Category: 3. Business

By Amy Hogan-Burney, Corporate Vice President, Customer Security & Trust  

In 80% of the cyber incidents Microsoft’s security teams investigated last year, attackers sought to steal data—a trend driven more by financial gain than intelligence gathering. According to the latest Microsoft Digital Défense Report, written with our Chief Information Security Officer Igor Tsyganskiy, over half of cyberattacks with known motives were driven by extortion or ransomware. That’s at least 52% of incidents fuelled by financial gain, while attacks focused solely on espionage made up just 4%. Nation-state threats remain a serious and persistent threat, but most of the immediate attacks organizations face today come from opportunistic criminals looking to make a profit.
 
Every day, Microsoft processes more than 100 trillion signals, blocks approximately 4.5 million new malware attempts, analyses 38 million identity risk detections, and screens 5 billion emails for malware and phishing. Advances in automation and readily available off-the-shelf tools have enabled cybercriminals—even those with limited technical expertise—to expand their operations significantly. The use of AI has further added to this trend with cybercriminals accelerating malware development and creating more realistic synthetic content, enhancing the efficiency of activities such as phishing and ransomware attacks. As a result, opportunistic malicious actors now target everyone—big or small—making cybercrime a universal, ever-present threat that spills into our daily lives.
 
In this environment, organizational leaders must treat cybersecurity as a core strategic priority—not just an IT issue—and build resilience into their technology and operations from the ground up. In our sixth annual Microsoft Digital Defence Report, which covers trends from July 2024 through June 2025, we highlight that legacy security measures are no longer enough; we need modern defences leveraging AI and strong collaboration across industries and governments to keep pace with the threat. For individuals, simple steps like using strong security tools—especially phishing-resistant multifactor authentication (MFA)—makes a big difference, as MFA can block over 99% of identity-based attacks. Below are some of the key findings.
 
 

 
Critical services are prime targets with a real-world impact.
 
Malicious actors remain focused on attacking critical public services—targets that, when compromised, can have a direct and immediate impact on people’s lives. Hospitals and local governments, for example, are all targets because they store sensitive data or have tight cybersecurity budgets with limited incident response capabilities, often resulting in outdated software. In the past year, cyberattacks on these sectors had real-world consequences, including delayed emergency medical care, disrupted emergency services, cancelled school classes, and halted transportation systems.
 
Ransomware actors in particular focus on these critical sectors because of the targets’ limited options. For example, a hospital must quickly resolve its encrypted systems, or patients could die, potentially leaving no other recourse but to pay. Additionally, governments, hospitals, and research institutions store sensitive data that criminals can steal and monetize through illicit marketplaces on the dark web, fuelling downstream criminal activity. Government and industry can collaborate to strengthen cybersecurity in these sectors—particularly for the most vulnerable. These efforts are critical to protecting communities and ensuring continuity of care, education, and emergency response.
 
Nation-state actors are expanding operations.
 
While cybercriminals are the biggest cyber threat by volume, nation-state actors still target key industries and regions, expanding their focus on espionage and, in some cases, on financial gain. Geopolitical objectives continue to drive a surge in state-sponsored cyber activity, with a notable expansion in targeting communications, research, and academia.
 

 
Key insights:

• China is continuing its broad push across industries to conduct espionage and steal sensitive data. State-affiliated actors are increasingly attacking non-governmental organizations (NGOs) to expand their insights and are using covert networks and vulnerable internet-facing devices to gain entry and avoid detection. They have also become faster at operationalizing newly disclosed vulnerabilities.
• Iran is going after a wider range of targets than ever before, from the Middle East to North America, as part of broadening espionage operations. Recently, three Iranian state-affiliated actors attacked shipping and logistics firms in Europe and the Persian Gulf to gain ongoing access to sensitive commercial data, raising the possibility that Iran may be pre-positioning to have the ability to interfere with commercial shipping operations.
• Russia, while still focused on the war in Ukraine, has expanded its targets. For example, Microsoft has observed Russian state-affiliated actors targeting small businesses in countries supporting Ukraine. In fact, outside of Ukraine, the top ten countries most affected by Russian cyber activity all belong to the North Atlantic Treaty Organization (NATO)—a 25% increase compared to last year. Russian actors may view these smaller companies as possibly less resource-intensive pivot points they can use to access larger organizations. These actors are also increasingly leveraging the cybercriminal ecosystem for their attacks.
• North Korea remains focused on revenue generation and espionage. In a trend that has gained significant attention, thousands of state-affiliated North Korean remote IT workers have applied for jobs with companies around the world, sending their salaries back to the government as remittances. When discovered, some of these workers have turned to extortion as another approach to bringing in money for the regime.

The cyber threats posed by nation-states are becoming more expansive and unpredictable. In addition, the shift by at least some nation-state actors to further leveraging the cybercriminal ecosystem will make attribution even more complicated. This underscores the need for organizations to stay abreast of the threats to their industries and work with both industry peers and governments to confront the threats posed by nation-state actors.
 
2025 saw an escalation in the use of AI by both attackers and defenders.
 
Over the past year, both attackers and defenders harnessed the power of generative AI. Threat actors are using AI to boost their attacks by automating phishing, scaling social engineering, creating synthetic media, finding vulnerabilities faster, and creating malware that can adapt itself. Nation-state actors, too, have continued to incorporate AI into their cyber influence operations. This activity has picked up in the past six months as actors use the technology to make their efforts more advanced, scalable, and targeted.
 

 
For defenders, AI is also proving to be a valuable tool. Microsoft, for example, uses AI to spot threats, close detection gaps, catch phishing attempts, and protect vulnerable users. As both the risks and opportunities of AI rapidly evolve, organizations must prioritize securing their AI tools and training their teams. Everyone—from industry to government—must be proactive to keep pace with increasingly sophisticated attackers and to ensure that defenders keep ahead of adversaries.
 
Adversaries aren’t breaking in; they’re signing in.
 
Amid the growing sophistication of cyber threats, one statistic stands out: more than 97% of identity attacks are password attacks. In the first half of 2025 alone, identity-based attacks surged by 32%. That means the vast majority of malicious sign-in attempts an organization might receive are via large-scale password guessing attempts. Attackers get usernames and passwords (“credentials”) for these bulk attacks largely from credential leaks.
 
However, credential leaks aren’t the only place where attackers can obtain credentials. This year, we saw a surge in the use of infostealer malware by cybercriminals. Infostealers can secretly gather credentials and information about your online accounts, like browser session tokens, at scale. Cybercriminals can then buy this stolen information on cybercrime forums, making it easy for anyone to access accounts for purposes such as the delivery of ransomware.
 
Luckily, the solution to identity compromise is simple. The implementation of phishing-resistant multifactor authentication (MFA) can stop over 99% of this type of attack even if the attacker has the correct username and password combination. To target the malicious supply chain, Microsoft’s Digital Crimes Unit (DCU) is fighting back against the cybercriminal use of infostealers. In May, the DCU disrupted the most popular infostealer—–Lumma Stealer—alongside the US Department of Justice and Europol.
 
Moving forward: Cybersecurity is a shared defensive priority.
 
As threat actors grow more sophisticated, persistent, and opportunistic, organizations must stay vigilant, continually updating their defenses and sharing intelligence. Microsoft remains committed to doing its part to strengthen our products and services via our Secure Future Initiative. We also continue to collaborate with others to track threats, alert targeted customers, and share insights with the broader public when appropriate.
 
However, security is not only a technical challenge but a governance imperative. Defensive measures alone are not enough to deter nation-state adversaries. Governments must build frameworks that signal credible and proportionate consequences for malicious activity that violates international rules. Encouragingly, governments are increasingly attributing cyberattacks to foreign actors and imposing consequences such as indictments and sanctions. This growing transparency and accountability are important steps toward building collective deterrence. As digital transformation accelerates—amplified by the rise of AI—cyber threats pose risks to economic stability, governance, and personal safety. Addressing these challenges requires not only technical innovation but coordinated societal action.

Good morning. Donald Trump said Prime Minister Narendra Modi has pledged that India would stop buying Russian oil. India responded with a measured statement, making no such promises but offering to expand procurement from the US. Does this mean a trade deal is nowhere near? Tell me what you think.

The festival season is in full swing, with gift laden cars causing traffic snarls in all big cities. I am running away to quiet(er) Kerala to celebrate with my family. We will not have an edition of this newsletter on Tuesday, October 21. Wishing you love and light and all things sweet this Deepavali. 

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Alphabet AI

Google will invest $15bn over the next five years to build an AI data centre in India. Set up in Visakhapatnam, the 1GW unit is built in partnership with India’s Adani Group and Airtel. The choice of the southern port city as a location, while unusual, is strategic as the data centre will connect to 15 countries across the world — including Australia, Singapore and Malaysia — via subsea cable.

This unit is expected to create more than 6,000 direct jobs, and follows other US tech giants such as Amazon and Microsoft, who are investing $6.8bn and $3bn in Indian data centres. 

The investment is a big win for Andhra Pradesh, which has a target of developing 6GW of data centre capacity in the next four years. Thus far, the states of Maharashtra, Tamil Nadu and Telangana had cornered most of the business, with the local governments offering duty waivers on electricity consumption and generous land subsidies. For Google, the Andhra Pradesh government lobbied heavily to iron out regulatory issues, especially to avoid applying Indian laws to the data being processed offshore. Google was also, understandably, wary of India’s proclivity for retrospective taxation. 

Corporations, as well as the administration, are betting big on data centres. While India generated about 20 per cent of global data, it has only 3 per cent of data centre capacity. Multinational companies have been the biggest investors so far, but large Indian companies are also now beginning to show up with big cheques. Last week, Tata Consultancy Services chief executive K Krithivasan said the company plans to invest $6.5bn over the next six years to build 1GW in data centre capacity. 

However, even as states fall over themselves to attract investments, what is lacking is a clear policy on how to mitigate the environmental damage these large centres are capable of. Although the new centres are pivoting towards renewables for energy generation, they still place significant strain on the grid. Water is an even more serious problem. Data centres use more water than they replenish, even if alternatives such as aircooled chillers are used to stop equipment from overheating. States like Andhra Pradesh are already prone to droughts and a massive data centre will only make this situation worse.

I’m not arguing that India shouldn’t be allowing these investments, but that it is imperative that a national policy on resource usage be drawn up at this early stage, so that problems can be mitigated before they become catastrophes. Neither the central government nor the regional states have prioritised this. A man versus technology conflict is inevitable — but without any safeguards, it will arrive sooner rather than later. 

Do you think India should have an environment and resource policy ready for data centre investments? Hit reply or email me at indiabrief@ft.com

For more on AI, sign up for The AI Shift: John Burn-Murdoch and Sarah O’Connor explore how the technology is transforming the world of work in our new weekly newsletter.

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5. How high-end restaurants went global.

Silver bullet

All that glitters is not gold — because it’s silver. The sudden escalation in demand has resulted in a strange phenomenon in the Indian markets, where silver funds are quoting at a massive premium to the already record high prices as they struggle to acquire physical stocks of the asset.

On Wednesday, Tata Mutual Fund became the fifth fund house to temporarily suspend new investments into their silver-backed exchange traded fund, joining HDFC, ICICI and others. Even in the domestic metal market, silver is trading at a premium of about 10 per cent over its global rate. In London, silver touched a record high of $53 per ounce this week, an 85 per cent gain this year.

The surge in demand for silver is driven by two factors. One, it is seen as a proxy for gold, which is also trading at a record high of $4,179 an ounce. This month, the wedding season in India is also a contributor to global prices, as customers switch to wearing silver since gold is so prohibitively expensive now. Two, its use has significantly increased in industries such as electronics and solar panels.

Despite this sharp run up, most analysts are bullish about silver prices in the medium term. Brokerage house Motilal Oswal has a target of $75 an ounce for 2026, even though they think prices will consolidate around $50-55 in the near term. Industrial use accounts for almost 60 per cent of silver output and this is unlikely to ease off in a hurry, even if the more price-sensitive segment — jewellery consumption — softens. 

Even though gold grabbed the headlines, inflows into silver funds have also been strong, with investments in Indian ETFs growing 60 per cent this year. Silver’s popularity as the au courant asset is best illustrated by the fact that in the last couple of months, even “finfluencers” have been extolling their followers to get into this game. By stopping new inflows, fund houses have stopped new investors from participating in this rally — but also protected them from paying an inflated value for the metal. These funds will reopen only when the availability of physical silver becomes easier. But the situation is unlikely to improve, with India just one of several countries in the global race for precious metals and minerals. It will be difficult to get a piece of this action anytime soon, no matter what our favourite influencer tells us. 

Go figure

Vehicle sales were the biggest beneficiary of the cuts in India’s goods and services tax. The new taxes took effect on September 22, after Modi promised households a $28bn bounty from what he dubbed the “GST Savings Festival”.

Read, hear, watch

It’s been (yet another) busy week and I haven’t been able to read or watch very much. However, I did enjoy this episode of The Daily, an interview with three puzzle editors from the New York Times. I do the mini crossword, aim for genius on the Spelling Bee most days, and solve the main crossword four or five times a week, with diminishing success. I abandoned Wordle after losing my streak. But Connections really makes me want to hurl my phone at a wall.

Do you have a favourite? Write to me. And thank you for the show recommendations last week.

Buzzer round

The global popularity of which product has sent Japanese farmers into a tizzy as they struggle to keep up with demand?

Send your answer to indiabrief@ft.com and check Tuesday’s newsletter to see if you were the first one to get it right.

Quick answer

On Tuesday, we asked if India was right in pursuing diplomatic engagement with the Taliban. Here are the results. Some 62 per cent of you think it is. I was betting on a more even split!

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Thank you for reading. India Business Briefing is edited by Tee Zhuo. Please send feedback, suggestions (and gossip) to indiabrief@ft.com.

• At the 2025 OCP Global Summit, NVIDIA announced a collaboration with Power Integrations to accelerate the adoption of 800 VDC architectures for next-generation AI data centers, highlighting the role of Power Integrations’ PowiGaN gallium-nitride technology.

• This partnership positions Power Integrations as a key supplier of industry-first high-voltage GaN chips designed to enable greater efficiency and power density in rapidly growing AI and electric vehicle infrastructure markets.

• We’ll explore how Power Integrations’ new collaboration with NVIDIA to supply high-voltage GaN power devices could affect its investment outlook.

The end of cancer? These 28 emerging AI stocks are developing tech that will allow early identification of life changing diseases like cancer and Alzheimer’s.

To be a shareholder in Power Integrations, you need to believe that advanced power conversion technologies like high-voltage GaN can unlock meaningful long-term growth by enabling the shift toward higher-efficiency AI data centers and electric vehicles. The new partnership with NVIDIA could accelerate customer adoption in these promising markets and, in the short term, has boosted sentiment, but ongoing exposure to trade risks and tariffs still represents the most immediate challenge for the business.

Of the company’s recent announcements, the published white paper detailing PowiGaN technology for 800 VDC AI data centers stands out. This is directly relevant to the NVIDIA collaboration and highlights how Power Integrations is positioning itself in emerging, higher-margin growth markets, which could influence both near-term demand and the longer-term outlook for revenue diversification.

However, unlike the optimism prompted by this breakthrough, investors should also be aware that…

Read the full narrative on Power Integrations (it’s free!)

Power Integrations’ narrative projects $634.3 million revenue and $96.7 million earnings by 2028. This requires 12.8% yearly revenue growth and a $63.1 million earnings increase from $33.6 million today.

Uncover how Power Integrations’ forecasts yield a $60.80 fair value, a 29% upside to its current price.

Fair value estimates from the Simply Wall St Community range widely, from US$23.59 to US$60.80, based on three distinct analyses. Despite this diversity, the most important near-term issue remains the company’s sensitivity to global tariffs, which could affect future sales momentum and profitability in key markets.

Explore 3 other fair value estimates on Power Integrations – why the stock might be worth as much as 29% more than the current price!

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

Every day counts. These free picks are already gaining attention. See them before the crowd does:

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

Companies discussed in this article include POWI.

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

LaSalle LOGIPORT REIT (TSE:3466) has just wrapped up a buyback of its investment units, aiming to streamline its capital structure and boost shareholder value. The company intends to cancel these repurchased units in the coming months.

See our latest analysis for LaSalle LOGIPORT REIT.

After a steady string of buyback announcements and the recent completion of its investment unit repurchase, LaSalle LOGIPORT REIT’s share price has climbed 5% over the past three months, with its 1-year total shareholder return reaching 5.3%. This gradual momentum suggests renewed investor confidence as the company reinforces its capital structure and focuses on longer-term value creation.

If you’re inspired by this strategic move, it might be the perfect moment to expand your search and discover fast growing stocks with high insider ownership

With shares trading nearly 29% below estimated intrinsic value while maintaining steady returns, investors are left to wonder if LaSalle LOGIPORT REIT is undervalued and presenting a compelling entry point, or if future growth is already priced in.

LaSalle LOGIPORT REIT is trading at a price-to-earnings (P/E) ratio of 20.9x, which positions its valuation above the Asian Industrial REITs sector average of 18.9x. Compared to its peers, the market appears to be assigning a premium to LaSalle LOGIPORT REIT’s earnings at the last close price of ¥145,800 per unit.

The price-to-earnings ratio measures how much investors are willing to pay for each yen of a company’s earnings. For real estate investment trusts, this metric helps assess whether the current market price accurately reflects future earning potential and sector trends.

Despite being pricier than the sector average, this P/E ratio remains beneath the peer group’s preferred average of 25.8x. This suggests the market sees moderate upside yet remains cautious. Additionally, the fair P/E for LaSalle LOGIPORT REIT is estimated at 22.4x, signaling that the current multiple could move higher if confidence in future earnings picks up.

Explore the SWS fair ratio for LaSalle LOGIPORT REIT

Result: Price-to-Earnings of 20.9x (ABOUT RIGHT)

However, weaker annual revenue and net income growth may weigh on LaSalle LOGIPORT REIT’s future returns and challenge the current bullish outlook.

Find out about the key risks to this LaSalle LOGIPORT REIT narrative.

While the price-to-earnings approach sees LaSalle LOGIPORT REIT as fairly valued, the SWS DCF model offers a contrasting perspective. This methodology puts fair value at ¥204,455 per unit, almost 29% above the recent price. Could the market be missing an opportunity, or does this signal caution?

Look into how the SWS DCF model arrives at its fair value.

Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out LaSalle LOGIPORT REIT for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match – so you never miss a potential opportunity.

Keep in mind, you can always dig deeper into the data and build your own perspective on LaSalle LOGIPORT REIT’s outlook in just a few minutes. Take the opportunity to Do it your way.

A great starting point for your LaSalle LOGIPORT REIT research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.

Broaden your investment horizons today and stay steps ahead of the market by tapping into innovative, sector-defining opportunities just a click away.

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

Companies discussed in this article include 3466.

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

Samsung C&T and Samsung Electronics Will Make an Equity Investment of $110 Million Into GRAIL, Subject to Closing Conditions

Samsung C&T Will Drive Commercialization of Galleri in South Korea With Possible Expansion to Japan and Singapore

Samsung Electronics and GRAIL Will Also Explore Potential Strategic and Operational Collaborations

Samsung C&T (SCT), Samsung Electronics (SEC), and GRAIL, Inc. (Nasdaq: GRAL), today announced they have signed a binding Letter of Intent for a strategic collaboration to bring GRAIL’s Galleri^Ⓡ multi-cancer early detection (MCED) test to key Asian markets. SCT and SEC have also agreed to invest $110 million into GRAIL, a healthcare company whose mission is to detect cancer early when it can be cured, at a price of $70.05 per share of common stock.¹

 

“Guided by its commitment to advancing next-generation bio-technologies and improving quality of life, Samsung C&T has continuously invested in innovative companies. The collaboration with GRAIL represents a significant new step—moving beyond investment to a strategic business partnership that provides Samsung with a strong foothold for expanding into the cancer screening field and delivering one of these promising technologies to customers in South Korea and across Asia.” said Jaywoo Kim, Executive Vice President of Life Science Business at Samsung C&T.

 

Subject to final execution of definitive agreements, GRAIL and SCT will work as exclusive partners to commercialize the Galleri test in South Korea, with a possible extension into other Asian geographies, including Japan and Singapore. SCT will undertake key activities to drive adoption of Galleri . Initially, tests will be performed in GRAIL’s clinical laboratory in Research Triangle Park, North Carolina.

 

“We look forward to partnering with Samsung to bring multi-cancer early detection to Asia, beginning in South Korea,” said Sir Harpal Kumar, President, International Business & Biopharma, at GRAIL. “Samsung’s significant equity investment strengthens our balance sheet and provides further cash runway as we advance through key milestones to secure reimbursement for Galleri in the U.S. and key international markets.”

 

In addition, SEC and GRAIL intend to explore potential strategic and operational collaborations such as supporting longitudinal genomic-lifestyle clinical research, and the integration of SEC’s health data platform with GRAIL’s technologies and data.

 

“Our investment in and strategic cooperation with GRAIL is part of our vision to improve the health of billions of people. A potential collaboration with GRAIL could allow for the integration of our AI, our digital care platform, and device ecosystem with GRAIL’s clinical genetic data and technology, which could allow us to provide a level of personalization for our users to help them better understand their health,” said Hon Pak, Senior Vice President and Head of Digital Health Team, Mobile eXperience Business, at Samsung Electronics.

 

The terms of the collaborations are set forth in the term sheets between the parties. Definitive agreements will be negotiated in good faith pursuant to the term sheet and are intended to be entered into in early 2026. Commercial operations will begin soon after execution. Within South Korea, and potentially Japan and Singapore, GRAIL will partner with SCT as its sole distributor, subject to certain requirements, and GRAIL’s Galleri test will be the exclusive MCED test distributed by SCT.

 

The investment is subject to execution of the definitive collaboration agreements between the parties, as well as customary closing conditions and regulatory approvals. The investment is expected to close in early 2026.

 

Latham & Watkins served as legal advisor and Morgan Stanley & Co. LLC served as financial advisor to GRAIL. Samsung was advised by Covington & Burling, BKL, and E&Y Han Young (Korea).

 

 

¹ Representing a 10% premium to the 15 day VWAP.

 

 

About Samsung C&T Corporation

Samsung C&T Corporation, a dynamic player in industries ranging from construction, trading, fashion and resorts, is actively expanding its portfolio with strategic investments in the fields of biopharmaceutical and life sciences. Since its investment in Samsung Biologics and Samsung Bioepis, Samsung C&T continues to invest in innovative technologies and businesses within the bio and healthcare sectors, with the goal of contributing to improving the quality of human life.

 

About GRAIL

GRAIL is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art machine learning, software, and automation to detect and identify multiple deadly cancer types in earlier stages. GRAIL’s targeted methylation-based platform can support the continuum of care for screening and precision oncology, including multi-cancer early detection in symptomatic patients, risk stratification, minimal residual disease detection, biomarker subtyping, treatment and recurrence monitoring. GRAIL is headquartered in Menlo Park, CA with locations in Washington, D.C., North Carolina, and the United Kingdom.

For more information, visit grail.com.

 

About Galleri^®
The Galleri multi-cancer early detection test is a proactive tool to screen for cancer. With a simple blood draw, Galleri can detect more than 50 types of cancer before symptoms appear — when they can be easier to treat and are potentially curable². Galleri is the only available MCED test with demonstrated performance in patients screened for cancer^2,*. The Galleri test doubles the number of cancers detected when added to standard of care cancer screening, and has the lowest false positive rate of any MCED test^1,2,3,4,**. When a cancer signal is found, Galleri provides a cancer signal of origin with high accuracy to help guide an efficient diagnostic work-up^4,5,6. The Galleri test requires a prescription from a licensed healthcare provider and should be used in addition to recommended cancer screenings such as mammography, colonoscopy, prostate-specific antigen (PSA) test, or cervical cancer screening. The Galleri test is recommended for adults with an elevated risk for cancer, such as those aged 50 or older.

For more information, visit galleri.com.

 

* The Galleri test performance metrics were derived from the outcomes of an interventional clinical study of patients presenting for screening without clinical suspicion of cancer, a study population that reflects the intended use population.

** Test performance metrics do not represent results of a head-to-head comparative study. Separate studies have different designs, objectives, and participant populations, which limits the ability to draw conclusions about comparative performance.

 

Important Galleri Safety Information
The Galleri test is recommended for use in adults with an elevated risk for cancer, such as those age 50 or older. The test does not detect all cancers and should be used in addition to routine cancer screening tests recommended by a healthcare provider. The Galleri test is intended to detect cancer signals and predict where in the body the cancer signal is located. Use of the test is not recommended in individuals who are pregnant, 21 years old or younger, or undergoing active cancer treatment.
Results should be interpreted by a healthcare provider in the context of medical history, clinical signs, and symptoms. A test result of No Cancer Signal Detected does not rule out cancer. A test result of Cancer Signal Detected requires confirmatory diagnostic evaluation by medically established procedures (e.g., imaging) to confirm cancer.

If cancer is not confirmed with further testing, it could mean that cancer is not present or testing was insufficient to detect cancer, including due to the cancer being located in a different part of the body. False positive (a cancer signal detected when cancer is not present) and false negative (a cancer signal not detected when cancer is present) test results do occur. Rx only.

 

Laboratory/Test Information
The GRAIL clinical laboratory is certified under the Clinical Laboratory Improvement Amendments of 1988

(CLIA) and accredited by the College of American Pathologists. The Galleri test was developed — and its performance characteristics were determined — by GRAIL. The Galleri test has not been cleared or approved by the Food and Drug Administration. The GRAIL clinical laboratory is regulated under CLIA to perform high-complexity testing. The Galleri test is intended for clinical purposes.

 

GRAIL Forward Looking Statements
This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “should,” “would,” or “will,” the negative of these terms, and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties, and assumptions about us, may include expectations and projections of our ability to negotiate definitive agreements, the closing of the investment, the terms under which we will conduct our collaborations, future potential additional collaborations, our ability to commercialize Galleri in other geographies, success of our collaboration with counterparties, sufficiency of cash on hand to finance our business and anticipated trends in our business.

These statements are only predictions based on our current expectations and projections about future events and trends. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially and adversely from those expressed or implied by the forward-looking statements, including those factors and numerous associated risks discussed under the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2024 and in our Quarterly Report on [Form 10-Q for the period ended June 30, 2025] (the “Form 10-Q”). Moreover, we operate in a dynamic and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results, level of activity, performance, or achievements to differ materially and adversely from those contained in any forward-looking statements we may make.

Forward-looking statements relate to the future and, accordingly, are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Although we believe the expectations and projections expressed or implied by the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. Our actual results, financial condition and success in our business strategies and operations may differ materially from those indicated in the forward-looking statements. Except to the extent required by law, we undertake no obligation to update any of these forward-looking statements after the date of this press release to conform our prior statements to actual results or revised expectations or to reflect new information or the occurrence of unanticipated events.

 

References:

1.         Nabavizadeh N, et al. Safety and Performance of a Multi-Cancer Early Detection (MCED) Test in an Intended-Use Population: Initial Results from the Registrational PATHFINDER 2 Study. Proffered Presentation Presented at: European Society for Medical Oncology (ESMO) Annual Meeting; October 17-21, 2025; Berlin, Germany.
2.         Klein EA, Richards D, Cohn A, et al. Clinical validation of a targeted methylation-based multi-cancer early detection test using an independent validation set. Ann Oncol. 2021 Sep;32(9):1167-77. doi: 10.1016/j.annonc.2021.05.806
3.         GRAIL, Inc. False positive rate. [Data on file: GR-2025-0256]
4. Schrag D, Beer TM, McDonnell CH, et al. Blood-based tests for multi-cancer early detection (PATHFINDER): a prospective cohort study. Lancet. 2023;402:1251-1260. doi: 10.1016/S0140-6736(23)01700-2
5. GRAIL, Inc. Enhanced Cancer Signal Origin prediction. [Data on file: VV-TMF-59592]
6. Hackshaw A, et al. Cancer Cell. 2022;40(2):109-13.

If you’re looking for a multi-bagger, there’s a few things to keep an eye out for. Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. This shows us that it’s a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. However, after briefly looking over the numbers, we don’t think Yew Lee Pacific Group Berhad (KLSE:YEWLEE) has the makings of a multi-bagger going forward, but let’s have a look at why that may be.

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For those that aren’t sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Yew Lee Pacific Group Berhad:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets – Current Liabilities)

0.011 = RM832k ÷ (RM81m – RM2.8m) (Based on the trailing twelve months to June 2025).

Thus, Yew Lee Pacific Group Berhad has an ROCE of 1.1%. Ultimately, that’s a low return and it under-performs the Building industry average of 8.9%.

Check out our latest analysis for Yew Lee Pacific Group Berhad

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you’re interested in investigating Yew Lee Pacific Group Berhad’s past further, check out this free graph covering Yew Lee Pacific Group Berhad’s past earnings, revenue and cash flow.

On the surface, the trend of ROCE at Yew Lee Pacific Group Berhad doesn’t inspire confidence. Around five years ago the returns on capital were 28%, but since then they’ve fallen to 1.1%. And considering revenue has dropped while employing more capital, we’d be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven’t increased.

On a related note, Yew Lee Pacific Group Berhad has decreased its current liabilities to 3.5% of total assets. That could partly explain why the ROCE has dropped. What’s more, this can reduce some aspects of risk to the business because now the company’s suppliers or short-term creditors are funding less of its operations. Some would claim this reduces the business’ efficiency at generating ROCE since it is now funding more of the operations with its own money.

We’re a bit apprehensive about Yew Lee Pacific Group Berhad because despite more capital being deployed in the business, returns on that capital and sales have both fallen. But investors must be expecting an improvement of sorts because over the last three yearsthe stock has delivered a respectable 43% return. Regardless, we don’t feel too comfortable with the fundamentals so we’d be steering clear of this stock for now.

One more thing: We’ve identified 3 warning signs with Yew Lee Pacific Group Berhad (at least 1 which is a bit unpleasant) , and understanding these would certainly be useful.

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

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

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

Australia Post incorrectly collected tariffs from customers returning items to the US after retail parcel services to the country resumed last week, the government-owned postal service has admitted.

Australia Post said it had identified an error with a third-party provider where “a number of customers” were incorrectly charged a tariff for postal returns of US-manufactured items, which should not be subject to import duties.

“The error was quickly fixed, and we are reaching out to impacted customers,” a spokesperson said in a statement.

Parcel services were halted in August when the US suspended the “de minimis” exemption, which allowed parcels worth less than US$800 to enter the country duty-free. Business services resumed on 22 September, followed by retail on 7 October.

US Customs and Border Protection (CBP) has advised Australia Post that Donald Trump’s new tariff regime also applies to online returns to the US, with the tariff calculated according to the goods’ country of origin.

That means a postal return for an item originally ordered from the US, but made in China, could be subject to tariffs imposed on Chinese goods if declared correctly. CBP was not immediately available for comment.

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Guardian Australia shared images with Australia Post of a post office terminal showing an item with the US as its country of origin incurring an import duty of $57.17 on an item worth $357.30 – a rate of about 16%.

This was in addition to postage and a small handling fee divided between Australia Post and a third party which pays the tariff to US customs.

It is understood Australia Post was not aware of the error until then.

Under Donald Trump’s so-called “liberation day” duties, which came into effect in April, Australian goods imported into the US should attract a baseline 10% tariff. The tariffs do not apply to gifts worth less than $US100, or about $A150.

In July, Trump signed an executive order to end the “de minimis” exemption on 29 August. Australia Post suspended several postal services to the US and Puerto Rico, as did other international carriers.

At the time, the federal communications minister, Annika Wells, who oversees the postal service, distanced the government from what she described as an “operational decision”, urging Australia Post to seek a workaround.

A spokesperson for Australia Post said it had “worked at pace” to find a solution that complied with new rules.

On the day it suspended postage, the mail carrier informed its business customers it had partnered with the American company Zonos – one of only two companies then rubber-stamped to facilitate the payment of tariffs, although more have been approved since.

Guardian Australia understands the recent error for retail customers resulted from an incorrectly applied code by another third-party company based overseas.

Wells was contacted for comment.

• Gold prices recently surged past US$4,000 per ounce, reaching record highs and fueling significant earnings growth for Wheaton Precious Metals due to its unique streaming model.

• Wheaton Precious Metals’ ability to secure long-term streaming agreements at discounted prices has positioned it to benefit more than traditional miners when gold and silver prices spike.

• We’ll examine how Wheaton Precious Metals’ earnings momentum and streaming model bolster its investment narrative amid record gold prices.

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To be a shareholder in Wheaton Precious Metals, you need to believe that gold and silver prices will remain elevated and that the company’s long-term streaming agreements will continue to deliver outsized returns relative to traditional mining peers. The recent record run in gold prices is a powerful short-term catalyst, driving strong earnings momentum, but the biggest risk remains Wheaton’s ability to secure large, accretive new streams in a market that’s becoming more competitive. For now, this gold price surge materially strengthens the company’s near-term growth story.

The surge in quarterly earnings, up 138% year over year, is arguably the most relevant announcement, as it directly reflects Wheaton’s leverage to higher commodity prices and the effectiveness of its streaming model. When prices spike, Wheaton’s margins can expand more rapidly than traditional miners, translating into both higher profits and recent dividend increases. Despite this momentum, investors should remember that these record results are heavily dependent on continued strength in precious metal prices…

Read the full narrative on Wheaton Precious Metals (it’s free!)

Wheaton Precious Metals is expected to achieve $2.2 billion in revenue and $1.1 billion in earnings by 2028. This outlook is based on an assumed annual revenue growth rate of 9.2% and an earnings increase of $311 million from the current level of $789 million.

Uncover how Wheaton Precious Metals’ forecasts yield a CA$174.47 fair value, a 9% upside to its current price.

Seven fair value estimates from the Simply Wall St Community span a wide range, from US$65.96 to US$186.39. While some see significant upside, the risk of a shrinking pipeline of large, high-quality streaming deals could limit Wheaton’s earnings growth if competition continues to intensify, making it essential to review these diverse opinions before you make up your mind.

Explore 7 other fair value estimates on Wheaton Precious Metals – why the stock might be worth as much as 17% more than the current price!

Disagree with existing narratives? Create your own in under 3 minutes – extraordinary investment returns rarely come from following the herd.

• A great starting point for your Wheaton Precious Metals research is our analysis highlighting 3 key rewards that could impact your investment decision.

• Our free Wheaton Precious Metals research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate Wheaton Precious Metals’ overall financial health at a glance.

Right now could be the best entry point. These picks are fresh from our daily scans. Don’t delay:

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

Companies discussed in this article include WPM.TO.

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

MSD’s investigational two-drug HIV combination has been proven safe, efficacious and non-inferior to current standard of care (SoC) in two Phase III trials.

During the MK-8591A-052 study (NCT05630755), patients treated with DOR/ISL, a combination of MSD’s marketed antiretroviral, Pifeltro (doravirine) plus investigational medication islatravir, maintained vital suppression and demonstrated non-inferiority to SoC of bictegravir/emtricitabine/tenofovir alafenamide (BIC/FTC/TAF).

There was also negligible impacts on both weight and body composition at week 48, with a mean weight drop of 0.03kg compared with baseline, while those who continued on BIC/FTC/TAF experienced a 0.28kg weight gain. Throughout the study period, 14.6% of those given DOR/ISL experienced a ≥5% weight gain, while 16.0% experienced this in the SoC group from baseline.

Meanwhile, in both the MK-8591A-051 (NCT05631093) and MK-8591A-052 trials, patients who switched to DOR/ISL from Biktarvy experienced no clinically meaningful changes in fasting lipids. This includes total cholesterol, as well as low- and high-density lipoprotein (HDL, LDL) and triglyceride levels.

Mean blood glucose and fasting insulin level changes were also minimal across treatment groups in both studies.

These findings are notable as chronic antiretroviral use can often cause weight gain or changes to body composition, as well as dyslipidaemia – all of which can contribute to a patient’s risk of developing comorbid cardiovascular conditions.

According to Dr Chloe Orkin, dean for healthcare transformation, Queen Mary University of London, the Phase III findings are “important to consider,” as many patients with HIV face weight-related issues such as obesity.

HIV landscape undergoes another shift

These results follow MSD’s previous positive Phase III readouts for Pifeltro-islatravir, which prompted the New Jersey pharma to file a new drug application (NDA) for the combination to the US Food and Drug Administration (FDA). The target action date for the application is the 28 April 2026.

If approved, the combination would become the first two-drug regimen without an integrase inhibitor to get the regulatory green light in HIV.

Anaelle Tannen, infectious disease analyst at GlobalData, noted that this could be a “particularly important development for older patients with comorbid conditions,” as a two-drug regimen is associated with lower toxicities relative to the three-drug alternative.

However, Tannen caveated that Biktarvy will likely remain the SoC due to “physician familiarity and the drug’s strong efficacy and safety profile”.

“DOR/ISL is an oral daily drug, so it doesn’t have a benefit in terms of less frequent dosing, and islatravir itself has been associated with lymphocytopenia toxicity in previous trials,” Tannen said. “However, Biktarvy has been connected with weight gain and if DOR/ISL doesn’t have this side-effect, patients may prefer this option.”

However, penetrating Biktarvy’s market share could be a tough nut to crack for MSD, known as Merck in the US, as the drug currently holds the market-leading spot in the first-line HIV setting. Analysts at GlobalData also forecast that Biktarvy will remain in the top spot over the forecast period, with sales exceeding $11.6bn in the US alone by 2033.

GlobalData is the parent company of Clinical Trials Arena.

Meanwhile, Pifeltro-islatravir will reach blockbuster status by 2030, with the combination estimated to pull in $1.7bn by 2033, as per a patient-based forecast from analysts at GlobalData.

However, islatravir could have another shot at glory on the HIV market, as two Phase III trials are currently assessing islatravir plus Gilead’s HIV drug, Sunlenca (lenacapavir). The combination was recently found to maintain viral suppression for two years when administered orally once-weekly in a Phase II trial.

If approved, the Sunlenca-islatravir duo could become the first weekly oral treatment option for patients with HIV, which could boost medication adherence and administration convenience.

By Annabel Kartal Allen