest banks. The 160-year-old HSBC has seen an increase in digital use across all banking transactions.

    “We are already a fully digital bank, prioritising digital channels to deliver daily banking services and engage with our customers,” said Maggie Ng, CEO and head of retail banking and wealth at HSBC Hong Kong.

    Ng said HSBC would take part in the HKMA’s Fintech 2030 projects. The bank had already introduced tokenised deposits for customers, and its digital asset platform, HSBC Orion, was used to launch the world’s largest digital bond issuance by the Hong Kong government this month, she said.

    The bank recently launched HSBC Gold Token, a tokenised gold product for retail customers in Hong Kong.

    Also this month, Hong Kong and Shenzhen launched a joint fintech action plan to promote cross-boundary financial innovation, setting a target of establishing over 20 fintech application scenarios by the end of 2027. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu, who signed the initial pact with Shenzhen, said the two sides would implement various initiatives to facilitate high-quality fintech development.

    Paul Sin, chair of the web3 and technology committee for Greater China at CPA Australia, an accounting industry body, said Hong Kong’s Fintech 2030 initiative provided a clear road map for the next five years.

    One element that Hong Kong needed to develop was a decentralised identity (DID) system, which would allow financial firms to easily verify users’ identities.

    “Only when firms can easily verify clients’ identities using technology like DID can fintech solutions be both innovative and compliant,” Sin said.

    This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP’s Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.

    Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.


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  • Silicon Valley sets its sights on building the perfect baby

    Silicon Valley sets its sights on building the perfect baby

    If you could design your ideal baby, what would you choose? A lover of naps who sleeps through the night? A mind for math and an affinity for the viola? For the founders of fertility tech startup Herasight, this is not a hypothetical. 

    Herasight founder Michael Christensen is 6-foot-6, and even in a world where taller men are perceived as stronger and more competent, it’s a bit much. He wants his future children to be shorter and more comfortable on commercial planes. 

    “It’s annoying to be super tall,” he said. “Nothing is made for you.” 

    Chief science officer Tobias Wolfram has already banked frozen embryos with his partner in preparation for their future family. His great-grandparents lived past 100 with no cancer or serious health problems, suggesting a family tendency toward healthy aging. But there’s depression on his side of the family. 

    “I’d really like to make sure that’s not passed down,” he said. Wolfram has waited five years for Herasight’s technology to reach its current state, so that he can screen embryos for mental health indicators. 

    Jonathan Anomaly, a communications executive with Herasight, is approaching 50 and planning a family with his partner, 37. His grandmother was a genius, said Anomaly, but she suffered from five different autoimmune disorders that kept her homebound. He plans to screen embryos for autoimmune diseases, and like Christensen, Anomaly said he’ll screen for height. But he wants potential sons to be slightly taller than his 5 feet 9 inches. 

    This is the new era of family planning emerging across the Bay Area, a place known for its concentration of extreme wealth, high risk tolerance, affinity for new technology, and early-adopter mentality. Rather than having babies the Where Did I Come From? way, prospective parents are blazing an unprecedented approach to family planning. Gone are the wealthy parents who pay women for their eggs because they have desirable traits or who seek out sperm donors based on Ivy League degrees and athletic prowess. This is reproduction reimagined through the lens of algorithms and data science down to the genetic blueprint that makes up a human being. 

    This new method means opting for IVF from the start even if infertility isn’t an issue to create embryos. From there, prospective parents are investing thousands in different types of next-level embryo screening that can essentially spin up versions of your future children’s health prospects by showing their risk of inherited diseases, childhood cancers, schizophrenia, autism, and Types 1 and 2 diabetes. Other traits like height, body mass index, musical ability, and higher IQ points are also among the offerings at certain firms. And with billionaires backing fertility tech startups and funding new research related to conception and embryo selection, the boundaries between proven science, emerging possibilities, and aspirational hype become increasingly complex to parse.

    On the outer edges, scientists and researchers are studying the efficacy of penis transplants, and five have been performed worldwide so far, including one in the U.S. Uterus transplants have led to 29 live births, nearly all by C-section. A team of Chinese scientists successfully conceived mice with two male mice fathers—without DNA from a mother mouse. And more is on the horizon, including AI-enabled and automated IVF processes that could lower costs substantially and artificial womb development. A height and intelligence screening startup backed by Reddit and Seven Seven Six fund founder Alexis Ohanian plastered New York City subway stations with ads this month for Nucleus Genomics, imploring riders to “Have Your Best Baby.”

    The global IVF industry remains a nascent $28 billion enterprise, and investment in women’s health and IVF-related tech startups began picking up last year, with 2024 standing out as the largest year for investment at $2 billion, a 55% increase over 2023. 

    Some of these new add-ons to IVF are driven by people who just “want to know” about their embryos in the way people want to find out the sex of their baby before birth, said Barry Behr, director of Stanford’s IVF lab and a professor of obstetrics and gynecology who is known for his groundbreaking work in improving IVF and advancing the field of embryo selection. Other times, it’s about how to make more money from the IVF process or lower the cost for patients. Regardless of the motivation, for anyone who has had a child or relative who has been sick with a debilitating disease or condition, “you know how that makes you feel,” said Behr, who is an advisor to Orchid Health, which offers embryo screening. 

    “A parent would do anything—give a kidney, give a limb, or whatever you could give to a child to avert suffering,” said Behr. “So don’t tell me how anyone could even question doing something to your embryo that we do for other reasons routinely.” 

    Yet the rapid pace of innovation and investment has created a regulatory and ethical vacuum, experts have observed. “Technology will always outpace the law,” said Rich Vaughn, a prominent fertility lawyer who has seen the field evolve during the past two decades. “Technologies develop first; law and regulations make things legally safer for everyone, but they trail behind.”

    Moreover, the controversial process of embryo editing—which refers to changing the DNA of an embryo before it is implanted and is illegal in 70 countries or banned through funding restrictions—is being studied and backed financially despite the considerable risk involved. Coinbase cofounder and billionaire Brian Armstrong said he invested in embryo-editing startup Preventive, which has raised $30 million. Armstrong is joined by OpenAI CEO and cofounder Sam Altman’s husband, Oliver Mulherin. 

    Another startup focused on embryo editing is led by former Thiel Fellow Cathy Tie, who wants to genetically correct mutations in embryos before they are implanted to dramatically minimize the risks of inherited disease. (Investor Peter Thiel offers a two-year, $200,000 fellowship program to entrepreneurs who want to drop out of or take time off from college to focus on developing an idea.)

    “I believe that gene correction technology is much more effective in achieving those goals than embryo screening,” said Tie, cofounder of Manhattan Genomics. She plans to begin testing on nonhuman primates early next year before moving to human embryos, pending regulatory approval. 

    Tie believes many couples, especially those with relatively older women, wind up with too few embryos to choose from after they go through the process of stimulating their follicles and retrieving eggs. “Let’s say I’m a woman in my mid-thirties,” said Tie. “I’m lucky if I’ll get 10 eggs, and from that I’ll maybe get two embryos. Then a company will tell me one embryo is better than the other.” Despite public controversy over embryo editing, which alters genes that would be passed down to new generations and involves irreversible decision-making, Tie said she has received a lot of support from researchers, scientists, and IVF doctors. 

    Hank Greely, a Stanford law professor who specializes in issues surrounding biomedical technologies and authored The End of Sex, a 2016 book that predicted humans will eventually reproduce mainly through IVF, told Fortune screening for cosmetic traits like hair, eye, and skin color or nose shape isn’t far off. 

    People in Silicon Valley, where Greely lives,are most interested in influencing their offspring’s intelligence, personality, musical and sports ability, and proficiency in math. Right now those are areas scientists “know almost nothing about,” he said. 

    But the technology is moving at a swift pace, and some experts think the line between acceptable and not will evolve as well. 

    “There was a time when it wasn’t appropriate to show your knees, and now you can wear a thong at the beach,” said Behr. “The line moves with time.”

    The new line in tech-assisted IVF

    Reproductive tech startup CEO Noor Siddiqui has a personal inspiration behind founding polygenic screening firm Orchid Health. Her mother suffers from a rare genetic eye condition called retinitis pigmentosa, which led to progressive vision loss and her mother’s eventual blindness. Siddiqui, also a Thiel Fellow, said she was motivated to pursue embryo screening after watching her mother’s condition progress. Siddiqui also plans to have four children, and has screened her own embryos using Orchid’s technology. 

    The firm occupies the middle ground of the IVF tech market—pushing the boundaries of science, but mainly to prevent disease.

    For years now, prospective parents who use IVF to have babies have been able to opt for preimplantation genetic testing to make sure the embryo has the correct number of chromosomes. In addition to chromosomal abnormalities like trisomy 21—an extra copy of chromosome 21 that causes Down syndrome—tests also scan for life-altering diseases stemming from single-gene mutations like sickle cell anemia or cystic fibrosis. 

    Orchid offers “polygenic risk” scoring for their embryos. The startup counts Day One Ventures and Prometheus Fund among its backers, as well as angel investors including Figma CEO Dylan Field and 23andMe cofounder Anne Wojcicki. Eventbrite cofounders Julia and Kevin Hartz have also invested in Orchid, and the couple screened their embryos for inherited diseases including Alzheimer’s before having twins they dubbed “Cohort 2” after their first two daughters were in their teens. Published reports have anonymously quoted sources claiming that Shivon Zilis, who has children with the world’s wealthiest man, Elon Musk, has used Orchid’s services. 

    Orchid’s approach involves whole genome sequencing, and expands on traditional screening by sequencing nearly all of an embryo’s genome. Siddiqui said Orchid scans for more than 1,000 genetic diseases as one option for clients, while another option scans for 3,000 single-gene diseases, covering inherited and spontaneous changes in the embryo. Traditional tests scan for chromosome numbers and single-gene disease. She often compares it to publishing a book that a writer would want to be fully accurate. 

    “If your proofreader didn’t actually read your book to check for spelling errors, missing words, missing punctuation, would you be satisfied if they just told you all the chapters were present?” she said. Siddiqui said parents are also interested in the genetics of autism, and Orchid screens can detect genetic mutations in specific genes known to cause autism spectrum disorder, although it cannot predict all autism risk. Experts have warned that there is no reliable test for autism, although recentstudies have found a genetic cause in 25% to 50% of cases. 

    “We want the maximum amount of information to be provided to parents to mitigate the maximum amount of risk when it comes to genetics,” said Siddiqui. 

    Herasight, the startup with the three founders who each are hoping to screen for traits in their next generation, recently emerged from stealth mode after several years and conducts polygenic screening with a different technical approach that allows it to work with any IVF clinic. It screens the data for potential childhood and adult diseases and health problems, and in some cases height, IQ, longevity, and mental health conditions like depression. 

    The firm offers a free IVF calculator so prospective parents can get an idea of their chances at conception, from retrieving eggs through birth, based on more than 100,000 IVF treatment cycles recorded in the U.K. national registry. Herasight’s published studies show it can reduce disease risks by 20% to 44% when selecting among five embryos. The validation results come from the firm’s own research rather than independent studies, but Herasight has published its methods and data for others to review. The company’s research has shown what they call “positive pleiotropy,” which means when selecting against one disease, parents often reduce risks for related conditions, too. 

    “Everyone has a unique family history, so we don’t have one type of customer,” Christensen told Fortune. Sometimes a prospective parent will come to the firm, excited about screening embryos for IQ, and then they’ll discover a BRCA gene mutation, which can increase the risk of breast and ovarian cancers. Then that becomes the top priority in screening embryos, said Christensen. Anomaly said every embryo-screening choice represents a tradeoff. “Creating the perfect baby—that doesn’t exist,” he added. 

    Kyle Farh, a scientist with DNA sequencing and genetic analysis company Illumina’s artificial intelligence lab, said a huge gap in data interpretation remains at the moment because AI models simply need more information. About 1 million people globally have sequenced their genomes, and realistically about 1 billion people need to sequence their genomes for models to function more meaningfully. 

    “It’s a chicken and egg problem,” said Farh. “We can predict [traits], and we can show that there’s some significant correlation between our predictions and what happens in real life, but the correlation is still very poor.”

    But for parents looking to prevent a major life-altering disease, the technology has been transformative. Software engineer and consultant Roshan George and art director Julie Kang, who live in San Francisco, hired Orchid to screen their embryos after the couple discovered they shared a genetic mutation that could cause profound deafness in their children. One day after having their newborn daughter, Astra, it took about two minutes to find out if the thousands they invested in embryo screening had helped them toward the outcome they wanted for their child. A tech gave Astra a hearing test in their sunny Sutter Health hospital room, the culmination of months of genetic analysis and embryo risk scores. 

    “I mean, we spent all this money, we did this whole thing and got through all this,” said George. The test showed Astra’s hearing was normal, and the new parents were relieved and are planning for another child soon; they still have screened embryos, George said. 

    Cases of preventing disease are growing, which is giving these startups a boost. And in addition to screening for certain health risks, founders are hopeful that the impact on pregnancy loss for couples and families who go through IVF will be substantial. Certainresearch shows chromosomal abnormalities are responsible for about 50% of first-trimester miscarriages, and the hope is that screening allows people to prioritize embryos most likely to result in successful pregnancies. 

    But the use cases that scientists and ethicists fret about aren’t quite here—yet. “Even the most optimistic folks—and I think scientists and most geneticists are way too optimistic—think they can account for, oh, three or four IQ points,” said End of Sex author Greely. “Plus, we know plenty of ways to improve IQ test results with things like good childhood nutrition, childhood vaccinations so kids don’t get sick, and parents who read to their kids.” Brains are incredibly complicated, he said, and may ultimately prove too complicated to screen for intelligence and qualities like extroversion. 

    “It makes great headlines, it makes great clickbait, it makes great dystopian science fiction,” said Greely. “But the designer baby idea? At least when you’re talking about behavioral traits, it’s not very plausible—at least for decades.”

    But given the intensity and expectations of the tech-oriented set interested in this brave new world, NYU bioethicist Arthur Caplan notes there’s a danger that some parents might view their children as products and potentially even “commercial failures.” He questions how positive this will be for kids. “When you start saying, ‘I tested you, and I have a certain outcome that I expect,’ you’re taking away the kids’ future,” said Caplan. “You’re making them less free because you have expectations, and they better turn out that way.”

    Victoria Fritz and her husband, who used Herasight to screen embryos to try to prevent passing along her Type 1 diabetes, hope to do an embryo transfer in January, and are realistic about the prospect.

    “I feel like, regardless of what embryo we choose, we will hopefully have a happy, healthy child and be a happy family regardless,” said Fritz. The screening provides peace of mind, she noted, but “it doesn’t guarantee that your child is going to have a perfect, healthy life.”

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  • Effectiveness of Combined Preoperative and Postoperative Rehabilitation Versus Postoperative-Only Rehabilitation in Cardiac Surgery Patients: A Systematic Review

    Effectiveness of Combined Preoperative and Postoperative Rehabilitation Versus Postoperative-Only Rehabilitation in Cardiac Surgery Patients: A Systematic Review

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  • On the participation in the “Nanshan Dialogue”

    On the participation in the “Nanshan Dialogue”

    On November 27, 2025 the latest “Nanshan Dialogue” titled “Engaging with the SCO, Starting from Nanshan — Regional Cooperation in the New Era” was held in Shenzhen. The event was organized by the Nanshan District People’s Government and World Affairs Press.

    The forum aims to strengthen ties between Chinese businesses, including innovative enterprises, and the member states of the Shanghai Cooperation Organization.

    On the participation in the “Nanshan Dialogue”

    During the discussions participants highlighted the significant potential of the SCO member states and discussed prospects for enhancing cooperation with the dynamically developing Nanshan District, which is known as a leading center for scientific and technological innovation in China.

    A report was delivered by former SCO Secretary-General Zhang Ming. The key themes of his address were opportunities for small and medium-sized enterprises and the implementation of multilateral economic projects within the context of China’s policy of openness to the international market.

    Representatives of the SCO Secretariat also took part in the forum.

    As part of the program guests visited leading technology companies in Nanshan District and learned about achievements in the fields of high technology and innovation ecosystems.

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