Category: 3. Business

An alternate regimen of docetaxel (50 mg/m² once every 2 weeks instead of 75 mg/m² once every 3 weeks) plus darolutamide (Nubeqa) and androgen deprivation therapy (ADT) demonstrated statistically highly significant and clinically meaningful improvements in grade 3–5 adverse event (AE) rates as well as grade 3–4 neutropenia or death of any reason rates in patients with metastatic hormone-sensitive prostate cancer.¹

The findings, from the phase 3 ARASAFE study (NCT05676203), were presented at the 2025 European Society for Medical Oncology Congress in Berlin, Germany by Marc-Oliver Grimm, MD, professor and chair of urology at Jena University Hospital in Jena, Germany.

By way of background, Grimm explained that the use of ADT, darolutamide, and docetaxel is FDA approved for patients with mHSPC based on findings from the phase 3 ARASENS trial (NCT027996602). In that regimen, the docetaxel dosage is 75 mg/m² once every 3 weeks. However, Grimm pointed out that toxicity such as neutropenic complications could limit the use of this regimen compared with androgen receptor pathway inhibitor/ADT doublet therapy. For ARASAFE, Grimm and his co-authors sought to evaluate toxicity in triplet therapy with darolutamide/ADT/docetaxel with docetaxel dosages of 50 mg/m² once every 2 weeks and 75 mg/m² once every 3 weeks.

“We hypothesized that triplet therapy with darolutamide, ADT, and 50 mg[/m²] every 2 weeks reduces grade 3 to 5 adverse events compared to the standard 75-mg[/m²] schedule,” Grimm said. Grimm also pointed to previous research indicating that ADT plus docetaxel 50 mg/m² once every 2 weeks was associated with better time to treatment failure and fewer grade 3–4 AEs in patients with metastatic castration-resistant prostate cancer.³

In ARASAFE, a total of 250 patients with mHSPC were randomly assigned 1:1 to darolutamide 600 mg twice daily plus ADT plus 6 cycles of docetaxel 75 mg/m² once every 3 weeks (3-week cycle, 129 patients) or to darolutamide 600 mg twice daily plus ADT plus 6 cycles of docetaxel 50 mg/m² once every 2 weeks (4-week cycle, 121 patients). Total expected docetaxel dose was 450 mg/m² in the 75 mg/m² arm vs 600 mg/m² in the 50 mg/m² arm.

Primary end points included grade 3-5 AEs and grade 3-4 neutropenia or death of any reason. Secondary end points included time to castration resistant prostate cancer, overall survival, time to pain progression, time to first symptomatic skeletal event, time to initiation of subsequent systemic antineoplastic therapy, time to worsening of disease-related physical symptoms, and quality of life.

Median age at baseline was 68.0 years (IQR, 63.0–74.0 years) in the 75 mg/m² arm vs 67.0 years (IQR, 63.0–73.0 years) in the 50 mg/m² arm. High-volume disease was present in 108 (83.7%) patients in the 75 mg/m² arm vs 104 (86.0%) patients in the 50 mg/m² arm. Mean number of docetaxel doses was 5.6 (standard deviation [SD], 1.1) in the 75 mg/m² arm vs 10.7 (SD, 2.2) in the 50 mg/m² arm. Mean cumulative docetaxel dose was 842.8 mg (SD, 181.7 mg) in the 75 mg/m² arm vs 1073.5 mg (SD, 240.4 mg) in the 50 mg/m² arm.

Grimm reported that the study reached its primary end points: The grade 3-5 AE rate was 78.9% (95% CI, 70.8%–85.6%) in the 75 mg/m² arm vs 61.2% (95% CI, 51.9%–69.9%) in the 50 mg/m² arm (P =.0024). Additionally, the grade 3–4 neutropenia/death of any reason rate was 64.1% (95% CI, 55.1%–72.3%) in the 75 mg/m² arm vs 24.0% (95% CI, 16.7%–32.6%) in the 50 mg/m² arm (P <.00001).

Grimm also reported that the rates of neutropenia, leukopenia, and febrile neutropenia favored the 50 mg/m² dosage over the 75 mg/m² dosage.

The investigators utilized prostate-specific antigen (PSA) response at week 26 as a putative surrogate for oncologic outcome. Grimm reported that the median PSA level in the 75 mg/m² arm was 0.16 ng/mL (IQR, 0.03 ng/mL–1.00 ng/mL) vs 0.26 ng/mL (IQR, 0.05 ng/mL–1.55 ng/mL) in the 50 mg/m² arm. PSA levels of 0.2 ng/mL or lower were observed in 63 (48.8%) patients in the 75 mg/m² arm vs 50 (41.3%) patients in the 50 mg/m² arm.

“In summary, ARASAFE demonstrates a statistically highly significant and clinically meaningful reduction in the incidence of grade 3 to 5 adverse event rate and the rate of grade 3 to 4 neutropenia or death regardless of reason for the experimental approach. This was achieved despite higher total doses of docetaxel in the experimental arm. Therefore, the ARASAFE approach may be considered a potential new standard of care,” Grimm said in his concluding remarks.

DISCLOSURES: Grimm noted advisory board/invited speaker/institutional associations with AstraZeneca, Bayer, Bristol Myers Squibb, Ipsen Pharma, Merck Serono, MSD, Pfizer, Roche, Eisai, Janssen Cilag, Gilead, Novartis, Telix, Astellas, Kranus, Recordati, Janssen, and Intuitive Surgical.

REFERENCES:

1. Grimm M-O, Von Amsberg G, Heers H, et al. 3-weekly docetaxel 75 mg/m2 vs 2-weekly docetaxel 50 mg/m2 in combination with darolutamide + ADT in patients with mHSPC: Results from the randomised phase III ARASAFE trial. Presented at: European Society for Medical Oncology Congress. October 17-21, 2025. Berlin, Germany. LBA92. https://tinyurl.com/vs3p8wh3

2. FDA approves darolutamide tablets for metastatic hormone-sensitive prostate cancer. Published online August 5, 2022. Accessed October 17, 2025. https://tinyurl.com/yhjw2sw2

3. Kellokumpu-Lehtinen P-K, Harmenberg U, Joensuu T, et al. 2-weekly versus 3-weekly docetaxel to treat castration-resistant advanced prostate cancer: a randomised, phase 3 trial. Lancet Oncol. 2013;14(2):117-24. doi:10.1016/S1470-2045(12)70537-5

Expanding Trades Opportunities in Arizona

Phoenix, AZ and New York, NY – The Blackstone Charitable Foundation has awarded a $3 million grant to launch Blackstone Skilled Futures in partnership with Arizona State University, Maricopa Community Colleges and local nonprofits. The program aims to increase access to high-quality training and workforce development, focusing on construction and advanced manufacturing in the Phoenix area.

Blackstone Skilled Futures will support students in need, along with capacity building for training institutions and other wraparound support to ensure learners can get the education, certifications, and employment in these fields.

The initiative will also support high school students with career-connected programming, creating workforce pipelines into post-secondary training and industry credentials in high-wage, high-demand, and high-skill jobs in the skilled trades.

Arizona’s rapid growth in electric vehicles, AI, energy infrastructure and semiconductors is fueling a construction and advanced manufacturing boom. The Arizona Office of Economic Opportunity projects 37,000 new construction jobs will be added in Arizona by 2031, including 13,000 electricians and 3,000 HVACR (heating, ventilation, air conditioning and refrigeration) technicians. Job demand in advanced manufacturing parallels this trend, with the state expecting to add over 30,000 jobs by 2033.

“It’s getting harder and harder for people to find good-paying, stable jobs without a college degree, but this investment helps change that,” said Senator Ruben Gallego. “By preparing Arizona students for careers in high-demand fields like construction, manufacturing and energy, we can strengthen our local businesses, keep our state competitive, and help more people build their careers and families in Arizona.”

Blackstone Skilled Futures plans to:

• Award scholarships to 4,000 students
• Introduce skilled trades to 3,500 new students
• Enroll 5,000 students in training or apprenticeships
• Support 1,000 job placements

The program will provide scholarships, dual-enrollment credits, OSHA training, recruitment tools and connections to employers. ASU’s Academic Alliances, in partnership with the OSHA Training Institute at ASU’s Del E. Webb School of Construction and Maricopa Community Colleges, will expand training and certificate programs.

“The demand for skilled trades is growing and these careers are the backbone of a thriving Arizona community. The Blackstone Charitable Foundation is committed to opening doors for individuals to gain the training, tools and opportunities they need to succeed. By investing in skilled trades, we’re not just helping to meet today’s demand, we’re supporting a stronger future for the city and the people who call it home,” said Maura Pally, executive director of the Blackstone Charitable Foundation.

“ASU is honored to work closely on this grant with the Blackstone Charitable Foundation and the Maricopa Community Colleges, one of the university’s most valued community college partners,” said Nancy Gonzales, executive vice president and university provost. “We share a mission of student excellence, access and impact and this collaboration is a direct reflection of ASU’s commitment to transfer student success.”

The colleges and university will collaborate with Center for the Future of Arizona (CFA), Greater Phoenix Chamber of Commerce, Phoenix Mayor’s Future Talent Fund and Maricopa County Regional School District to increase the number of students pursuing these skilled trades.

Center for the Future of Arizona will connect education and industry leaders to build seamless college and career pathways in high-demand sectors through the Arizona Pathways to Prosperity initiative. The organization will engage school districts, nonprofit organizations, municipalities, state agencies, companies and chambers of commerce – to recruit students and provide technical assistance and scholarships. CFA will continue collaborating with the Greater Phoenix Chamber Foundation to support employer outreach.

“Building the workforce of the future requires collaboration, innovation, and a deep commitment to creating opportunity through education and training,” said Sybil Francis, chair, president and CEO of Center for the Future of Arizona. “We are proud to join the Blackstone Charitable Foundation, ASU, and Maricopa Community Colleges in creating pathways that empower young people across Arizona to pursue rewarding, high-skill careers. Together, we’re providing all Arizonans with access to training and opportunities to help them thrive.”

At the same time, the Maricopa Community Colleges will lead localized engagement efforts, which include expanding scholarships for low-income students, securing industry partners to serve as hosts and training providers for apprenticeships, facilitating work-based learning and career support activities such as resume reviews and mock interviews, and convening industry advisory councils to inform curriculum updates and identify student engagement opportunities.

“Maricopa Community Colleges have a rich history of training skilled workers,” said Steven R. Gonzales, Maricopa Community Colleges chancellor. “As the largest provider of workforce training in Arizona, we are developing the next generation of skilled workers—who will undoubtedly play a critical role in supporting nearly every facet of our infrastructure.”

Collectively, the partners will reach a variety of populations who can benefit from these skilled trades opportunities, including high school students, community college students and working adults to rapidly scale access to high-wage, high-demand careers.

About Arizona State University
Arizona State University, ranked the No. 1 “Most Innovative School” in the nation by U.S. News & World Report for 11 years in succession, has forged the model for a New American University by operating on the principles that learning is a personal and original journey for each student; that they thrive on experience and that the process of discovery cannot be bound by traditional academic disciplines. Through innovation and a commitment to accessibility, ASU has drawn pioneering researchers to its faculty even as it expands opportunities for qualified students.

About Blackstone Charitable Foundation (BXCF)
With a commitment to fostering career and economic mobility, the Blackstone Charitable Foundation leverages its financial and human capital to support initiatives that bridge opportunity gaps and strengthen communities. Blackstone Skilled Futures is BXCF’s latest grant program, aiming to expand the next generation of skilled talent by reducing barriers and increasing access to high-quality training programs in the trades. BXCF has also funded the Phoenix talent pipeline through Blackstone LaunchPad, with over $1.5 million in grants to support ASU and MCCCD students in skill-building, career readiness and paid summer internships.

About Maricopa Community Colleges
The Maricopa County Community College District includes 10 individually accredited colleges – Chandler-Gilbert, Estrella Mountain, GateWay, Glendale, Mesa, Paradise Valley, Phoenix, Rio Salado, Scottsdale, and South Mountain – and the Maricopa Corporate College, serving approximately 140,000 students with bachelor’s degrees, two-year degrees, certificates, and university transfer programs. Visit www.maricopa.edu to learn more.

About Center for the Future of Arizona
Center for the Future of Arizona (CFA) is a nonprofit, nonpartisan “do-tank” that brings Arizonans together to create a stronger and brighter future for our state. Through its extensive survey research & communications, Arizona Progress Meters, and impact initiatives & programs in education, workforce, and civic health, CFA listens to Arizonans to learn what matters most to them, shares trusted data about how Arizona is doing in those priority areas, brings critical issues to public attention, and works with communities and leaders to solve public problems. CFA’s work is focused on building The Arizona We Want – a research-informed vision of success for the state, where all Arizonans, now and in the future, thrive and enjoy sustained prosperity, unmatched quality of life, and real opportunity.

Media Contact
Avery Didden
[email protected]

IPO activity has steadily increased through the year, peaking in July with 26 IPOs in what the Wall Street Journal called “a red-hot summer for IPOs” amidst “the best IPO market in years.” Around 200 companies filed to go public in the first three quarters of 2025, compared to 214 for all of 2024. Close to US$31 billion in proceeds was raised up to September 30, higher than US$29.6 billion for all of 2024.

If the momentum continues, it is possible that IPO activity in the fall of 2025 and into 2026 could reach its highest levels since 2021, as tariff-induced volatility wanes and interest rate cuts are introduced. However, as recent years have shown, the political and legal landscape can be unpredictable, potentially influencing the strength of the IPO pipeline.

Market conditions driving increased underwriter interest

Many factors may influence a company’s decision to go public, but from an insurance perspective, the current market conditions are the most favorable in some time. Key drivers behind this positive environment include a continuing soft directors and officers liability (D&O) market, a scarcity of new public company opportunities, and equity markets that have continued to rise despite some volatility.

Since the 2002 passage of Sarbanes-Oxley — which aimed to enhance corporate transparency and accountability through stricter regulations for public companies — D&O carriers have sought to increase the number of public companies in their portfolio. However, while the number of D&O carriers has grown substantially, the pool of public companies has remained at reduced levels for over two decades.

This imbalance has resulted in more insurers competing for fewer opportunities and contributed to generally soft D&O market conditions. As a result of this limited supply relative to demand, underwriters are demonstrating a greater appetite to write IPOs than they have in recent years, particularly when the legal landscape was less favorable for insuring public offerings.

A shifting legal landscape

An IPO has traditionally been one of the riskiest events in a company’s history. The many disclosures and risk factors required in an S-1 filing ahead of an IPO provide numerous opportunities for plaintiff attorneys to identify potential misstatements. Under Section 11 of the 1933 Securities Exchange Act, companies face strict liability for any statements found to be false or misleading. This is a lower standard of proof than applied under Section 10(b)(5) of the 1934 Securities Exchange Act against companies, which covers false or misleading statements in subsequent securities filings, such quarterly 10-Q earnings reports.

Federal forum provisions rebalanced IPO insurance markets

Some plaintiffs’ attorneys brought IPO-related suits in state courts, often in plaintiff-friendly venues like California. This trend grew after 2010 and was reinforced in 2018 when the Supreme Court ruled in Cyan v. Beaver County that IPO securities lawsuits could proceed in state court, significantly increasing litigation risk for companies going public. In response, many insurers raised premiums and reduced capacity.

To mitigate this risk, many companies began adding federal forum provisions to their bylaws, requiring IPO-related lawsuits to be filed only in federal court. Courts upheld these provisions, normalizing the litigation landscape. The introduction of federal forum provisions in 2020 allowed insurers to regain confidence that IPO-related securities suits would be litigated in federal court, leading to greater underwriter appetite for IPOs.

Despite decline in number, SPACs continue to shape IPO market

While special purpose acquisition companies have existed for some time, 2021 saw a capital-raising phenomenon where the number of SPACs that filed to go public well exceeded previous years. While SPAC filings declined considerably after 2021, these companies are still responsible for a considerable amount of overall IPO activity.

Key factors driving improved IPO insurance conditions

Recent years have brought a unique combination of factors that contributed to a favorable insurance market for IPOs. These include a depressed D&O market with limited new opportunities and a renewed certainty that IPO litigation will not be handled in state courts. These factors have contributed to a favorable insurance environment for IPOs, including:

• Increased capacity. Insurers, who previously generally limited IPO risk coverage to US$5 million, now broadly offer US$10 million limits.
• Pricing. IPO premiums have dropped significantly. While the average premium for a primarily D&O layer in 2021 stood at over US$200,000 per million, this has gone down to less than US$60,000 per million in 2025.
• Coverage. A major enhancement this year was the introduction of underwriter coverage that can be added as a specialized enhancement to a traditional D&O policy. This insuring agreement replaces the company’s indemnity to the underwriter at rates that are typically attractive for the insured.

Navigating an evolving risk landscape through tailored insurance programs

As the IPO market continues to gain momentum, private companies should consider that navigating today’s complex and evolving risk landscape requires proactive and tailored risk management strategies, including a robust insurance program that is adapted to their evolving needs.

The specialists within Marsh’s FINPRO Practice have the deep market expertise and experience to help organizations optimize their coverage to protect their leadership teams and their bottom line.

For more information, contact your Marsh representative.

Sevabertinib monotherapy elicited robust and durable responses as therapy for patients with HER2-mutant advanced non–small cell lung cancer (NSCLC) in both front-line and pretreated settings, according to results from the phase 1/2 SOHO-01 trial (NCT05099172) presented at the European Society for Medical Oncology (ESMO) Congress 2025.¹ Results were simultaneously published in the New England Journal of Medicine.²

In cohort D (n = 81), which included patients who were previously treated, the objective response rate (ORR) by blinded independent central review (BICR) was 64% (95% CI, 53%-75%), with 2% achieving complete responses (CRs), 62% achieving partial responses (PRs), 25% having stable disease, 7% having progressive disease, and 4% not being evaluable. The disease control rate (DCR) was 81% (95% CI, 71%-89%).

The median duration of response (DOR) was 9.2 months (95% CI, 6.3-13.5), with a 12-month DOR rate of 42%; the median progression-free survival (PFS) was 8.3 months (95% CI, 6.9-12.3), with a 12-month PFS rate of 44%.

With a median follow-up of 13.8 months (range, 1-32), the median duration of treatment (DOT) was 9.9 months (range, 0-32). A total of 30% of patients had ongoing treatment, 20% had a treatment duration of more than 15 months, and responses were maintained after dose reductions or interruptions.

Subgroup analyses revealed that ORR was consistent across all subgroups, such as age, sex, race, number of previous systemic treatments, presence of baseline brain metastases, and receipt of prior platinum chemotherapies.

In patients with non-squamous NSCLC and HER2 tyrosine kinase domain (TKD) mutations (n = 70), the ORR by BICR was 71%, and the median PFS was 9.6 months (95% CI, 6.9-14.7). In patients with HER2 Y772_A775dupYVMA alterations (n = 49), the ORR by BICR was 78%; in those with YVMA, the median PFS was 12.2 months (95% CI, 6.9-16.4), and in those with other TKD mutations, the median PFS was 7.0 months (95% CI, 4.0-not estimable [NE]).

Additionally, in cohort E, which included patients who received prior treatment with HER2 antibody drug conjugates (n = 55), the ORR by BICR was 38% (95% CI, 25%-52%), with 5% achieving CRs, 33% achieving PRs, 42% having stable disease, 13% having progressive disease, and 7% not being evaluable; the DCR was 71% (95% CI, 57%-82%).

The median DOR was 8.5 months (95% CI, 5.6-16.4), with a 12-month DOR rate of 29%, and the median PFS was 5.5 months (95% CI, 4.3-8.3), with a 12-month PFS rate of 28%. The median follow-up was 11.6 months (range, 2-22).

In cohort F, which enrolled patients who were treatment-naïve (n = 73), the ORR by BICR was 71% (95% CI, 59%-81%), with 4% achieving CRs, 67% achieving PRs, 22% having stable disease, 3% having progressive disease, and 1% not being evaluable. The DCR was 89% (95% CI, 80%-95%).

The median DOR was 11.0 months (95% CI, 8.1-NE), and the median PFS was NE (95% CI, 9.6-NE). The median follow-up was 9.9 months (range, less than 1-15).

Further, brain metastases were present in 22% of patients in cohort D, 27% of cohort E, and 12% of cohort F. An analysis demonstrated systemic responses were similar in patients with and without brain metastases. In cohort D, patients with and without brain metastases had ORRs of 61% and 65%, respectively; in cohort E, the ORRs were 27% and 43%; and in cohort F, the ORRs were 78% and 70%.

In patients who had brain metastases at baseline in cohorts D, E, and F, post-baseline progression in the brain was observed in 22%, 20%, and 0%, respectively. In those with no brain metastases at baseline in cohorts D, E, and F, post-baseline progression in the brain was observed in 6%, 5%, and 3%, respectively.

“Sevabertinib demonstrated robust and durable responses in patients with HER2-mutant NSCLC in both pretreated and first-line settings. The most common [adverse] effect was diarrhea, which was manageable; there were no reported cases of interstitial lung disease (ILD) or pneumonitis,” said presenting study author Xiuning Le, MD, PHD, associate professor in the Department of Thoracic/Head and Neck Medical Oncology of the Division of Internal Medicine at the University of Texas MD Anderson Cancer Center, and coauthors, in the presentation.¹ “These data support sevabertinib as a potential new targeted therapy for patients with HER2-mutant NSCLC.”

SOHO-01 enrolled patients with advanced NSCLC with HER2 or EGFR mutations; this analysis included data from the cohorts of patients with HER2 mutations. Cohort D enrolled patients who were previously treated, but naïve to HER2-targeted therapies; cohort E enrolled patients who were previously treated with HER2-targeted ADCs; and cohort F enrolled patients who were naïve to systemic therapy for advanced disease.

Across cohorts D, E, and F, the median age of patients was 60 years, 65 years, and 65 years, respectively, and 62%, 64%, and 78% had never smoked. Activating Y772_A775dupYVMA HER2 mutations were observed in 60%, 73%, and 79%, respectively, and 90%, 95%, and 97% had HER2 TKD mutations. Fam-trastuzumab deruxtecan-nxki (Enhertu) was received as previous anti-cancer therapy by 2%, 75%, and 0%, and chemotherapy was received by 96%, 80%, and 8%.

Treatment consisted of increasing oral doses of sevabertinib from 10 mg once daily to 40 mg twice daily, to identify the recommended dose for expansion.

The primary end point of the extension phase was ORR per RECIST v1.1 by BICR. Secondary end points included DOR, DCR, PFS, and safety and tolerability.

Regarding safety, drug-related adverse events (AEs) occurred in 69% of cohort D, 100% of cohort E, and 97% of cohort F; grade 3 AEs were reported in 36%, 31%, and 21%. Notably, grade 3 diarrhea events occurred in 23% of cohort D, 11% of cohort E, and 5% of cohort F. ILD or pneumonitis was not observed in any patients.

Biomarker data from SOHO-01 are being shared in a poster at ESMO on October 18, 2025.³

Sevabertinib is also being evaluated as a first-line therapy for patients with locally advanced or metastatic NSCLC with HER2 mutations in the ongoing phase 3 SOHO-02 trial (NCT06452277).

Disclosures: Dr. Le cited consultant roles for AbbVie, AstraZeneca, BlossomHill, Blueprint Medicines Corporation, Boehringer Ingelheim, Daiichi Sankyo Company, Eli Lilly and Company, Janssen Biotech, Merck KGaA, Novartis, Regeneron Pharmaceuticals, and Spectrum Pharmaceuticals.

References

1. Le X, Kim TM, Dong X, et al. Sevabertinib (BAY 2927088) in advanced HER2-mutant non-small cell lung cancer (NSCLC): results from the SOHO-01 study. Presented at the 2025 European Society for Medical Oncology Congress. Presented at the 2025 ESMO Congress; October 17–20, 2025; Berlin, Germany. Abstract LBA75.
2. Le X, Kim TM, Loong HH, et al. Sevabertinib in advanced HER2-mutant non–small-cell lung cancer. N Engl J Med. Published online October 17, 2025. doi:10.1056/NEJMoa2511065
3. Girard N, Li L, Kim KM, et al. Molecular factors and ctDNA dynamics associated with clinical outcomes in patients with HER2-mutant NSCLC treated with sevabertinib (BAY 2927088): Exploratory analysis of the SOHO-01 study. Will be presented at the 2025 ESMO Congress; October 17–20, 2025; Berlin, Germany. Abstract 2001P.

Stay informed with free updates

Simply sign up to the Investments myFT Digest — delivered directly to your inbox.

BAE Systems’ share price has increased by 58 per cent over the past 12 months. This isn’t altogether surprising given the global security situation, but it’s certainly noteworthy for an established corporate entity of this scale.

Part of the investment rationale for defence contractors is that military tactics and technologies are always evolving. Like many other companies in the manufacturing sector, BAE is adapting its processes to take account of developments in artificial intelligence, autonomous systems and cyber warfare. This is creating as many opportunities as challenges.

In the first six months of 2025, order intake amounted to £13.2bn, resulting in a backlog worth £75.4bn. This represents tremendous top-line visibility even for a group such as BAE, whose contracts are often frontloaded and long-dated. As if to bear this out, the group recently laid the keel of HMS Dreadnought, the first of four Dreadnought-class submarines it is constructing for the Royal Navy. That’s in addition to ongoing work linked to Astute-class submarines, Type 26 and Hunter Class frigates, and Typhoon and F-35 jets.

Gabrielle Costigan, former chief executive of BAE Australia and current managing director of the group’s business development unit, recently took advantage of the upward price trajectory by offloading £777,189-worth of shares. How much longer the share price gains will continue is impossible to say, but BAE’s progress hasn’t gone unnoticed, and it is certainly reflected in valuation metrics. The shares change hands at 27 times forward earnings. You would imagine that Costigan has captured the lion’s share of the run-up in the share price, although the last positive technical signal, which was recorded in March, is still in evidence.

1. All information offered on Porsche Newsroom, including but not limited to, texts, images, audio and video documents, are subject to copyright or other legislation for the protection of intellectual property. They are intended exclusively for use by journalists as a source for their own media reporting and are not intended for commercial use, in particular for advertising purposes. It is not permitted to pass on texts, images, audio or video data to unauthorised third parties.

2. Use of Newsroom content for book projects (or similar commercial use) is not permitted, particular with regards to images. Any potential usage must be approved beforehand by Dr. Ing. h.c. F. Porsche AG. To discuss licencing requests for book projects please email: archiv@porsche.de

3. All logos and trademarks mentioned on Porsche Newsroom are trademarks of Dr. Ing. h.c. F. Porsche AG (hereinafter: Porsche AG), unless otherwise stated.

4. All contents of Porsche Newsroom are carefully researched and compiled. Nevertheless, the information may contain errors or inaccuracies. Porsche AG does not accept any liability with respect to the results that may be achived through the use of the information, in particular with respect to accuracy, up-to-dateness and completeness.

5. Insofar as Porsche Newsroom provides information concerning vehicles, the data refers to the German market. Statements concerning standard equipment and statutory, legal and tax regulations and repercussion are valid for the Federal Public of Germany only.

6. With respect to the use of Porsche Newsroom, technical faults such as, delays to news transmission, cannot be ruled out. Porsche AG does not accept any liability for any resulting damage.

7. Insofar as Porsche Newsroom provides links to the internet sites of third parties, Porsche AG does not accept any responsibility for the content of the linked sites. On using the links, the user leaves the Porsche AG information products.

8. In agreeing to these rights of use, the user shall be obliged to refrain from any improper use of Porsche Newsroom.

9. In the event of improper use, Porsche AG reserves the right to block access to Porsche Newsroom.

10. Should one or more provisions of these terms and conditions be or become invalid, this shall not affect the validity of the remaining provisions.

Getty Images

The stricter eligibility requirements for the business manager (“keiei kanri” in Japanese) work permit became effective on October 16, 2025 with additional eligibility criteria.

As we reported in our September 12 LawFlash, as scheduled the Immigration Services Agency of Japan (ISA) has amended the eligibility criteria for business managers and the new rules became effective as of October 16, 2025.[1] 

Originally, the ISA proposed that

• the company the applicant manages (Company) shall employ at least one full-time worker[2] resident in Japan;
• the Company shall have JPY 30 million or more of stated capital or capital contribution;
• the applicant shall either (1) hold a doctoral degree, master’s degree, or professional degree in a field related to business management or related to the technical skills or knowledge necessary for the business operations or (2) have at least three years of business management experience; and
• the applicant shall submit a business plan evaluated by a business management expert (such as a CPA, tax lawyer, or certified management consultant).[3]

In addition to this eligibility criteria, the ISA added another requirement concerning Japanese language ability. Under the new rules, either the applicant or a full-time employee[4] shall have a “sufficient level of Japanese language ability” (i.e., “B2 or above” in the “Frame of Reference for Japanese Language Education”).

In other words, the applicant or full-time employee (except for Japanese nationals or special permanent residents) shall have Japanese language ability equivalent to one of the following criteria:

• Have been certified at level N2 or above on the Japanese Language Proficiency Test administered by the Japan Educational Exchanges and Services Public Interest Incorporated Foundation and the Japan Foundation
• Achieve a score of 400 or more on the BJT Business Japanese Proficiency Test administered by the Japan Kanji Aptitude Testing Foundation
• Have resided in Japan for more than 20 years as a mid- to long-term resident
• Are a graduate of a university or other higher education institution in Japan
• Have completed compulsory education in Japan and graduated from high school

Please also note that if the business activities as a business owner are not fully recognized (such as outsourcing most business to a third party), the applicant will not be recognized as engaging in activities that fall under the “Business Manager” status of residence.

Foreigners who are currently living in Japan under a business manager work permit are granted a three-year grace period; that is, if such foreigner applies to extend the period of stay on or before October 16, 2028 (i.e., three years from the enforcement date) the application could be approved considering all aspects of the applicant’s residence status, including that their business situation is good, corporate tax obligations have been properly fulfilled, and it is likely that the applicant will meet the new eligibility criteria by the time of the next renewal application.

Paralegals Mai Ishii and Ayako Hiraiwa contributed to this LawFlash.

2025 is turning into the year of gold.

Prices of the yellow metal are galloping towards historic highs and at such blistering speeds that none imagined.

On Thursday, the spot price crossed a record high of $4,320 per ounce — the highest weekly gain since 2008 — and continued its march on Friday to settle at $4,365 per ounce. As for the domestic market, 24K gold was retailing at an all-time high of Rs 1.33 lakh per 10 grams. 

So far in 2025, the precious metal has gained over 60% and nearly 100% since the current rally began in early 2024. The speed of the upswing is much faster than forecasts and as the bullion bonanza continues to reach what could be the third-straight year of double-digit gains for gold, analysts are pegging gold to breach $5,000 per ounce in 2026.

Prices are surging due to a host of factors: geopolitical tensions, aggressive interest rate-cut bets, unprecedented central bank buying, de-dollarisation and robust Exchange Traded Funds (ETFs) inflows. Amid relentless demand from retail and institutional buyers, bullion is on track for its strongest annual performance since 1979 and 1980, when prices jumped by 126%, thanks to the revolution in Tehran, which jacked up oil prices and rocked the global economy, closely followed by the Soviet invasion of Afghanistan. Per estimates, between 1978 and 1980, gold prices quadrupled from about $200 to over $850 per ounce, though prices plunged from their peaks in subsequent years.

Interestingly, the current rally mirrors the previous bull runs in gold. Notably, gold has climbed from $3,500 per ounce to $4,320 in less than two months, compared to an average 30 months it took in ordinary course, according to the World Gold Council (WGC). The biggest question is ‘how much room is left to run?’

There are no clear answers, but what’s certain is that gold prices will continue to sparkle simply because of its scarcity. According to WGC, if all the gold ever mined was gathered into a single cube, it would measure approximately 22 metres on each side.

Other reasons that explain the current record gold run and rally further include global economic uncertainties on account of rising government debt, which forced the US government into a shutdown. Besides, there are growing concerns about the independence of the US Federal Reserve and whether political interference influences interest rate cuts. 

But these are only ancillary factors and aren’t the main drivers behind gold’s ongoing price rise, according to some. What’s driving the current rally is the growing demand from gold ETFs.

According to WGC data, ETF inflows topped $26 billion during the September quarter alone and for the nine months ending September inflows stood at $64 billion. 

According to Goldman Sachs, buyers of gold fall into two broad groups. Conviction buyers (including central banks, ETFs and speculators) consistently buy gold regardless of the price, and their buying tends sets the price direction. As a rule of thumb, every 100 tonnes of net purchases by these conviction holders corresponds to a 1.7% rise in the gold price.

The other group, classified as opportunistic buyers include households, who step in when they believe the price is right. 

In addition to retail investor demand for ETFs, emerging market economies, notably China and Russia, are switching their official reserve assets out of currencies like the US dollar and into gold. According to the IMF, central bank holdings of physical gold in emerging markets rose by 161% since 2006 to about 10,300 tonnes. 

Central banks, particularly in emerging markets, have increased the pace of gold purchases roughly fivefold since 2022, when Russia’s foreign currency reserves were frozen following its invasion of Ukraine. Central banks are expected to continue accumulating gold as many view the major Western currencies as carrying unwanted risk of financial sanctions.

As per WGC data, they bought 1,082 tonnes in 2022, 1,037 tonnes in 2023, and a record 1,180 tonnes in 2024, which is more than double the earlier annual average of about 500 tonnes.

Russia became a net buyer of gold in 2006, and has been accumulating gold reserves since and now has one of the largest stockpiles in the world. China too is following suit, buying gold reserves in lieu of government bonds, reducing dependency on the US currency. In fact, several emerging markets including India are piling on the yellow metal.

Analysts expect further de-dollarisation efforts by emerging market economies. Gold then, in the long term, has only one direction it can take. Considering hitching your wagon to the golden star?