Category: 3. Business

  • A Weekly Wrap-Up of Key Clinical Oncology News

    A Weekly Wrap-Up of Key Clinical Oncology News

    This week in oncology has been marked by significant progress across various cancer types, with new FDA approvals, guideline updates, and groundbreaking trial results offering new hope and treatment paradigms for clinicians and their patients. Here is a look at the top five developments shaping the field.

    FDA Grants Accelerated Approval to Zongertinib in HER2+ NSCLC

    The landscape for non-small cell lung cancer (NSCLC) patients with HER2 mutations is evolving with the accelerated FDA approval of zongertinib (Hernexeos). This targeted therapy is specifically indicated for patients with unresectable or metastatic nonsquamous NSCLC who have HER2 tyrosine kinase domain (TKD) activating mutations and have progressed after prior systemic therapy. Notably, this approval was accompanied by the clearance of the Oncomine Dx Target Test as a companion diagnostic, underscoring the importance of precise patient selection in the era of personalized medicine.

    The approval is supported by compelling data from the phase 1 Beamion LUNG-1 study. In a cohort of patients who had undergone prior platinum-based chemotherapy, zongertinib demonstrated a remarkable overall response rate of 75%. Even more encouraging, 58% of these responders maintained a response duration of at least six months. Zongertinib’s unique mechanism of action as a highly selective HER2 TKI, without inhibiting EGFR, is designed to reduce the off-target toxicities often associated with older TKIs. While treatment-related adverse events were common, the proportion of grade 3 or higher events was manageable. This approval is a significant milestone, providing a new, targeted option for a patient population with a critical unmet need.

    FDA Accepts NDA for Vepdegestrant in ER+, HER2- Metastatic Breast Cancer

    In the metastatic breast cancer space, the FDA has accepted a new drug application (NDA) for vepdegestrant, a groundbreaking oral PROteolysis TArgeting Chimera (PROTAC) being developed by Arvinas and Pfizer. Vepdegestrant is being evaluated as a monotherapy for patients with ER+, HER2–, ESR1-mutated advanced or metastatic breast cancer who have already received prior endocrine-based therapy.

    The submission is based on the impressive results of the phase 3 VERITAC-2 trial, which compared vepdegestrant to fulvestrant, the current standard of care. The data revealed a significant improvement in progression-free survival (PFS) in the ESR1-mutated subgroup, with a median PFS of 5.0 months for vepdegestrant vs just 2.1 months for fulvestrant. Vepdegestrant’s PROTAC mechanism, which induces the degradation of estrogen receptors, represents a novel approach to overcoming resistance to traditional endocrine therapies. If approved on its PDUFA date of June 5, 2026, vepdegestrant could emerge as a new “best-in-class” option for this patient population, offering a much-needed new therapeutic strategy.

    Neoadjuvant Pembrolizumab and Enfortumab Vedotin Improve Outcomes in MIBC

    A new analysis of the phase 3 KEYNOTE-905/EV-303 trial is poised to change the standard of care for patients with muscle-invasive bladder cancer (MIBC) who are ineligible for cisplatin-based chemotherapy. The study demonstrated that a combination of neoadjuvant pembrolizumab and enfortumab vedotin followed by radical cystectomy significantly improved event-free survival (EFS), overall survival (OS), and pathologic complete response (pCR) rates.

    The trial, which included 595 patients, compared the combination regimen to surgery alone. The positive outcomes suggest this therapeutic approach could become a new treatment paradigm, offering a highly effective option for a population with limited choices. While the safety profile was largely consistent with what has been observed for each drug individually, clinicians should be vigilant for specific adverse events such as skin reactions and pneumonitis/interstitial lung disease. This data is expected to be presented at an upcoming medical meeting, and regulatory submissions are planned, paving the way for this promising new regimen to reach patients.

    NCCN Updates Small Cell Lung Cancer Guidelines with New LEMS Recommendations

    The National Comprehensive Cancer Network (NCCN) has released an important update to its guidelines for small cell lung cancer (SCLC) to include new recommendations for managing Lambert-Eaton Myasthenic Syndrome (LEMS). This rare neuromuscular disorder, which often co-occurs with SCLC, can significantly impact patient quality of life. The updated guidelines now recommend neurological evaluation and testing for voltage-gated calcium channels (VGCCs) as part of the diagnostic process for SCLC patients.

    Crucially, the guidelines also advise considering treatment with amifampridine (Firdapse), the only FDA-approved therapy for LEMS. A key phase 3 trial showed amifampridine improved muscle strength and a patient’s self-assessment of treatment efficacy compared to placebo. By integrating these recommendations, the NCCN aims to increase awareness and improve the diagnosis and management of this serious, and often overlooked, condition, ultimately enhancing the overall care for SCLC patients.

    FDA Clears Novel Combination Trial for Recurrent Glioblastoma

    There is renewed hope for patients with recurrent glioblastoma, a highly aggressive brain cancer, following the FDA’s clearance of a new phase 1b/2a clinical trial. This trial, sponsored by Starlight Therapeutics, will investigate the combination of the investigational drug STAR-001 with spironolactone. This innovative therapeutic strategy is based on the principle of synthetic lethality, where STAR-001 targets DNA damage repair deficiencies in cancer cells, while spironolactone enhances this effect by causing a deficiency in nucleotide excision repair.

    The synergistic combination aims to make glioblastoma cells more vulnerable to the cytotoxic effects of STAR-001, providing a powerful one-two punch against this resilient cancer. This strategy was developed using Lantern Pharma’s AI platform, RADR®, which helped identify the optimal drug combination. The trial, expected to begin in late 2025 or early 2026, will enroll adults whose glioblastoma has recurred after initial therapy. This trial represents a significant step forward in leveraging artificial intelligence and novel therapeutic mechanisms to address one of oncology’s most persistent challenges.

    Continue Reading

  • Emirates, Etihad, Air Arabia and Other UAE Airlines joins to Accept Cryptocurrency Payments for a Seamless Travel Bookings experience

    Emirates, Etihad, Air Arabia and Other UAE Airlines joins to Accept Cryptocurrency Payments for a Seamless Travel Bookings experience

    Published on
    August 17, 2025

    In a significant turn towards incorporating cryptocurrency into the international travel industry, various UAE airlines and travel agencies such as Emirates, Air Arabia, Travala, and Alternative Airlines have begun to accept Bitcoin, Ether, stablecoins, and other cryptocurrencies as payment for flights and onboard services. The move indicates the UAE’s intent to adopt digital currencies as part of its larger effort at integrating blockchain technology into mainstream business, led by the Virtual Assets Regulatory Authority (VARA) in Dubai.

    Emirates Leads the Charge: New Collaboration with Crypto.com

    In July 2025, Emirates launched a groundbreaking initiative by partnering with Crypto.com, one of the most prominent platforms for cryptocurrency transactions, to allow passengers to use cryptocurrencies for not only airline tickets but also in-flight purchases. This partnership emphasizes the airline’s commitment to offering travelers more payment flexibility while also catering to the growing number of tech-savvy travelers who prefer to manage their finances via digital assets.

    The collaboration highlights Emirates‘ ambition to position itself as a leader in the global aviation industry, aligning with the UAE’s strategy of enhancing its role in the blockchain and cryptocurrency sector. With this partnership, Emirates is helping to set the stage for a future where cryptocurrency payments are as commonplace in travel as credit cards and debit cards.

    Boosting Customer Engagement through Smart Tourism and Rewards Systems

    The embrace of cryptocurrencies by airlines is not just about facilitating ticket purchases—it’s also about enhancing customer engagement. Airlines like Emirates and Air Arabia are exploring cryptocurrency-based loyalty programs, offering rewards and incentives through blockchain technology. These programs allow travelers to earn crypto rewards based on their spending, which can be redeemed for future travel-related services, creating a more personalized and engaging experience for the modern traveler.

    Loyalty programs powered by cryptocurrencies could lead to a more dynamic travel experience, where travelers earn points or tokens that can be redeemed not just for airline benefits, but also for hotel stays, car rentals, and other travel services, all within a blockchain ecosystem. The integration of AI with blockchain systems also allows these loyalty programs to be customized to individual traveler preferences, leading to higher satisfaction and repeat visits.

    The Impact of Cryptocurrency Adoption on Sustainable Travel and Efficiency

    The integration of cryptocurrency in the aviation sector is not just about enhancing convenience—it also ties into the sustainability agenda of the UAE. Cryptocurrencies such as Ethereum are often linked to eco-friendly initiatives, particularly Ethereum 2.0, which reduces the carbon footprint of transactions compared to older blockchain systems. As travel companies continue to look for ways to reduce their environmental impact, adopting digital assets may play a key role in futureproofing the industry.

    Sustainability in tourism is more than just environmental measures—it’s also about offering innovative solutions that meet the needs of both travelers and operators. By adopting digital currencies, the travel industry can provide more efficient and transparent payment systems, benefiting both travelers and service providers.

    Challenges and Opportunities in Implementing Cryptocurrency Payments in Travel

    While the move toward cryptocurrency payments is a major advancement, there are several challenges that must be addressed for its full-scale implementation. The first issue is global acceptance, as not all destinations or service providers are prepared to accept cryptocurrencies. There is also the challenge of currency volatility: Bitcoin, for instance, can fluctuate in value, posing potential issues for travelers who might be unsure of the final cost of their travel experience after currency conversion.

    Additionally, regulatory concerns around cryptocurrency adoption remain a key challenge for many countries. However, the UAE’s proactive stance in shaping blockchain regulation and fostering innovation through institutions like VARA ensures that the country is well-positioned to address these concerns. As technology continues to evolve, UAE tourism is poised to be a pioneer in integrating cryptocurrencies into mainstream tourism and travel services.

    Looking Forward: The Future of Smart Tourism and Blockchain in Aviation

    The future of smart tourism and blockchain technology in aviation looks promising, especially in the UAE. As the country continues to innovate in the crypto and tourism sectors, the adoption of digital currencies in air travel will likely become more widespread, facilitating seamless and secure travel experiences for customers across the globe. With UAE airlines leading the charge, cryptocurrency payments are set to redefine the travel industry in the coming years.

    The UAE’s Vision for Crypto-Enhanced Travel

    By incorporating cryptocurrencies in booking systems, airlines such as Emirates and Air Arabia are not only augmenting payment channels for travelers but are also paving the way for a future where blockchain technology will shape the world of travel. As the UAE develops its digital asset infrastructure and tourism sectors further, travelers have much to look forward to in terms of a more customized, flexible, and secure experience. The growth of cryptocurrency-boosted smart tourism is the next phase in the advancement of travel, and the UAE’s pioneering role means that it will contribute significantly to the future of world tourism.

    Continue Reading

  • Taiwan incomes hit record high; young adults average NT$559,000

    Taiwan incomes hit record high; young adults average NT$559,000

    Taipei, Aug. 17 (CNA) Taiwanese incomes hit new highs in 2024, buoyed by steady economic growth, with the average annual income for those under 30 reaching NT$559,000 (US$18,606), Directorate-General of Budget, Accounting and Statistics (DGBAS) data showed.

    The average annual income per earner in Taiwan reached NT$729,000 in 2024, with all age groups recording positive growth and setting new highs, according to the DGBAS’ annual Report on the Survey of Family Income and Expenditure.

    The average annual income for workers under 30 rose to NT$559,000 in 2024, up 2.5 percent from a year earlier, according to the report.

    Earnings increase with age, reaching NT$727,000 for those aged 30-34, NT$818,000 for those aged 35-39, and peaking at NT$944,000 among 45-54 year-olds, said the report, which is issued every August.

    Earnings then declined to NT$832,000 for the 55-64 age bracket and to NT$492,000 for those 65 and above.

    Meanwhile, the report said household disposable income averaged NT$1.165 million in 2024, up 2.51 percent from NT$1.137 million in 2023, but it was relatively flat when adjusted for inflation falling to NT$1.082 million in 2024 from NT$1.083 million in 2023.

    Based on 2021 constant prices, average disposable income per household has remained flat since 2019, when it was NT$1.080 million.

    The report showed per capita disposable income rising 2.9 percent year-over-year in 2024 to NT$419,000, but it did not adjust this category for information.

    The rising nominal income trend reflected stable economic growth and successive increases in the minimum wage, DGBAS officials said, noting that Taiwan’s economy expanded 4.84 percent in 2024, and the unemployment rate fell to 3.38 percent.

    Taiwan has consistently raised its minimum wage annually in recent years, with the monthly minimum wage increased to NT$27,470 in 2024 from NT$26,400 in 2023, while the hourly minimum wage increased to NT$183.

    In January 2025, the minimum wage was increased again, with the monthly minimum wage rising to NT$28,590 and the hourly minimum wage to NT$190.

    (By Pan Tzu-yu and Evelyn Kao)

    Enditem/ls

    Continue Reading

  • Air Canada to resume flights after government moves to end strike – Reuters

    1. Air Canada to resume flights after government moves to end strike  Reuters
    2. What to know as Air Canada grounds flights and attendants strike  BBC
    3. Air Canada travelers brace for impact: What to know if your flight is canceled  AP News
    4. Air Canada no longer wants to negotiate  Canadian Union of Public Employees
    5. Canadian government moves to end Air Canada strike, seeks binding arbitration  Reuters

    Continue Reading

  • Fauji Foundation leads Pakistan’s top 40 business groups

    Fauji Foundation leads Pakistan’s top 40 business groups




    LAHORE (Hassan Raza) – The Economic Policy and Business Development think tank has released a list of Pakistan’s top 40 business groups, naming Fauji Foundation as the country’s number one with a market capitalization of $5.9 billion, 60% of which is owned by the public.

    According to the Wealth Perception Index 2025, Sir Anwar Pervez ranks as Pakistan’s top businessman with $3.5 billion in equity investment, while Syed Babar Ali leads the list of private business groups.

    Among 20 listed corporations, Fauji Foundation holds first place with a $5.9 billion market cap, followed by Sir Anwar Pervez’s Bestway Group at $4.513 billion. The third spot goes to Muhammad Ali Tabba’s group ($2.591bn), followed by Mian Muhammad Mansha ($2.399bn) and Hussain Dawood ($2.390bn).

    The list also features leading names including Riaz Idris, Arif Habib, Sultan Ali Allana, Sohaib Malik, Nasir Mahmood Khosa, Sultan Ali Lakhani, Rafiq Muhammad Habib, Sheikh Mukhtar Ahmed, Iftikhar A. Shirazi, Amir Paracha, Aizaz Hussain, Abbas Habib, Muhammad Maqsood Ismail, Tariq Syed, and Jahangir Siddiqui.

    On the billionaire business groups list, Syed Babar Ali takes the top spot, with other prominent figures including Fawad Mukhtar, Mian Abdullah, Sardar Yasin Malik, Dr Gohar Ejaz, Habibullah Khan, Mir Shakil-ur-Rehman, Syed Muhammad Javed, Aqeel Karim Dhedhi, Bashir Jan Muhammad, Mian Amer Mahmood, Nasreen Mehmood Kasuri, Jahangir Tareen, Peer Muhammad Dewan, Yaqoob Ahmed, Aleem Khan, Mian Ahsan, Ashraf Mucatee, Shahid Soorty, and Nadeem Malik.

    The report highlights that these 40 billionaire groups form the backbone of Pakistan’s economy, contributing to GDP growth, job creation, and tax revenues. Economists stress that with greater government support and business-friendly policies, these groups can not only stabilize the economy but also generate millions of new jobs.

    Economic experts underline that industrial growth is the key to national prosperity, noting that Pakistan possesses exceptional business talent. They argue that stronger public-private partnerships can help unlock the country’s true economic potential.

    Business leaders expressed optimism about Pakistan’s future, calling for easier business regulations, improved partnerships, and removal of restrictive laws and policies that hinder growth.

    Deputy Prime Minister Ishaq Dar stressed the need for sustainable policies, stating that collaboration between the government and business groups could transform Pakistan’s economic destiny. He praised the think tank’s initiative, noting that examples from South Korea and Japan show how policy support for business groups leads to national prosperity.

     


    Related Topics



    Subscribe Dunya News on YouTube

    ‘ ; r_text[1] = ” ; r_text[2] = ” ; r_text[3] = ” ; r_text[4] = ” ; r_text[5] = ” ; r_text[6] = ” ; var i = Math.floor(r_text.length * Math.random()); document.write(r_text[i]);

    Continue Reading

  • Air Canada to restart flights Sunday

    Air Canada to restart flights Sunday

    Union activists hold placards, as they interrupt a press conference by Air Canada executives, ahead of a potential strike by Air Canada flight attendants, at a hotel in Toronto, Ontario, Canada, August 14, 2025.

    Kyaw Soe Oo | Reuters

    The union representing 10,000 striking Air Canada flight attendants said Sunday it will challenge an order for them to return to work, adding “we remain on strike.”

    The Canada Industrial Relations Board ordered airline staff back by 2 p.m. ET Sunday after the government intervened and Air Canada said it planned to resume flights Sunday evening.

    “We will be challenging this blatantly unconstitutional order,” the CUPE union said in a statement. “We remain on strike. We demand a fair, negotiated contract and to be compensated for all hours worked.”

    The strike has stranded more than 100,000 travelers around the world during the peak summer travel season.

    The country’s largest airline said early Sunday in a release that the first flights will resume later in the day but that it will take several days before its operations return to normal. It said some flights will be canceled over the next seven to 10 days until the schedule is stabilized.

    Less than 12 hours after workers walked off the job, Federal Jobs Minister Patty Hajdu ordered the 10,000 flight attendants back to work, saying now is not the time to take risks with the economy and noting the unprecedented tariffs the U.S. has imposed on Canada. Hajdu referred the work stoppage to the Canada Industrial Relations Board.

    The airline said the Canada Industrial Relations Board has extended the term of the existing collective agreement until a new one is determined by the arbitrator.

    The shutdown of Canada’s largest airline early Saturday was impacting about 130,000 people a day. Air Canada operates around 700 flights per day.

    According to numbers from aviation analytics provider Cirium, Air Canada had canceled a total of 671 flights by Saturday afternoon — following 199 on Friday. And another 96 flights scheduled for Sunday were already suspended.

    The bitter contract fight escalated Friday as the union turned down Air Canada’s prior request to enter into government-directed arbitration, which allows a third-party mediator to decide the terms of a new contract.

    Flight attendants walked off the job around 1 a.m. on Saturday. Around the same time, Air Canada said it would begin locking flight attendants out of airports.

    Last year, the government forced the country’s two major railroads into arbitration with their labor union during a work stoppage. The union for the rail workers is suing, arguing the government is removing a union’s leverage in negotiations.

    The Business Council of Canada had urged the government to impose binding arbitration in this case, too. And the Canadian Chamber of Commerce welcomed the intervention.

    Hajdu maintained that her Liberal government is not anti-union, saying it is clear the two sides are at an impasse.

    Passengers whose flights are impacted will be eligible to request a full refund on the airline’s website or mobile app, according to Air Canada.

    The airline said it would also offer alternative travel options through other Canadian and foreign airlines when possible. Still, it warned that it could not guarantee immediate rebooking because flights on other airlines are already full “due to the summer travel peak.”

    Air Canada and the Canadian Union of Public Employees have been in contract talks for about eight months, but they have yet to reach a tentative deal.

    Both sides have said they remain far apart on the issue of pay and the unpaid work flight attendants do when planes aren’t in the air.

    The airline’s latest offer included a 38% increase in total compensation, including benefits and pensions, over four years, that it said “would have made our flight attendants the best compensated in Canada.”

    But the union pushed back, saying the proposed 8% raise in the first year didn’t go far enough because of inflation.

    Continue Reading

  • PLD Plus Ifosfamide Shows Promising Activity in Advanced Soft Tissue Sarcoma

    PLD Plus Ifosfamide Shows Promising Activity in Advanced Soft Tissue Sarcoma

    Soft Tissue Sarcoma | Image
    Credit: © kamonrat –
    stock.adobe.com

    Pegylated liposomal doxorubicin (PLD) in combination with ifosfamide demonstrated manageable toxicity and encouraging clinical activity in patients with advanced soft tissue sarcoma, according to results from a phase 1, single-center, dose-escalation trial (ChiCTR1900028270).

    Twenty-three patients were enrolled and treated using a 3+3 dose-escalation design, with PLD initiated at 30 mg/m² and increased in 5 mg/m² increments. Two patients experienced dose-limiting toxicities at 55 mg/m², and the maximum tolerated dose (MTD) was determined to be 50 mg/m² in combination with IFO at 3 g/m² per day on days 1 to 3. The most common grade 3/4 treatment-emergent adverse events included leukopenia (86.96%), neutropenia (82.61%), and lymphopenia (56.52%). Twelve patients elected to continue treatment beyond the dose-finding phase

    Across all dose levels, the overall response rate (ORR) was 33.33% (95% CI, 9.92%-65.11%), and the disease control rate (DCR) was 83.33% (95% CI, 51.59%-97.91%).

    “This regimen demonstrated a tolerable safety profile and promising efficacy, indicating potential benefits for patients with advanced soft tissue sarcoma,” lead study author Ting Ye, MD, of Union Hospital, Tongji Medical College, Huazhong University, and colleagues wrote in the publication. “These preliminary findings necessitate further research to validate the efficacy and safety of this treatment over multiple cycles and to explore the full therapeutic potential of the regimen in this patient population.”

    Phase 1 Study Design

    This single-center, dose-escalation study was conducted at Huazhong University of Science and Technology enrolled patients 18 to 70 years of age who had an ECOG performance status of 0 or 1, along with normal bone marrow hematopoietic and cardiac function. Enrollment required a diagnosis of advanced soft tissue sarcoma confirmed by two senior pathology experts. Patients with soft tissue sarcoma subtypes not amenable to PLD plus ifosfamide, including gastrointestinal stromal tumor, embryonal/acinar rhabdomyosarcoma, and Ewing’s sarcoma, were excluded.

    The treatment regimen consisted of PLD in combination with ifosfamide at 3 g/m²/day on days 1 through 3. PLD was initiated at 30 mg/m² and escalated in 5 mg/m² increments to a maximum of 70 mg/m² using a standard 3+3 design. Recombinant human granulocyte colony-stimulating factor (rhG-CSF) was administered 48 hours after chemotherapy completion.

    The primary objective was to determine the MTD, defined as the highest dose level at which no more than 33% of patients experienced a DLT within the first 21 days of treatment. The secondary objective was to evaluate the safety profile of the regimen, characterized by the incidence and severity of AEs.

    Baseline Patient Demographics

    From January 2020 to September 2022, 23 patients were enrolled, including 12 males (52.17%) and 11 females (47.83%). The median age was 49 years (range, 30-68). Most patients (69.57%) had an ECOG performance status of 0, while 30.43% had a performance status of 1.

    Disease stage at enrollment was advanced in the majority of cases, with 22 patients (95.65%) presenting with AJCC stage IV disease and 1 patient (4.35%) with stage III disease. The number of involved organs at baseline was 0 in 1 patient (4.35%), 1 organ in 16 patients (69.57%), and more than 1 organ in 6 patients (26.09%).

    Tumor locations varied, with the most common being the legs (34.78%), followed by visceral sites (17.39%). Other locations included the arms (8.70%), back (8.70%), abdominal cavity (8.70%), hip (8.70%), neck or jaw (8.70%), and thorax (4.35%).

    Histologic subtypes were diverse. Fibrosarcoma was the most frequent (17.39%), followed by synovial sarcoma (13.04%) and leiomyosarcoma (13.04%). Other subtypes included malignant peripheral nerve sheath tumor (8.70%), undifferentiated sarcoma (8.70%), liposarcoma (4.35%), myxoid liposarcoma (4.35%), dedifferentiated liposarcoma (4.35%), epithelioid sarcoma (4.35%), unclassifiable STS with rhabdomyocyte differentiation (4.35%), pleomorphic rhabdomyosarcoma (4.35%), epithelioid hemangioendothelioma (4.35%), angiosarcoma (4.35%), and malignant granular cell tumor (4.35%).

    Reference

    Ye T, Fan L, Cao R, Peng L, Chen J. Phase I trial of pegylated liposomal doxorubicin combined with ifosfamide for advanced soft tissue sarcoma. Drug Des Devel Ther. 2025;19:6817-6827.doi:10.2147/DDDT.S529231

    Continue Reading

  • Terra Quantum Brings Quantum Gravity to Quantum Computing: Advance Reduces Errors Without Added Complexity – The Quantum Insider

    1. Terra Quantum Brings Quantum Gravity to Quantum Computing: Advance Reduces Errors Without Added Complexity  The Quantum Insider
    2. Terra Quantum Advances Quantum Error Correction With Novel Technique  Quantum Zeitgeist
    3. Terra Quantum Introduces QMM-Enhanced Error Correction, Validated on IBM Hardware  Quantum Computing Report

    Continue Reading

  • OpenAI is at a classic strategy crossroads involving its ‘moat’—which Warren Buffett believes can make or break a business

    OpenAI is at a classic strategy crossroads involving its ‘moat’—which Warren Buffett believes can make or break a business

    It’s an epochal moment as history’s latest general-purpose technology, AI, forms itself into an industry. Much depends on these early days, especially the fate of the industry’s leader by a mile, Open AI. In terms of the last general-purpose technology, the internet, will it become a colossus like Google or be forgotten like AltaVista?

    No one can know, but here’s how to think about it.

    OpenAI’s domination of the industry is striking. As the creator of ChatGPT, it recently attracted 78% of daily unique visitors to core model websites, with six competitors splitting up the rest, according to a recent 40-page report from J.P. Morgan. Even with that vast lead, the report shows, OpenAI is expanding its margin over its much smaller competitors, including even Gemini, which is part of Google and its giant parent, Alphabet (2024 revenue: $350 billion).

    The great question now is whether OpenAI can possibly maintain its wide lead (history would say no) or at least continue as the industry leader. The answer depends heavily on OpenAI’s moat, a Warren Buffett term for any factor that protects the company and cannot be easily breached–think of Coca-Cola’s brand or BNSF Railroad’s economies of scale, to mention two of Buffett’s successful investments. On that count the J.P. Morgan analysts are not optimistic.

    Specifically, they acknowledge that while OpenAI has led the industry in innovating its models, that strategy is “an increasingly fragile moat.” Example: The company’s most recent model, GPT-5, included multiple advances yet underwhelmed many users. As competitors inevitably catch up, the analysts conclude, “Model commoditization is an increasingly likely outcome.” With innovations suffering short lives, OpenAI must now become “a more product-focused, diversified organization that can operate at scale while retaining its position” at the top of the industry–skills the company has yet to demonstrate.

    Bottom line, OpenAI can maintain its leading rank in the industry, but it won’t be easy, and betting on it could be risky.

    Yet a different view suggests OpenAI is much closer to creating a sustainable moat. It comes from Robert Siegel, a management lecturer at Stanford’s Graduate School of Business who is also a venture capitalist and former executive at various companies, many in technology. He argues that OpenAI is already well along the road to achieving a valuable attribute, stickiness: The longer customers use something, the less likely they are to switch to a competitor. In OpenAI’s case, “people will only move to Perplexity or Gemini or other solutions if they get a better result,” he says. Yet that becomes unlikely because AI learns; the more you use a particular AI engine, the more it learns about you and what you want. “If you keep putting questions into ChatGPT, which learns your behaviors better, and you like it, there’s no reason to leave as long as it’s competitive.”

    Now combine that logic with OpenAI’s behavior. “It seems like their strategy is to be ubiquitous,” Siegel says, putting ChatGPT in front of as many people as possible so the software can start learning about them before any competitor can get there first. Most famously, OpenAI released ChatGPT 3.5 to the public in 2022 for free, attracting a million users in five days and 100 million in two months. In addition, the company raised much investment early in the game, having been founded in 2015. Thus, Siegel says, OpenAI can “continue to run hard and use capital as a moat so they can do all the things they need to do to be everywhere.”

    But Siegel, the J.P. Morgan analysts, and everyone else knows plenty can always go wrong. An obvious threat to OpenAI and most of its competitors is an open-source model such as China’s DeepSeek, which appears to perform well at significantly lower costs. The venture capital that has poured into OpenAI could dry up as hundreds of other AI startups compete for financing. J.P. Morgan and Siegel agree that OpenAI’s complex unconventional governance structure must be reformed; though a recently proposed structure has not been officially disclosed, it is reportedly topped by a nonprofit, which might worry profit-seeking investors.

    As for moats, OpenAI is obviously in the best position to build or strengthen one. But looking into the era of AI, the whole concept of the corporate moat may become meaningless. How long will it be, if it hasn’t been done already, before a competitor asks its own AI engine, “How do we defeat OpenAI’s moat?”

    Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world. Explore this year’s list.

    Continue Reading

  • CalMac pays out £460,000 to delayed ferry passengers

    CalMac pays out £460,000 to delayed ferry passengers

    PA Media A general view of the Glen Sannox CalMac ferry. The boat's hull is dark coloured with the name of the company and the name of the ship in white writing. The top of the boat is white with a small red section. There are a number of windows on the side with lights on and a row of flags hanging above the passeger deck. It is sitting on calm, dark water on a dark, grey day.PA Media

    The Glen Sannox ferry finally entered service this year after a number of delays

    CalMac has paid out more than £460,000 in compensation to passengers because of delays and cancellations to its services since April last year.

    The state-owned ferry operator paid £432,735 in compensation to travellers in 2024-25, with a further £33,792 paid out in May and June this year.

    It marks a 37% rise on compensation payments in 2023-24, but a slight fall from 2022-23, when the operator paid £454,000 to delayed passengers, according to figures obtained by the Scottish Liberal Democrats.

    A Transport Scotland spokesperson said just over 5% of sailings on the network had been cancelled over the last 10 years.

    Lib Dem transport spokesman, Jamie Greene, accused the Scottish government of “letting the ferry network deteriorate”.

    He pointed to reliability issues within the CalMac fleet and delays in new vessels going into service.

    The Glen Sannox ferry, built by Port Glasgow shipyard Ferguson Marine, was delivered years late and over budget.

    Its sister ship, the Glen Rosa, will now not be delivered until early next year due to a series of delays.

    Meanwhile, the MV Caledonian Isles, which has not sailed since January last year, could be out of action for a further four months in order to undergo further repairs.

    The Lib Dems have launched a consultation on the future of the country’s ferry services.

    Greene, who represents the West Scotland region, said staff and passengers had been “let down” by the SNP’s management of the network

    He added: “The SNP government took control of the company and broke their promise to deliver new ferries on time and on budget, which would have reduced the massive bills we are now seeing for compensation and repairs.

    “All of this has created a grim new norm for my constituents along the west coast, from losing business to missing hospital appointments.”

    Getty Images Jamie Greene looking slightly off camera. He has partially dyed blonde hair which is spiked up at the front. He has a long, light-coloured beard. He is visible from the shoulders up. He is wearing a blue suit over a white shirt with a red tie which has a white polka dot pattern.Getty Images

    Jamie Greene said passengers had been “let down” by reliability issues on the ferry network

    Data obtained by the Lib Dems via freedom of information request showed more than 7,000 compensation claims had been lodged by passengers over a two-year period between April 2023 and April 2025.

    The operator has paid out a total of £1.9m in compensation since the 2017-18 financial year.

    CalMac said it expected to welcome an additional 13 vessels to its fleet by 2029.

    It said, when delays and cancellations did occur, staff worked to find alternative routes or sailings for passengers.

    A spokesperson added: “We’re operating more sailings than ever before, with many of our vessels stretched to their limits.

    “It is no secret that our fleet is ageing and that this can lead to higher levels of technical problems.

    “This is why we are looking forward to welcoming 13 new vessels to the CalMac fleet by 2029, which will lead to less technical problems and cancellations, giving passengers a more reliable service.”

    PA Media A general view of the passenger deck on a CalMac ferry. The company logo is in red and yellow on a red panel on the side with the website adress below in red and black on a white background. The sky is grey with puffy clouds. A number of people are standing on a passenger deck and leaning against railings and are mainly wearing dark clothing.PA Media

    CalMac said its fleet was “ageing”

    A Transport Scotland spokesperson said those new vessels would be able to “operate in more challenging sea and weather conditions”.

    They added: “Between January 2015 and June 2025 CalMac have operated over 1.6 million sailings, with just 5.5% of scheduled sailings cancelled. Of those cancelled sailings, 25% were for technical reasons whilst more than double was due to the weather at 60%.

    “In the coming year, the Scottish government intend to invest over £530m maintaining and enhancing our networks and strengthening resilience of services on the west coast and northern isles.

    “This represents a near 23% increase on 24-25 funding levels.”

    Continue Reading