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Category: 3. Business

  • New Clinical Data on the Efficacy of Antiviral Treatments for Post-COVID-19 Condition｜ SHIONOGI

    OSAKA, Japan, November 5, 2025 – General Incorporated Association Tokushukai (Location: Chiyoda-ku, Tokyo; Chairperson of the Board: Shinichi Higashiue, M.D.; hereinafter “Tokushukai Medical Group”) and Shionogi & Co., Ltd. (Head Office: Osaka, Japan; Chief Executive Officer: Isao Teshirogi, Ph.D.; hereafter “Shionogi”) announced new clinical data from the ANCHOR study, a large-scale post-marketing clinical study conducted by Tokushukai Medical Group in patients diagnosed with COVID-19. The primary endpoint results were presented at the 8th ISRV-AVG Meeting and 3rd IMRP held in Singapore (September 17–20, 2025), and secondary endpoint results were presented at APCCMI 2025 in Thailand (November 2–4, 2025).

     

    The World Health Organization (WHO) defines PCC as occurring in individuals with a history of probable or confirmed SARS-CoV-2 infection, typically around three months after the onset of COVID-19, with symptoms lasting for at least two months and not explainable by an alternative diagnosis1. Common symptoms include fatigue, shortness of breath, loss of taste or smell, cognitive dysfunction but also others which generally have an impact on everyday functioning2. PCC is a significant challenge not only in Japan but globally. However, evidence supporting the effectiveness of antiviral in preventing these symptoms has been limited. In response, the Tokushukai Medical Group conducted a large-scale clinical study (ANCHOR study) targeting outpatients diagnosed with COVID-19. This study evaluated the impact of antiviral use on the PCC.

     

    This multi-center, nationwide, prospective observational study enrolled outpatients aged ≥12 years diagnosed with COVID-19 at 51 Tokushukai Group hospitals across Japan. As a collaborative research partner, Shionogi contributed to the execution of this study.

     

    The clinical study presented this time included approximately 9,000 cases enrolled between February 1 and October 31, 2024. The primary endpoint of this study, “the incidence of PCC,” in the antiviral and non-antiviral group, defined as persistence of any of five pre-specified symptoms (fatigue, dyspnea or respiratory distress, cough, smell disorder, taste disorder) on both Days 28 and 84, excluding symptoms not attributed to COVID-19. The incidence of post-COVID-19 symptoms was then evaluated based on this definition. The incidence of PCC was approximately 26% in the non-antiviral group (N=5,518) and approximately 24% in the antiviral group (N=2,181, combined group of ensitrelvir, nirmatrelvir/ritonavir, and molnupiravir). Antiviral treatment significantly reduced the risk by about 14% (adjusted risk ratio: 0.86 [95% CI: 0.78–0.93]; P < 0.001). For ensitrelvir alone, the risk was also significantly reduced by about 14% compared to non-antiviral treatment (adjusted risk ratio: 0.86 [95% CI: 0.79–0.95]; P = 0.002).

     

    For the secondary endpoint, “Frequency of COVID-19–related re-consultations within 28 days,” no significant risk reduction was observed in the overall antiviral group compared to the non-antiviral group (adjusted risk ratio: 0.93 [95% CI: 0.83–1.04]; P = 0.266). However, ensitrelvir alone showed a significant 12% reduction in re-visit risk (adjusted risk ratio: 0.88 [95% CI: 0.78–0.99]; P = 0.030).

     

    These findings suggest that oral antiviral treatment may contribute to improving acute-phase symptoms, reducing the incidence of PCC, and potentially lowering re-visit frequency.

     

    “Managing PCC remains a major unmet medical need. We are pleased that the ANCHOR study results indicate that antiviral treatment during the acute phase may help prevent the onset of PCC. This study represents an important step toward new directions in COVID-19 treatment and is expected to inform clinical decision-making and long-term health management,” said Dr. Makoto Hibino, MD, principal investigator of this study, Deputy Director of Shonan Oiso Hospital, and Chair of the Tokushukai Respiratory Committee.

     

    In the “Guidelines for the Clinical Management of COVID-19 issued by five academic societies” published on October 17, 2025, it is stated that “the fundamental principle of clinical care for infectious diseases, particularly viral infections, is early diagnosis and early treatment. This approach may help prevent severe illness, alleviate symptoms, and enable early return to social activities for individuals, while also reducing the burden on society by preventing widespread transmission and decreasing the number of hospitalized patients.”3

    Based on these principles outlined in the guidelines, Tokushukai Group and Shionogi will continue to collaborate in accumulating evidence related to COVID-19 and delivering it back to clinical practice.

     

     

    About ANCHOR Study

    The purpose of ANCHOR study is to collect information of the clinical course of patients with COVID-19 treated at Tokushukai hospitals with and without antiviral drugs and to explore the clinical course in the acute phase, the frequency of severe disease, and frequency of PCC by the treatment, after adjusting by patient background including risk factor(s) and symptoms at the time of registration. In this study, Shionogi is participating as a collaborative research partner.

     

    About Tokushukai Medical Group

    Tokushukai Medical Group philosophy is “All livin beings are created equal”. Under this philosophy, we continuously strive for realizing “Anybody in the society is to receive the best possible medical care in anywhere, at whenever necessary”. From Emergency Medical Care, an origin of medical care, to preventive health care, chronic medical care and advanced medical care, we provide the optimal medical care. For more information on Tokushukai Medical Group, please visit https://www.tokushukai.or.jp/en/

     

    About Shionogi & Co., Ltd.

    For over 60 years, Shionogi has been engaged in the research and development of infectious disease treatments. Identifying ” Protect people from the threat of infectious diseases” as a material issue (materiality) to be addressed, the company is working towards the realization of comprehensive infectious disease care. As a leading company in the field of infectious diseases, Shionogi is strengthening its initiatives, including collaborations with external partners, to provide healthcare solutions to a broader audience and continuously address a wide range of infectious diseases. For more information on Shionogi & Co., Ltd., please visit https://www.shionogi.com/global/en

     

    Forward-Looking Statements

    This announcement contains forward-looking statements. These statements are based on expectations in light of the information currently available, assumptions that are subject to risks and uncertainties which could cause actual results to differ materially from these statements. Risks and uncertainties include general domestic and international economic conditions such as general industry and market conditions, and changes of interest rate and currency exchange rate. These risks and uncertainties particularly apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are not limited to, completion and discontinuation of clinical trials; obtaining regulatory approvals; claims and concerns about product safety and efficacy; technological advances; adverse outcome of important litigation; domestic and foreign healthcare reforms and changes of laws and regulations. Also for existing products, there are manufacturing and marketing risks, which include, but are not limited to, inability to build production capacity to meet demand, lack of availability of raw materials and entry of competitive products. The company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

     

    For Further Information, Contact:

    SHIONOGI Website Inquiry Form: https://www.shionogi.com/global/en/contact.html

     

    Reference List:

    1.       WHO, Post COVID-19 conditions; https://www.who.int/teams/health-care-readiness/post-covid-19-condition

    2.       Ministry of Health, Labour and Welfare (Japan), Guidelines for COVID-19 Clinical Management – Supplement: Management of Post-COVID-19 Conditions, Version 3.1, 2025; https://www.mhlw.go.jp/content/10900000/001422904.pdf

    3.       Guidelines for the Clinical Management of COVID-19 issued by five academic societies 2025

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  • Oil prices fall amid broader market selloff, gains in US crude stockpiles – Reuters

    1. Oil prices fall amid broader market selloff, gains in US crude stockpiles  Reuters
    2. API Reports Sizeable Crude Oil Build  Crude Oil Prices Today | OilPrice.com
    3. The Commodities Feed: Bullish EIA release pushes oil higher  ING Think
    4. At the European session’s beginning, WTI oil rises to $61.24, while Brent remains steady at $64.58  VT Markets
    5. Oil Extends Drop After Report Points to Jump in US Inventories  Bloomberg

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  • MHI and ICM Form Strategic Alliance to Advance Ethanol Dehydration Efficiency

    MHI and ICM Form Strategic Alliance to Advance Ethanol Dehydration Efficiency

    The collaboration focuses on integrating MHI’s Mitsubishi Membrane Dehydration System (MMDS™) with ICM’s bioethanol process design. Together, the companies aim to increase efficiency in ethanol production by reducing energy consumption, enhancing process reliability, and supporting the industry’s efforts to lower carbon intensity.

    MHI recently achieved more than 99.5 vol.% ethanol purity using its MMDS™ at a pilot plant installed at the Nagasaki Carbon Neutral Park, located within the company’s Nagasaki District Research & Innovation Center. Early pilot results indicate a significant reduction in energy consumption compared to conventional dehydration methods. Further testing and validation are planned as both companies prepare for the next phase of development and commercial implementation.

    To ensure the technology’s long-term performance and integration success, MHI and ICM are planning two key validation programs: a fouling test and a demonstration test. The fouling test will assess the membrane’s durability and resistance to impurities in the ethanol stream, ensuring stable operation over time. The demonstration test will validate full-scale performance in a production environment, confirming efficiency, reliability, and seamless integration within ICM’s process design.

    Ethanol dehydration is one of the most energy-intensive steps in bioethanol production. By replacing the traditional Pressure Swing Adsorption (PSA) method with a molecular sieve separation method, MMDS™ enables high-efficiency manufacturing while significantly reducing energy use and operational costs. Because MMDS™ enables separation in the liquid phase, the system can also be designed more compactly, reducing the equipment footprint and simplifying installation.

    “Through this collaboration with MHI, we’re exploring new approaches to ethanol dehydration that can further improve efficiency and reliability in ethanol production,” said Shaun Hubler, Director of Technology Commercialization at ICM, Inc. “The pilot results are very promising, and we look forward to building on them as we move toward full commercial deployment.”

    “This partnership represents an important step toward realizing MHI’s vision for carbon-neutral industrial solutions,” stated Fumitaka Miyashige, Business Manager of MMDS™ project at MHI. “Working with ICM allows us to bring this advanced separation technology to the global renewable fuels market.”

    Further testing is scheduled to begin in Q2 2026, marking an important step toward the technology’s first commercial installation. Both companies view this alliance as a long-term collaboration to advance efficiency, sustainability, and competitiveness of the global bioethanol industry.

    　

    About ICM, Inc.
    Established in 1995 and headquartered in Colwich, Kansas, with a regional office in Brazil, ICM provides innovative technologies, solutions, and services to sustain agriculture and to advance renewable energy, including ethanol and feed technologies that will increase the supply of world protein. By providing proprietary process technologies to over 110 facilities globally with a combined annual production of approximately 8.8 billion gallons of ethanol and 25 million tons of distiller grains, ICM has become a world leader in biorefining technologies. For additional information, visit icminc.com.

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  • Nokia extends SoftBank Corp. partnership with network modernization deal in Japan

    Nokia extends SoftBank Corp. partnership with network modernization deal in Japan

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future

    ';

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  • China's services growth hits three-month low in October, PMI shows – Reuters

    1. China’s services growth hits three-month low in October, PMI shows  Reuters
    2. Asia-Pacific markets climb as China PMI data misses expectations; Kospi hits new record  CNBC
    3. China’s Manufacturing Growth Slows in October, Survey Shows  NDTV
    4. China’s Services Gauge Grows in October Thanks to Holiday Boost  Bloomberg
    5. As the yuan benefits from US-China trade optimism, USD/CNH rises above 7.1200, analysts say  VT Markets

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  • Bank of Japan debated growing case for rate hike, September minutes show – Reuters

    1. Bank of Japan debated growing case for rate hike, September minutes show  Reuters
    2. Japanese Yen seems vulnerable near eight-month low against firmer USD  FXStreet
    3. Bank of Japan : Minutes of the Monetary Policy Meeting on September 18 and 19, 2025  MarketScreener
    4. Euro, yen slide as ECB, BoJ hold rates steady  Convera
    5. USD/JPY eyes upside breakout on Ueda press conference  TradingView

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  • The Estée Lauder Companies Announces Pricing of Secondary Offering of Class A Common Stock by Selling Stockholders

    The Estée Lauder Companies Announces Pricing of Secondary Offering of Class A Common Stock by Selling Stockholders

    NEW YORK–(BUSINESS WIRE)–
    The Estée Lauder Companies Inc. (NYSE: EL) today announces the pricing of the previously announced registered public offering (the “Offering”) of the Company’s Class A Common Stock, par value $.01 per share, by trusts affiliated with descendants of Leonard A. Lauder (the “Selling Stockholders”) at a price to the public of $90 per share.

    The Selling Stockholders will receive all of the proceeds from the Offering. The Company is not selling any shares of Class A Common Stock in the Offering and will not receive any proceeds from the Offering. The Offering is expected to close on November 6, 2025, subject to the satisfaction of customary closing conditions. The Selling Stockholders intend to use the proceeds of the Offering to assist with the settlement of Leonard A. Lauder’s estate, including to satisfy certain estate obligations such as estate taxes, debts and administration expenses.

    Based on shares outstanding as of October 23, 2025, following completion of the offering, members of the Lauder family will beneficially own, directly or indirectly, 82% of the outstanding voting power of the Company’s Common Stock. The Selling Stockholders and LAL Family Partners, L.P., an entity beneficially owned by descendants of Leonard A. Lauder, will be subject to a 90-day lock-up agreement with the underwriter.

    J.P. Morgan Securities LLC is acting as the sole underwriter of the Offering.

    The Company has filed an automatically effective shelf registration statement on Form S-3 (including a prospectus) with the Securities and Exchange Commission (the “SEC”) for the Offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the accompanying prospectus supplement and other documents the Company has filed with the SEC for more complete information about the Company and the Offering. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Offering, as well as copies of the final prospectus supplement once available, may be obtained for free on the SEC’s website at www.sec.gov or by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email: [email protected] and [email protected].

    This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    The Estée Lauder Companies Inc. is one of the world’s leading manufacturers, marketers and sellers of quality skin care, makeup, fragrance and hair care products, and is a steward of luxury and prestige brands globally. The Company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, La Mer, Bobbi Brown Cosmetics, Aveda, Jo Malone London, Bumble and bumble, Darphin Paris, TOM FORD, Smashbox, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, the DECIEM family of brands, including The Ordinary and NIOD, and BALMAIN Beauty.

    ELC-F

    Investors: Rainey Mancini

    [email protected]

    Media: Brendan Riley

    [email protected]

    Source: The Estée Lauder Companies Inc.

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  • Beware the tunnel vision on AI stocks

    Beware the tunnel vision on AI stocks

    Yusuf Mehdi, executive vice president and consumer chief marketing officer at Microsoft, speaks at a company briefing in Redmond, Wash., on May 20, 2024. Microsoft unveiled a new category of PC that features generative artificial intelligence tools built into Windows, the company’s world-leading operating system.

    Jason Redmond | AFP | Getty Images

    The euphoria around artificial intelligence is colliding with the limits of reality, and cracks are emerging.

    Last night, tech giants like AMD smashed expectations on AI chip demand, and Palantir reported another quarter of strong growth. Yet the Nasdaq fell, revealing Wall Street's playlist is stuck on one track: AI mania.

    Palantir — the poster child of that obsession — plunged nearly 8% despite its blowout quarter, while Oracle dropped almost 4%. Even AI darlings Nvidia and Amazon pulled back.

    The message? It's AI or nothing — and that tunnel vision is flashing warning signs.

    Some CEOs are warning of a market correction, others of an inevitable mismatch between revenues and the massive capital expenditure needed to power AI. One CEO even told CNBC that stocks are in a correction, even if the S&P 500 hasn't reflected it. 

    Perhaps it's time investors step off the hype train and look at the broader market — even the strongest empires fall when they start believing their own legend.

    What you need to know today

    AMD beats estimates. AMD  that exceeded Wall Street expectations but provided margin guidance in line with estimates. Both revenue and net income exceeded expectations. Despite this, the stock slipped in extended trading. 

    IBM layoffs. The company told CNBC Tuesday that it will lay off "a low single-digit percentage of our global workforce," adding that IBM anticipates that its U.S. employment will remain flat year over year. IBM employed 270,000 people at the end of 2024, and a 1% cut to headcount would represent the loss of 2,700 jobs.

    Musk's trillion-dollar pay package opposed. Norway's $2 trillion sovereign wealth fund said it will vote against Elon Musk's trillion-dollar pay package at Tesla's annual shareholder meeting this week, rebelling against management guidance and threats from Musk to step down if the deal is rejected.

    Tech drags U.S. markets. All three major U.S. indexes fell on Tuesday, as tech stocks lost ground. The tech-heavy Nasdaq Composite plunged more than 2%, while the S&P500 declined 1.17% and the Dow Jones Industrial Average dipped 0.53%. 

    [PRO] Stocks in correction? CEO of Ritholtz Wealth Management Josh Brown said Tuesday the stock market is going through a correction, even if the indexes have yet to reflect it. 

    And finally...

    President and CEO of Saudi's Aramco, Amin H. Nasser, speaks during the Future Investment Initiative (FII) in Riyadh, Saudi Arabia October 29, 2024.

    Hamad I Mohammed | Reuters

    Aramco CEO says Saudi Arabia's cheap energy will turn kingdom into a global AI data center leader

    Saudi Arabia will capitalize on its abundant supply of cheap natural gas and renewables to transform the kingdom into a global leader in artificial intelligence, Aramco CEO Amin Nasser told CNBC in an interview.

    Aramco, the world's largest oil company, disclosed in late October that it plans acquire a significant minority stake in the new artificial intelligence company Humain. Saudi Arabia's sovereign wealth fund, PIF, is the majority owner of Humain, which launched in May.

    "Here, if you want renewable, you will find the lowest cost renewable," Nasser said. "If you want gas, you will find the lowest cost gas. Energy is available and land is also available to build all these things."

    — Spencer Kimball


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  • The Estée Lauder Companies Announces Pricing of Secondary Offering of Class A Common Stock by Selling Stockholders

    The Estée Lauder Companies Announces Pricing of Secondary Offering of Class A Common Stock by Selling Stockholders

    NEW YORK–(BUSINESS WIRE)–
    The Estée Lauder Companies Inc. (NYSE: EL) today announces the pricing of the previously announced registered public offering (the “Offering”) of the Company’s Class A Common Stock, par value $.01 per share, by trusts affiliated with descendants of Leonard A. Lauder (the “Selling Stockholders”) at a price to the public of $90 per share.

    The Selling Stockholders will receive all of the proceeds from the Offering. The Company is not selling any shares of Class A Common Stock in the Offering and will not receive any proceeds from the Offering. The Offering is expected to close on November 6, 2025, subject to the satisfaction of customary closing conditions. The Selling Stockholders intend to use the proceeds of the Offering to assist with the settlement of Leonard A. Lauder’s estate, including to satisfy certain estate obligations such as estate taxes, debts and administration expenses.

    Based on shares outstanding as of October 23, 2025, following completion of the offering, members of the Lauder family will beneficially own, directly or indirectly, 82% of the outstanding voting power of the Company’s Common Stock. The Selling Stockholders and LAL Family Partners, L.P., an entity beneficially owned by descendants of Leonard A. Lauder, will be subject to a 90-day lock-up agreement with the underwriter.

    J.P. Morgan Securities LLC is acting as the sole underwriter of the Offering.

    The Company has filed an automatically effective shelf registration statement on Form S-3 (including a prospectus) with the Securities and Exchange Commission (the “SEC”) for the Offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the accompanying prospectus supplement and other documents the Company has filed with the SEC for more complete information about the Company and the Offering. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to the Offering, as well as copies of the final prospectus supplement once available, may be obtained for free on the SEC’s website at www.sec.gov or by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email: [email protected] and [email protected].

    This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    The Estée Lauder Companies Inc. is one of the world’s leading manufacturers, marketers and sellers of quality skin care, makeup, fragrance and hair care products, and is a steward of luxury and prestige brands globally. The Company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Lab Series, Origins, M·A·C, La Mer, Bobbi Brown Cosmetics, Aveda, Jo Malone London, Bumble and bumble, Darphin Paris, TOM FORD, Smashbox, AERIN Beauty, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, KILIAN PARIS, Too Faced, Dr.Jart+, the DECIEM family of brands, including The Ordinary and NIOD, and BALMAIN Beauty.

    ELC-F

    Investors: Rainey Mancini

    [email protected]

    Media: Brendan Riley

    [email protected]

    Source: The Estée Lauder Companies Inc.

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  • CIIE to open, spotlighting China’s opportunities shared with the world

    BEIJING, Nov. 4 — This year’s China International Import Expo (CIIE), scheduled to run from Nov. 5 to 10, is the first important economic event that China hosts after the fourth plenary session of the 20th Central Committee of the Communist Party of China. It once again demonstrates China’s determination to promote high-standard opening up and shared development with the rest of the world.

    In the recommendations for formulating the 15th Five-Year Plan (2026-2030) adopted at the session concluded in late October, China reaffirmed its commitment to continuing to expand opening up at the institutional level, safeguarding the multilateral trading system, and promoting broader international economic flows. “We should draw momentum from opening up to propel reform and development, and share opportunities with the rest of the world and promote common development,” according to the recommendations.

    Eight years since its inception, the CIIE has stood as a vital gateway for foreign companies to tap new partnership opportunities with China, linking international enterprises with China’s super-sized market.

    The 8th CIIE features the largest exhibition space in its history and brings together a record 4,108 enterprises from 138 countries and regions. American companies have ranked the first in terms of exhibition space for seven consecutive years. These have reflected the international community’s enduring confidence in China’s economy.

    For businesses that have set their sights on China’s growth opportunities, the CIIE is an unmissable event. Some 461 new products, new technologies and new services will be introduced at this year’s expo, covering humanoid robots, digital consumption, silver economy and low-altitude economy. It will provide rich opportunities to share the fruits of innovation and access China’s expanding consumer market.

    Through attending the CIIE, foreign companies can gain more knowledge about China’s market development, consumption trends and habits. More importantly, they are able to meet their Chinese partners and consumers face to face, which facilitates exchanges and the discovery of cooperation opportunities.

    Notably, this year’s expo expands the dedicated section for products from African countries with diplomatic ties to China, allowing their businesses to fully leverage zero-tariff policies.

    The CIIE has been successfully held for seven consecutive years, with a cumulative intended transaction volume exceeding 500 billion U.S. dollars, helping enterprises across the globe tide over market fluctuations.

    China’s gross domestic product grew 5.2 percent year on year in the first three quarters. With a solid foundation, strong resilience and vast potential, the Chinese economy will continue to serve as a powerhouse of the global economy, as it continues its pursuit of high-quality development.

    Throughout these years, China’s sincerity in sharing development opportunities has been plain for all to see. Looking into the future, China is ready to work with all parties to further contribute to shared prosperity.

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