Category: 3. Business

The prices of 19kg commercial LPG cylinders dropped today by 58 rupees 50 paise in Delhi. The Indian Oil Corporation Limited (IOCL) announced that the retail price of a commercial LPG gas cylinder is now 1 thousand 665 rupees in Delhi. Meanwhile, the commercial LPG price has dropped by 57 rupees in Kolkata, 58 rupees in Mumbai and 57 rupees 50 paise in Chennai. There is no change in the prices of domestic cylinders.

Artificial intelligence (AI) has potential to improve the diagnosis of melanoma, but the road to its widespread adoption requires overcoming various challenges, according to a new review.¹

The promise of AI has been anticipated as traditional diagnostic methods, including physical examination and nodal assessments, have lacked reliability and face variability in interpretation based on who is reviewing.

“Given the growing incidence of melanoma in the world, applications based on AI can help reduce the burden on doctors, simplify the diagnostic algorithm, and provide populations with equal access to adequate treatment,” the researchers explained.

The review, published in International Journal of Intelligent Systems, explored the current landscape of AI models being used to aid in the diagnosis of melanoma. These approaches include machine learning, deep learning, and mixed-approach methods.

Newer approaches like convolutional neural networks (CNNs) have gained steam for their ability to detect features in images and videos, and in turn have been explored in health care, including for melanoma.² In one study of more than 2600 images, the deep learning approach had an 88% accuracy rate in classifying skin lesions as malignant or nonmalignant. Another study has demonstrated a 96% accuracy rate, showing accuracy improvements compared with earlier AI methods like Support Vector Machines (SVMs).

SVMs have demonstrated the ability to detect melanoma early, with accuracy of up to and more than 87%. Data have shown that the model is able to use just 6 identifiable factors to make a diagnosis.

Some models have approached AI with a hybrid of CNN and SVM, combining CNN’s ability to automatically pinpoint important features of images without the need for manual input with SVM’s ability to classify data.

“According to the research, various AI models could perform equally well or even better than experts in dermatology in specific situations, since most of them reported accuracy, sensitivity, and specificity levels higher than 85%. Nevertheless, several difficulties make it hard to put these findings into practice,” explained the researchers, noting that methods like CNNs struggle with widespread uptake.

In addition to resourcing issues, with many health care organizations facing structural and financial challenges for implementation, the researchers highlighted inconsistencies in the performance of current AI models. Inconsistent results are driven by differences in how these models are built and the data that they are trained to assess. Current models often leave an absence of explanation of their results, highlighting an opportunity for improved models to offer a basis for their diagnosis.

Improvements in the data used for AI approaches were highlighted by the group. It’s well documented that clinical trials, including those for melanoma, are often not representative of true patient populations in the real world.³ As a result, lesion images included in studies remain limited for analysis. The researchers emphasized the need for data on a variety of patient types, including those with different skin types and with different stages of disease.

Outside of patient diversity, the researchers call for variety in data types to strengthen AI models, with a compilation of patient records with genomic data and images. Improvements in AI-based models also require health care organizations to work closely with researchers and developers of such technology to share data.

At the same time, as patient populations and cases evolve, AI models must adapt with it, balancing both flexibility and accuracy.

“AI should be applied in health care after being tested in studies that follow its performance and effects in various settings,” the authors concluded. “Improved user interfaces and immediate support for making decisions must be available for practical use by doctors. It will be vital for AI developers, doctors, and healthcare policymakers to cooperate in order to develop rules that allow safe, ethical, and effective implementation of AI technology for early diagnostics of melanoma.”

References

1. Alam F, Ullah A, Shah D, Ali S, Tahir M. Artificial intelligence in melanoma detection: A review of current technologies and future direction. Int J Intell Syst. Published online June 13, 2025. doi:10.1155/int/3164952

2. Kwiatkowska D, Kluska P, Reich A. Convolutional neural networks for the detection of malignant melanoma in dermoscopy images. Postepy Dermatol Alergol. 2021;38(3):412-420. doi:10.5114/ada.2021.107927

3. Donia M, Kimper-Karl ML, Hoyer KL, Bastholt L, Schmidt H, Svane IM. The majority of patients with metastatic melanoma are not represented in pivotal phase III immunotherapy trials. Eur J Cancer. 2017;74:89-95. doi:10.1016/j.ejca.2016.12.017

By Steve Gelsi

Bank stocks have outperformed the stock market with Goldman Sachs’ stock up 23% and JPMorgan Chase’s up 22% in 2025 while the S&P 500 has gained 5.1%

Bank stocks finished a strong first half of the year on Monday on the heels of a fresh bill of health in the U.S. Federal Reserve’s annual stress test.

Monday marked the first regular trading day after the U.S. Federal Reserve said the U.S. banking system would remain sound in the face of a simulated recession, after its review of bank balance sheets.

KBW analyst David Konrad said the results of the Fed’s stress tests “were remarkably strong” due to higher preprovision net revenue generated by the group, as well as a reduction in counterparty trading losses.

Estimates for Goldman Sachs Group Inc. (GS), Wells Fargo (WFC) and M&T Bank Corp. (MTB) stress capital buffers – money that banks must keep on hand in case of shocks to the financial system – will go down more than other banks, Konrad said.

See related: Wells Fargo clears another Fed hurdle as banks pass stress tests.

This may free up capital either for lending or possibly for share buybacks or dividends to stockholders.

Bank of America Corp. (BAC), Citigroup Inc. (C) and JPMorgan Chase & Co. (JPM) also fared well in the Fed’s stress test, Konrad said.

Citi analyst Keith Horowitz said Goldman Sachs emerged as “the big winner” due to its “much better-than-expected” improvement in stress capital buffers.

Improvement in banks’ preprovision net revenue, lower trading and counterparty losses, and better credit-card performance contributed to Goldman’s results, he said.

Goldman’s stock (GS) was the biggest gainer among the U.S.’s six largest banks by market capitalization on Monday, rising 2.5% for its third straight record close.

The stock is now up 23.6% in 2025. That’s well ahead of the 5.1% rise by both the S&P 500 index SPX and the Nasdaq Composite Index COMP, as well as the 3.5% gain by the Dow Jones Industrial Average DJIA.

Jefferies analyst Daniel Fannon said common equity tier-one ratios – which include stress capital buffers – will fall an average of 100 basis points for the 16 largest banks in the Fed’s stress test.

Goldman Sachs’ common equity tier-one ratio will fall 240 basis points, while M&T Bank’s ratio will fall by 120 basis points as the biggest drops in Jefferies’ banking coverage.

While Wall Street analysts are already projecting lower stress capital buffer requirements for the banks, these figures don’t become official until August.

Banks may tweak their dividend increases or request a review from regulars in moves that could alter their final stress capital buffer requirements.

Oppenheimer analyst Chris Kotowski said it’s unlikely that lower capital requirements will translate directly into money returns for shareholders.

“Capital has generally not been the gating factor in decisions about deploying capital for customers,” Kotowski said in a research note. “We doubt that banks will go hog-wild on buybacks. They will want to see these metrics stick for another year or two before accepting them as the new normal.”

Meanwhile, financial stocks continued their winning ways on Monday to cap off a strong first-quarter performance.

JPMorgan Chase & Co.’s stock (JPM) advanced by 1%, also for a record close, and to build up its 2025 gain to 20.9%.

Wells Fargo & Co.’s stock (WFC) was up by 0.9% on Monday, to trade 1.4% below its Feb. 6, 2025, record close of $81.42. It has risen 14.1% this year.

Bank of America Corp.’s stock (BAC) rose 0.4%, to bring its year-to-date gain to 7.7%, while Citigroup Inc.’s stock (C) rose 0.9%, with a year-to-date advance of 20.9%.

Morgan Stanley’s stock (MS) inched 0.1% higher, while its year-to-date rise is at 12%.

The Financial Select Sector SPDR ETF XLF was up 0.8% on Monday and was headed for a record close. It’s risen 8.4% in 2025.

-Steve Gelsi

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

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SYDNEY, 1 July 2025 – Royal Caribbean has hit it for six and entered a new partnership as the Official Holiday Partner of the Brisbane Heat and Queensland Cricket for the 2025-26 season. Known for more than 50 years of delivering memorable adventures for families sailing from Australia and around the world, Royal Caribbean will make this summer one to remember for Brisbane Heat fans. Through the partnership, BNE Heat members can make the most of the season with Royal Caribbean exclusive deals, sneak peek product updates and weekend getaway giveaways, along with family-focused community and fan event experiences throughout the summer season.

“We’re excited to announce the coming together of two iconic brands, as we partner with the Brisbane Heat to create engaging and unforgettable fan experiences both on and off the field,” said Gavin Smith, vice president and managing director, Australia and New Zealand, Royal Caribbean. “As Royal Caribbean prepares for the upcoming Australian summer season of memory-maxing holidays, our goal is to provide unmatched experiences and entertainment to Queensland families in between monumental cricket games. We look forward to partnering with the Heat to create unforgettable moments for cricket lovers and holidaymakers this summer.”

Fans will see the partners unite on and off the field, with Royal Caribbean serving as the presenting partner of the Gabba Park ‘Fan Zone’, as well as creating ‘The Royal Caribbean Countdown,’ set to be a fan-favourite moment, all starting in December 2025.

Reflecting on the partnership, Heat General Manager, Commercial, Marketing & Corporate Affairs, Pete Lock, mirrored this sentiment by suggesting there were clear synergies between Royal Caribbean and the Brisbane Heat.

“The Heat brings families together every summer. The start of summer holidays is when the Women’s Big Bash League and Big Bash League thrive, and it is a natural fit with Royal Caribbean, as it is also the peak time for travel, entertaining holidaymakers in beautiful locations,” said Lock. “We are very pleased to be on board with Royal Caribbean and look forward to working alongside them to make summer even more special for our Heat members and fans.’’

The partnership comes on the heels of the Australian sailing season kicking off with an action-packed summer of adventures, including the long-awaited return of Voyager of the Seas to its new home in Brisbane. Aussie holidaymakers can choose from a line-up of 45 getaways to the South Pacific, New Zealand and along the eastern seaboard, sailing between November 2025 and April 2026, offering something for everyone in the family.

To celebrate Royal Caribbean as the Official Brisbane Heat Membership Partner, the holiday brand is hosting a pre-season competition for members to win the ultimate family holiday as well as an exclusive member offer on 2025/26 sailings. For competition details, holidaymakers can visit www.brisbaneheat.com.au.

About Royal Caribbean  
Royal Caribbean, part of Royal Caribbean Group (NYSE: RCL), has delivered memorable vacations for more than 50 years. The cruise line’s game-changing ships and exclusive destinations revolutionize vacations with innovations and an all-encompassing combination of experiences, from thrills to dining and entertainment, for every type of family and vacationer. Voted “Best Cruise Line Overall” for 22 consecutive years in the Travel Weekly Readers Choice Awards, Royal Caribbean makes memories with adventurers across more than 300 destinations in 80 countries on all seven continents, including the line’s top-rated exclusive destination, Perfect Day at CocoCay in The Bahamas. 

Media can stay up to date by following @RoyalCaribPR on X and visit www.RoyalCaribbeanPressCenter.com. For additional information or to book, vacationers can visit www.RoyalCaribbean.com, call (800) ROYAL-CARIBBEAN or contact their travel advisor.  

About Brisbane Heat
The Brisbane Heat is one of the eight founding franchises of the Big Bash League, Australia’s premier T20 cricket competition. Known for their vibrant teal uniforms and passionate fan base, the Heat have become a staple of summer cricket in Queensland. The team plays its home matches at the iconic Gabba, a venue renowned for its electric atmosphere and rich cricketing history.

Korea’s interconnected PF structure

In Korea, real estate project finance (PF) is a financing method used primarily for large-scale real estate development projects. Unlike traditional corporate finance, project finance is typically structured around a specific project, with repayment of debt relying on the cash flows and assets generated by the project itself, rather than the general creditworthiness of the developer. Unlike advanced economies where developers typically contribute 30–40% equity to real estate PF projects, Korean developers often inject as little as 5% or less of the total project cost, hence financing the remainder through debt.

Given the inherently high risk and uncertainty of PF projects, financial institutions are reluctant to lend without guarantees, placing greater emphasis on guarantees instead of conducting comprehensive assessments of project feasibility. These guarantees are often provided by construction companies. With the enhancement of the project’s creditworthiness, developers can better secure the necessary financing (Figure 1). Non-bank financial institutions (NBFIs) too extended credit to the developers but they tend to focus on riskier projects in search for higher returns.

In light of these credit guarantees, a construction company is obligated to assume the responsibility in the event where financial institutions refuse to extend the loan maturity or the developer becomes insolvent. In such cases, the construction company’s deteriorating financial condition may trigger a credit crunch across the construction sector, potentially creating ripple effects that affect the broader financial system. This was evident In late 2023 when Taeyoung Construction, Korea’s 16th largest builder, entered a debt workout which fueled concerns of a funding squeeze in the construction sector leading to financial market volatility.

PF stress across NBFIs and construction

The current challenges faced by real estate PF have their roots in the mid-2010s, when a real estate boom was fueled by low rates. During this period, both banks and NBFIs aggressively expanded their PF lending. By Q2 2024, Korea’s PF loans stood at KRW 132.2 trillion, with 63.5 percent held by NBFIs and 36.5 percent by banks (Figure 2). Among NBFIs, savings banks and credit cooperatives targeted higher-risk market segments and lending to lower-credit borrowers.

However, this landscape changed dramatically in mid-2021, as aggressive rate hikes and rising construction costs inflated presale prices and dampened real estate demand. Inventory of unsold units rose sharply, especially in non-metropolitan areas (Figure 3). As unsold units accumulated, developers and construction firms faced worsening liquidity, triggering contingent liabilities and forcing costly financing or asset sales. This placed additional strain on already weakened construction companies and eroded their profitability (Figure 4).

For example, Taeyoung Construction’s debt-to-equity ratio was 258 percent, with KRW 3.7 trillion in PF guarantees (374% of its equity) as of end-September 2023, prior to filing for a debt workout in December.

As construction companies’ repayment capacity weakened, NBFIs with large exposures to PF loans saw a sharp rise in delinquencies. Particularly hit were savings banks whose non-performing loan (NPL) ratios surged from 3.4 percent at end-2021 to 11.5 percent in June 2024. Securities firms also recorded growing PF loan delinquencies, reflecting broader vulnerabilities across the NBFI sector (Figure 5).

Policy response and challenges

The accumulation of PF-related distress has led to a sharp downturn in the property market and triggered broader stress across the construction and financial sectors. In 2024, the Korean authorities rolled out extensive policy measures to reduce market uncertainty surrounding real estate PF and to ensure its orderly soft landing.

• A “soft landing” package centered on differentiating viable and non-viable projects through enhanced feasibility reviews.
• Broader reforms to shore up the PF sector’s structural resilience, including raising efforts aimed at bringing equity ratio in line with advanced economy standards (of 20 percent) over the medium to long term.

As a result, as of December 2024, KRW 6.5 trillion—30.9 percent of the KRW 20.9 trillion in loans to development projects classified as “attention” or “insolvency risk” had been resolved or restructured.

These efforts contributed to improvements in key financial soundness indicators, including a decline in both the NPL ratio and PF delinquency rates for two consecutive quarters. However, with the real estate market still underperforming, new non-performing assets are expected to emerge.

The authorities must therefore maintain heightened vigilance and continue with the resolution and restructuring of existing NPLs, and implementation of rigorous asset quality management frameworks across all financial institutions exposed to PF risk.

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