Category: 3. Business

  • Skeletal muscle loss and associated clinical outcomes in patients with small-cell lung cancer receiving concurrent chemoradiotherapy | BMC Cancer

    Skeletal muscle loss and associated clinical outcomes in patients with small-cell lung cancer receiving concurrent chemoradiotherapy | BMC Cancer

    Study design and patient population

    This retrospective cohort study reviewed the medical records of patients diagnosed with LD-SCLC who underwent CCRT between September 2010 and January 2022 at Chung-Ang University Hospital. The inclusion criteria were as follows: pathologically confirmed SCLC, administration of standard etoposide/cisplatin (EP) based CCRT, mediastinum included in radiation field, and availability of enhanced abdominopelvic CT images obtained less than two weeks before CCRT initiation and less than four weeks after treatment completion. Although post-treatment CT scans were intended to be performed within four weeks after CCRT completion, the actual timing varied in clinical practice. In our cohort, the mean interval between treatment completion and post-treatment CT was 2.5 months, with a median of 2.0 months (range, 0–9.0 months). All patients underwent thoraco-abdominal-pelvic CT, brain magnetic resonance imaging, and positron emission tomography-CT at baseline, and staging was reassessed according to the American Joint Committee on Cancer (AJCC) 8th edition TNM classification to confirm limited-stage disease. Bone marrow biopsy was not routinely performed. The exclusion criteria were as follows: lack of baseline or post-treatment imaging, administration of non-standard treatment regimens, or lost to follow-up within three months of treatment initiation. This study was approved by the Institutional Review Board of the Chung-Ang University Hospital (No. 2207-009-19426), which waived the requirement for informed consent due to the retrospective nature of the study.

    Assessment of body composition

    All abdominopelvic and thoracic CT scans used for body composition analysis were obtained with a standardized tube voltage of 120 kV, which is the institutional protocol at Chung-Ang University Hospital for both diagnostic and treatment-planning CT examinations. Body composition was assessed using CT at baseline, defined as within two weeks prior to CCRT initiation, and at post-treatment, defined as within four weeks after CCRT completion. Body composition analysis was performed using TeraRecon Aquarius iNtuition software (TeraRecon, Durham, NC, USA) to measure the skeletal muscle area (SMA), visceral fat area (VFA), and subcutaneous fat area (SCFA). These areas were automatically calculated from single axial CT slices at the third lumbar vertebra (L3) and fourth thoracic vertebra (T4), with both transverse processes visible. Areas were quantified based on predefined Hounsfield unit (HU) thresholds: SMA, −29 to + 150 HU; VFA, −150 to −50 HU; and SCFA, −190 to −30 HU [7]. In addition to absolute cross-sectional areas, the visceral fat area index (VFI) and subcutaneous fat area index (SFI) were calculated by normalizing VFA and SCFA to patient height squared (m²). The L3 SMI, which has been shown to correlate well with total body skeletal muscle mass, was calculated as the L3 SMA (cm2) divided by the square of the patient’s height (m2). L3 low muscle mass was defined as an L3 SMI < 49 cm2/m2 for men and < 31 cm2/m2 for women, according to criteria specific for Korean populations [8]. Patients were classified as having a high or low VFI and SFI using the mean baseline values as thresholds.

    The cross-sectional areas of the thoracic skeletal muscles, including the pectoralis, intercostalis, paraspinal, serratus, and latissimus muscles were measured at the T4 level as described previously [9]. The T4 SMI was calculated by dividing the thoracic SMA (cm2) by the square of the patient’s height (m2). There is no established T4 SMI cutoff point for defining T4 low muscle mass; therefore, we divided the patients into quartiles according to the T4 SMI, and the lowest quartile was defined as the low muscle mass group, as described previously [9].

    Body weight and height information were extracted from patient medical records. Body mass index (BMI) was calculated as weight divided by height squared (kg/m2), and patients were classified as underweight (< 20.0 kg/m2), normal (20.0–25.0 kg/m2), or overweight (>25.0 kg/m2). Body weight was measured within two weeks of the corresponding CT scan. Although the WHO classification defines underweight as a BMI < 18.5 kg/m², we applied a cutoff of 20 kg/m² based on prior studies in Asian and cancer populations, where this threshold has been associated with malnutrition, reduced treatment tolerance, and poor prognosis [10, 11].

    Chemotherapy regimen

    All patients received a standard EP regimen concurrently with thoracic radiotherapy. Cisplatin was administered at a dose of 25 mg/m²/day on days 1–3, and etoposide at 100 mg/m²/day on days 1–3, every 21 days. A total of four cycles were planned, and patients who tolerated treatment generally completed all four cycles. The treatment completion rate for concurrent chemoradiotherapy was 92.7% (51/55 patients); four patients discontinued chemotherapy early due to hematologic or non-hematologic toxicities but still completed radiotherapy.

    Radiotherapy

    All patients received definitive thoracic radiotherapy using either three-dimensional conformal radiotherapy or intensity-modulated radiotherapy. The total prescribed dose was 60 Gy, delivered in 30 fractions (2.0 Gy per fraction), once daily, five days per week. The mediastinum was included in the radiation field in all cases. All patients have completed scheduled thoracic radiotherapy. Prophylactic cranial irradiation was administered at the discretion of the treating physician after completion of CCRT.

    Endpoints and clinical variables

    The primary endpoints were the changes in body composition indices, including the T4 SMI and L3 SMI, VFI, and SFI from baseline to post-treatment, and the incidence of significant muscle loss. Secondary endpoints included changes in BMI and body weight, overall survival (OS), treatment response rate, and the association between skeletal muscle loss and prognosis. Tumor response was evaluated by applying the RECIST guidelines version 1.1 to CT scans acquired every six to eight weeks. Additional clinical and laboratory data included age, sex, Eastern Cooperative Oncology Group (ECOG) performance status scales, AJCC 8th edition stage group, chemotherapy regimen, serum albumin level, and survival status.

    Statistical analysis

    Data are presented as median (range), mean ± standard deviation, or number (percentage). Continuous variables were tested for normality using the Kolmogorov–Smirnov test. Paired t-tests or Wilcoxon signed-rank tests were used to compare baseline and post-treatment body composition parameters. Between-group differences were assessed using the Student’s t-test or Mann–Whitney U test for continuous variables and the chi-squared test or Fisher’s exact test for categorical variables. OS was defined as the time from the start of chemotherapy to the date of death from any cause and was estimated using the Kaplan–Meier method. Group comparisons of OS were performed using log-rank tests. Hazard ratios (HRs) and 95% confidence intervals (CIs) were calculated using the Cox proportional hazards model. Variables with P < 0.10 in univariate analysis were entered into multivariate analysis. All statistical analyses were performed using SPSS software version 25.0 (IBM Corp., Armonk, NY, USA); a two-tailed P-value < 0.05 was considered statistically significant.

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  • Heard on the Street Friday Recap: Walmart Succession – The Wall Street Journal

    1. Heard on the Street Friday Recap: Walmart Succession  The Wall Street Journal
    2. Walmart shares are up 312% during outgoing CEO Doug McMillon’s tenure. Here’s how that compares to its rivals  CNBC
    3. Walmart names John Furner as new president and CEO  Retail Insight Network
    4. Retail’s CEO exodus: Walmart’s leadership shake-up comes amid a surge in industry executive departures  Business Insider
    5. Walmart doubles down on a winning strategy. Target doubles down on the status quo  eMarketer

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  • Gilts steady after tax U-turn sell-off

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    UK government bond yields steadied on Monday, following Friday’s gilt market sell-off driven by investor concerns over the Budget.

    The 10-year yield fell 0.01 percentage point to 4.57 per cent in early trading, remaining at around their highest levels in a month. Yields move inversely to prices.

    The market on Friday suffered its worst one-day fall since July — with the yield jumping 0.14 percentage points — as bond investors reacted to the government’s U-turn on its plans to raise income tax in the Budget on November 26.

    Chancellor Rachel Reeves and Prime Minister Sir Keir Starmer decided to rip up their tax plans for the Budget last week, fuelling investor fears that the government was unable to take tough fiscal decisions.

    “The near-term fate of the gilt market is now very much in the hands of Reeves,” said Ben Nicholl, a senior fund manager at Royal London Asset Management.

    If Reeves can “stick to the fiscal rules, cover the fiscal black hole credibly, show that debt is on a sustainable downward trajectory, and enact policies that bring down inflation, then gilts could have a strong finish to the year,” Nicholl added. “If not, then gilts could be in for a rocky ride.”

    The pound was largely unchanged against the dollar at $1.316 in early London trading.

    Market anxiety was stoked before the tax U-turn last week by a bungled Downing Street briefing that sought to head off speculation about a leadership challenge to Starmer but instead heightened it.

    Martin Harvey, fixed income portfolio manager at Wellington Management, said the episode had raised “additional questions for the bond market because it highlights the political challenges associated with fiscal consolidation”.

    “Even if the Budget at the end of November is deemed a success, the gilt market will continue to be sceptical about long-term sustainability and risk premia will remain relatively high,” Harvey added.

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  • TDK Ventures’ Sauvage named chair of GCV Leadership Society –

    TDK Ventures’ Sauvage named chair of GCV Leadership Society –

    Nicolas Sauvage plans to promote best practices in corporate venture capital by launching a certificate for CVC professionals.

    Nicolas Sauvage, president of TDK Ventures, has been appointed as chair of the Global Corporate Venturing Leadership Society for 2026, taking over the helm from Bill Taranto and Arvind Purushotham.

    Sauvage set up TDK Ventures, the investment arm of Japanese technology company TDK, in 2019 and has subsequently built a team with offices in Silicon Valley, London, Bangalore and Tokyo. It launched a third $150m fund last year, taking its total assets after management to $500m.

    He is keen to use the chair position to explore ways to help develop the global CVC community, including bringing recognition and certification for industry practitioners.

    Maija Palmer

    Maija Palmer is editor of Global Venturing and puts together the weekly email newsletter (sign up here for free).


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  • India’s Adani to set up 3.2GW coal-fired capacity

    India’s Adani to set up 3.2GW coal-fired capacity

    Indian private-sector firm Adani Power will set up a 3,200MW greenfield thermal power plant in the country’s northeastern Assam state.

    Bombay Stock Exchange-listed Adani Power, India’s largest private sector power generator, will invest 480bn rupees ($5.42bn) to set up this ultra super critical power plant in Assam, the company said on 14 November.

    Adani Power emerged as the successful bidder by offering the lowest tariff of Rs6.30/kWh in a tightly contested bidding process, it said.

    The plant will be set up under the Design, Build, Finance, Own and Operate (DBFOO) model. Coal linkage for the power plant has been allocated under coal allocation policy of the federal government.

    The project will have four units of 800MW each and will be commissioned in a phased manner between December 2030-December 2032, Adani said. Adani has a current operating capacity of 18.15GW from 12 thermal power plants and one solar plant and aims to reach a generation capacity of 42GW by 2032.

    The project award coincides with India’s aim to boost its overall generation to power its economic growth and provide round-the-clock electricity to all households in coming years.

    The award is also in line with India’s plans to add 80GW of new coal-fired generation capacity by 2032 to meet an anticipated growth in India’s power demand over the next decade. But bulk of these additions are expected to be based on domestic fuel, limiting prospects for imported coal.

    The project, along with other under construction and existing power plants, could buoy domestic coal demand and absorb surplus supplies, at a time when state-owned coal producer Coal India (CIL) aims to bulk up its output.

    CIL, which meets more than 80pc of India’s coal needs, plans to raise its production in the April 2025-March 2026 financial year to 875mn t, up by 12pc from the year earlier and lift it further to 1bn t in the 2026-27 financial year.

    The coal producer also aims to further raise the output to 1.04bn t in 2027-28, 1.08bn t in 2028-29 and 1.13bn t in 2029-30. The plans are part of India’s efforts to meet most of its coal demand through domestic sources and reduce non-essential coal imports.

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  • Gartner IT Symposium/Xpo 2025 Kochi: Day 1 Highlights – Gartner

    1. Gartner IT Symposium/Xpo 2025 Kochi: Day 1 Highlights  Gartner
    2. Gartner Says Leaders Must Create Four Scenarios for Human-AI Collaboration at Work  Gartner
    3. Gartner: AI Will Touch All IT Work by 2030  digit.fyi
    4. AI will cause ‘jobs chaos’ within the next few years, says Gartner – what that means  ZDNET
    5. How to Balance Human-First and AI-First Strategies  digit.fyi

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  • Japan’s economy contracts as exports are hit by US tariffs – business live | Business

    Japan’s economy contracts as exports are hit by US tariffs – business live | Business

    Key events

    Japan’s tourism shares slump as diplomatic rift with China deepens

    As well as news that its economy shrank in the last quarter, Japan has also been hit by an escalating dispute with China over Taiwan.

    Shares in Japanese tourism and retail companies have fallen today, after China advised its citizens to avoid travelling to Japan.

    This move by Beijing escalated a diplomatic feud sparked by comments from Tokyo’s new prime minister, Sanae Takaichi, on the possibility of deploying forces in the event of a hypothetical Chinese attack on Taiwan.

    This triggered a wave of selling across Japanese leisure stocks.

    Shares in Oriental Land, which operates Tokyo Disneyland, have fallen by 5.7% today. Department store chain Isetan Mitsukoshi, which makes substantial sales to Chinese visitors, has tumbled by 11.3%.

    Travel stocks were hit too, with Japan Airlines falling 3.75%.

    Masahiko Loo, a senior fixed income strategist at State Street Investment Management in Tokyo, explains:

    “The China–Japan dispute over Taiwan and Beijing’s advisory discouraging travel to Japan introduces near-term headwinds for consumer-facing sectors.

    “Chinese visitors account for roughly 25% of Japan’s inbound traffic, making department stores, luxury retail, and hospitality particularly vulnerable.”

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  • Tariffs steal spotlight as AI frenzy seems to fade

    Tariffs steal spotlight as AI frenzy seems to fade

    Mature soybeans remain unharvested near North Maple Grove Road after a rain shower on October 28, 2025, in Ellettsville, Indiana.

    Jeremy Hogan | Getty Images

    After a few weeks of intense focus on whether there is an AI bubble in the markets or not, a recurrent character of 2025 has emerged to the fore: tariffs. 

    On Friday stateside, tech stocks recovered slightly after the Nasdaq hit its lowest level in about 3 weeks, perhaps indicating that the AI-fueled volatility could be nearing an end. 

    However, just as AI steps away from the spotlight, tariffs enter the stage, like the next act in a Shakespearean play. 

    The Trump administration reached a deal with Switzerland Friday stateside to lower duties on Swiss exports to 15% from 39%, in return for a $200 billion investment in the U.S. by the end of 2028. 

    On the homefront, Trump also started to roll back tariffs on goods such as coffee, fruits and certain beef products after acknowledging that prices, specifically coffee, "were a little bit high."

    These rollbacks mark a sharp reversal in stance for the U.S. President and his officials, which said that tariffs will not raise prices. 

    In a way, the U.S. President may try to change the laws of politics with his sweeping tariff moves, but even he cannot change the laws of economics.

    What you need to know today

    Epstein files release. U.S. President Donald Trump called on Republicans in Congress to vote to release files related to deceased convicted sex offender Jeffrey Epstein, a sharp reversal from previous resistance within his inner circle.

    Alibaba reportedly helping China military. Alibaba is helping the Chinese military to target the U.S., according to a White House memo, the Financial Times reported Friday. "The assertions and innuendoes in the article are completely false," Alibaba said in a statement to CNBC on the FT report.

    Japan GDP falls. Japan's economy contracted by a smaller-than-expected 1.8% in the third quarter on an annualized basis, with growth in private and government consumption limiting the decline. On a quarter-on-quarter basis, GDP in the three months to September contracted for the first time in six quarters, falling 0.4%.

    Nasdaq recovers. The tech heavy index rebounded on Friday as investors bought up shares of key technology stocks, a day after the group led Wall Street to its worst day in more than a month. Asia-Pacific markets were mixed Monday as investors assessed rising friction between Japan and China. 

    [PRO] AI and EM for the next decade. Artificial intelligence and emerging markets are set to define the next decade, according to Goldman Sachs' 10 year investment outlook report.

    And finally...

    Two Chinese tourists wear kimonos as they visit the Sensoji Temple in the Asakusa district of Tokyo on Nov. 15, 2025.

    Greg Baker | Afp | Getty Images


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  • Japan’s economy contracts as exports are hit by President Trump’s tariffs

    Japan’s economy contracts as exports are hit by President Trump’s tariffs

    By&nbspAP with Eleanor Butler

    Published on

    Japan’s economy sank at an annualised rate of 1.8% in the July to September period, government data showed on Monday, as President Donald Trump’s tariffs sent the nation’s exports spiralling.

    The fall in the annualised rate was still smaller than the 0.6% drop that the market had expected.

    On a quarter-by-quarter basis, Japan’s GDP, meaning the total value of a nation’s goods and services, slipped 0.4%. That marked the first contraction in six quarters.

    A big decline during the quarter came in exports, which were 1.2% down from the previous quarter.

    Where possible, some businesses sped up shipments to beat the tariff deadline, inflating some of the earlier data for exports.

    On an annualised basis, exports dropped 4.5% in the three months through September.

    Imports for the third quarter slipped 0.1%, while private consumption edged up 0.1% during the quarter.

    Tariffs are a major blow to Japan’s export-reliant economy, led by powerful automakers like Toyota Motor Corp., although such manufacturers have over the years moved production abroad to avoid the brunt of tariffs.

    The US now imposes a 15% tariff on nearly all Japanese imports, down from an earlier rate of 25%.

    The new GDP data comes as a challenge for new Prime Minister Sanae Takaichi, who took on the role in October.

    Takaichi is already contending with tensions between Japan and China related to disagreements over Taiwan. Earlier this month, the prime minister said that Tokyo could take military action if Beijing attacked the self-governing island, which Beijing views as part of its territory.

    Chinese and Japanese officials are expected to hold talks on Tuesday.

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  • Baker McKenzie Advises Schulthess Maschinen AG on Financing of its Acquisition of Armstrong France SAS | Newsroom

    Baker McKenzie Advises Schulthess Maschinen AG on Financing of its Acquisition of Armstrong France SAS | Newsroom

    Baker McKenzie Switzerland acted as Swiss counsel to Schulthess Maschinen AG in relation to the Swiss legal aspects of financing its acquisition of Armstrong France SAS, a leader in the sale, rental and servicing of laundry equipment in France.

    The Baker McKenzie team was led by Markus Wolf (partner, Banking & Finance) and included Tatiana Ayranova (senior associate, Banking & Finance) and Sadia Raja (trainee lawyer, Banking & Finance).

     

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