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The importance of CD4 T cells in tumour immunity has been increasingly recognised, with recent reports describing robust CD4 T cell‐dependent tumour control in mice whose immune‐regulatory mechanisms have been disturbed by irradiation, chemotherapy, immunomodulatory therapy and/or constitutive immunodeficiency. Tumour control in such models has been attributed in large part to direct Major Histocompatibility Complex (MHC) class II‐dependent CD4 T cell killing of tumour cells. To test whether CD4 T cells can eradicate tumours without directly killing tumour cells, we developed an animal model in which tumour‐derived antigen could be presented to T‐cell receptor (TCR)‐transgenic CD4 T cells by host but not tumour MHC class II molecules. In I‐E+ mice bearing I‐Enull tumours, naive I‐E‐restricted CD4 T cells proliferated locally in tumour‐draining lymph nodes after recognising tumour‐derived antigen on migratory dendritic cells. In lymphopaenic but not immunosufficient hosts, CD4 T cells differentiated into polarised T helper type 1 (Th1) cells expressing interferon gamma (IFNγ), tumor necrosis factor alpha (TNFα) and interleukin (IL)‐2 but little IL‐17, and cleared established tumours. Tumour clearance was enhanced by higher TCR affinity for tumour antigen‐MHC class II and was critically dependent on IFNγ, as demonstrated by early tumour escape in animals treated with an IFNγ blocking antibody. Thus, CD4 T cells and IFNγ can control tumour growth without direct T‐cell killing of tumour cells, and without requiring additional adaptive immune cells such as CD8 T cells and B cells. Our results support a role for effective CD4 T cell‐dependent tumour immunity against MHC class II‐negative tumours.

Adrian Buckley of Cranfield University and Kalun Tse of Nijenrode University present a model which introduces the idea of options into international investment. Specifically, it explains companies' internationalisation by incorporating real options concepts into foreign direct investment theories.

Looking creatively at me customer's entire business has a habit of leading us to innovative conclusions. In this case our Chinese colleagues became customers (we tend to think of customers as colleagues so this was a nice turnabout) and what we learnt in Shanghai is leading to a radical streamlining of aspects of our approach to business in Europe. When you're worried about cultural differences it makes you focus on what's essential.

The European Microelectronics Academy (EMA) is a collaborative venturing network for the microelectronics sector. Within this, crucible firms with new ideas for electronic systems can find partners, G? and expertise, productisethe combined assets and identify customers far earlier than would be the case with a traditional startup model. This reduces the risk for venture funds that are thus readier to invest.

The financial analysis of international investment decisions is complex. The basic methodology which homes in on incremental cash flows needs to be refined in order to focus upon cash flows which are remittable to the parent company, for it is only these that would logically add shareholder value. Build in the complications of two lots of tax and changing exchange rates and the equation looks anything but simple. But there is another complexity too which renders the traditional discounting methodology less than wholly appropriate. And this applies not just to international investment but to any situation where capital is committed with an option to expand or curtail embedded in it. This is not to say that the typical model cannot be adapted to meet the situation. It can and it is not too difficult.

Defence contracts may span long periods and their cycle is geo-political more than economic. Suppliers to the defence sector benefit from this contra-cyclical character and, like their customers, tend to be long-term players. Long-term inherently means contra-cyclical for the defence company as well as its supplier. No defence firm wants to award a contract if it looks like there is a chance the supplier might not be there to support them all the way to the end of a project.

[...] it strikes me that here may be an answer to the vexed question of what to do next time round instead of the research assessment exercise and since the research excellence framework is proving so elusive.