Australia – Smartsheet Adds ChatGPT, Microsoft Copilot and Google Cloud Gemini Enterprise Connections for its MCP Server 

 Source: Smartsheet

Building on rapid Claude adoption, Smartsheet is expanding access across new AI platforms for enterprise customers.
 
New Smart Assist gives Smartsheet power users the same work context directly inside the Smartsheet platform.
 
ANZ, June 12, 2026 – Smartsheet today announced that enterprise teams can now connect Microsoft Copilot, ChatGPT and Google Cloud Gemini Enterprise to Smartsheet, joining existing support for Anthropic’s Claude. The company also announced Smart Assist, a new AI companion built directly inside the platform for teams who prefer to work within Smartsheet. Together, they mean enterprise teams get the same depth of live work intelligence inside the platform or through the AI tools they already use.  
 
The Work is the Intelligence
Where most AI connectors give basic read access without a real understanding of how work flows through an organization, Smartsheet built its MCP Server differently. Grounded in 20 years of operational data, it connects AI assistants to live work data, giving teams the full picture of how work is actually running. That means AI stops returning generic summaries and starts returning answers teams can act on. Smart Assist works the same way: live platform data, just delivered natively inside Smartsheet. Whichever surface teams work from, the intelligence is the same.
 
“The problem most teams run into isn't access to AI. It's that their AI has no idea how their organization actually works,” said Pratima Arora, chief product and technology officer at Smartsheet. “Today's assistants make one person faster inside one system. But enterprises don't deliver that way — the build, the launch, the transformation run across teams and systems all at once. That context lives in Smartsheet because that's where the work happens. When every major AI assistant connects to it, teams stop chasing information and start making decisions.”  
 
Rapid Momentum
Since the launch of the Smartsheet MCP and Claude integration in March, the results were immediate. Today’s launch of connections in Microsoft Copilot, ChatGPT and Google Cloud Gemini Enterprise means enterprise teams can take any AI action, through any AI tool, without lock-in, without starting over and without losing the live work that gets smarter about the business the more teams use it. The early adoption data tells the story:

Over 22,000 unique users and 3 million AI actions since March: Adoption has grown nearly 9x since week one — from fewer than 1,000 weekly active users at launch to more than 9,000 — with tool call volume climbing from 42,000 to more than 700,000 per week. The first 10 days of June alone accounted for more than 860,000 AI actions, setting back-to-back all-time records on June 9 and June 10 with 1,767 and 1,825 organizations active in a single day.  
Work that moves forward: Nearly one in three AI-driven actions creates, updates, or modifies live work, proving that connected AI drives outcomes, not just answers.  
Organizational adoption at scale: Nearly 3,000 net-new organizations joined in the last 30 days, with close to 700 new organizations discovering the server each week.

 
“We specialize in complex, technical construction projects—from building large-scale data centres to state-of-the-art healthcare facilities,” said Matthew Feagin, regional operations leader at DPR Construction. “There are thousands of people involved in these projects, and Smartsheet is the backbone for managing all of the most dynamic parts of the process. Now with the Smartsheet MCP Server, our teams can securely connect to their preferred AI tools to quickly build workflows, test ideas and get answers using natural language, all in a fraction of the time. That means our frontline workers can easily create Smartsheet solutions tailored to their unique challenges, helping them solve problems faster and reduce errors.”  
 
Wherever Your Teams Work
If enterprise teams prefer working in Smartsheet, customers can now use Smart Assist, a new AI companion built directly into the platform. Ask a question, describe a task and get answers based on how work is actually running without leaving Smartsheet. Together with the recent launch of Smart Columns and AI Dashboard Builder, Smart Assist ensures intelligence is available wherever teams work, whether that's in Smartsheet or through the AI tools they already use.  
 
For developers looking to extend that connectivity further, Smartsheet also released CLI Agent Power Tools, a free, open-source toolkit of six Claude Code agents purpose-built against the MCP Server and available to any team at no cost.
 
Availability
Smart Assist, the Smartsheet MCP Server and connections to Anthropic’s Claude and Google Cloud Gemini Enterprise are available to all customers today. Connections to Microsoft Copilot and ChatGPT are available to all US customers today and will be available to APJ and EMEA customers soon.  
 
All are built on the same governance foundation, providing IT the oversight to roll out AI across the organization with confidence.
 
Learn more at smartsheet.com/ai.
 
About Smartsheet
Smartsheet unites people, data and AI to turn strategy into measurable enterprise impact. Smartsheet gives enterprises the speed, governance and trust to execute complex work across portfolios, operations and IT on a single, secure system. Smartsheet empowers millions of users to move faster, reduce risk and realize ROI with confidence. Visit www.smartsheet.com to learn more.

Space Governance – New report warns space governance is not keeping pace with commercial growth

Source: ICAAD

ICAAD outlines practical legal pathways for equitable access, environmental protection, benefit sharing, and heritage preservation.

Equity in Space Policy Brief
­
NEW YORK – June 10, 2026 – As SpaceX prepares for an expected public listing, a new policy brief warns that commercial space capacity is expanding faster than the international rules needed to ensure that space remains accessible, sustainable, and beneficial to all countries.

Equity in Space Governance, published by the International Center for Advocates Against Discrimination (ICAAD), examines how existing space law is failing to translate high-level equitable principles into concrete duties, institutional safeguards, and effective enforcement.

The report is not a critique of one company or of commercial space activity. It argues that private innovation has become indispensable to launch services, communications, research, and future exploration and that legal certainty must develop alongside that growth. SpaceX's expected public-market debut makes the underlying governance question especially urgent: who will shape the rules, who will bear the risks, and who will share in the benefits as private space power reaches unprecedented scale?

“Space has always drawn us toward the unknown, expanding our sense of possibility. But our sense of wonder cannot become the vehicle for commercial ambition to circumvent international law. The SpaceX IPO is a powerful reminder that commercial capacity is scaling faster than the institutions responsible for protecting access, the environment, shared benefits, and heritage preservation. This policy brief is about building legal certainty before first-mover advantage becomes permanent exclusion.” – Hansdeep Singh, Co-Founder of ICAAD

The policy brief focuses on urgent questions already taking shape: whether early actors can secure scarce orbital and spectrum access before other nations can participate, who will bear the environmental costs of expanding launch activity and orbital debris, and whether the benefits of commercial space activity will remain concentrated among a small number of States and companies.

The policy brief argues that equity must be built into space governance while the legal framework is still taking shape. Drawing on lessons from the U.N. Convention on the Law of the Sea, the Antarctic Treaty, the Rio Declaration, and domestic mining and natural-resource licensing regimes, it identifies practical ways to strengthen existing treaties, guide national regulation, and shape emerging international norms before commercial practice becomes the default rule.

“HWLE was pleased to provide pro bono support in analysing space law through the lens of ICAAD's vision for global equity and assisting ICAAD to propose innovative approaches to improving equity in space governance.” – Nikki Macor Heath, Special Counsel at HWLE

The report’s front and back covers feature Majestic and Mysterious and Blue Earth by artist Louise Shields, whose work was originally supported by LunARC. A digital image of Majestic and Mysterious was flown to the Moon on March 2, 2025, giving the artwork a direct connection to the questions explored in the brief. Its journey turns the cover from an image into a statement: the same curiosity that draws humanity into space must also guide us to govern it collectively, responsibly, and equitably.

About ICAAD

ICAAD is a human rights organization working at the intersection of law, technology, art, and community-driven activism to dismantle structural discrimination. ICAAD equips advocates and institutions with research, legal, and technological tools to drive systemic change and anticipate emerging human-rights challenges.

Energy Sector – Energy Perspectives 2026 presents diverging pathways for global developments to 2050

Source: Equinor

11 JUNE 2026 – Energy Perspectives 2026 explores how shifting geopolitical and economic dynamics shape long-term developments toward 2050. The analysis presents possible pathways, not predictions.

The 16th edition ofEnergy Perspectives is set in a context of heightened geopolitical tension, economic fragmentation and increased uncertainty in energy markets.

Recent developments have reinforced the importance of energy security and affordability, influencing both near-term decisions and long-term trajectories.

“Energy Perspectives give us the long-term insights and analyses needed to make the right decisions, both here and now and for the future,” says Anders Opedal, president and CEO of Equinor.

The report finds that the global energy transition continues, but at an adjusted pace as governments prioritise short-term challenges and manage trade-offs between security, affordability and decarbonisation.

Current conditions and near-term developments make achieving a 1.5°C global warming ambition highly unlikely.

The analysis highlights that outcomes diverge significantly depending on how policy, economics, and geopolitics interact over time in shaping the global energy system, which provides a platform for debate and informed decision-making.

“Geopolitical shocks and the continued breakdown of the global rules-based order are impacting priorities in energy, economic and climate action policies,” says Christian Becker, senior vice president of global external analysis.

The report presents four forecast scenarios—Walls, Plazas, Silos and Arches.

Walls reflects a continuation of current trends, with moderate growth and a gradual, constrained energy transition. Plazas describes a more integrated, high-growth world where energy demand rises and emissions reductions are slower.

Silos outlines a fragmented world of weaker growth and limited cooperation, with more domestically focused energy systems. Arches explores a pathway driven by national and regional climate action, delivering faster emissions reductions but still falling short of the 1.5°C ambition.

Universities – JCU-led PacMOSSI convenes leaders in Fiji for fight against mosquito-borne diseases

Source: James Cook University

 

The James Cook University-led PacMOSSI consortium welcomed over 40 mosquito scientists and Pacific Island health officials gathered to Nadi, Fiji this week, against a backdrop of the Pacific’s most severe dengue season in recent memory.

 

Led by James Cook University, the Pacific Mosquito Surveillance Strengthening for Impact (PacMOSSI) consortium was established in 2020 and includes The Pacific Community (SPC), QIMR Berghofer Medical Research Institute, University of Queensland, Papua New Guinea Institute of Medical Research, Institut Pasteur New Caledonia and Beyond Essential Systems.

 

The joint annual meetings of PacMOSSI and the Pacific Vector Network (PVN) come on the back of a 2025 season where the disease swept through at least 10 Pacific Island countries, translating to the highest regional confirmed case counts in over a decade.

 

PacMOSSI Director and JCU Associate Professor Tessa Knox said delegates worked through an agenda spanning the full arc of regional challenge, from the frontline realities of the 2025 dengue outbreaks to the scramble to access mosquito control supplies during a crisis.

 

They also looked at how to bring communities on board for spraying operations, through to sessions on mosquito resistance to insecticides, digital tools for tracking and sharing surveillance and control data, and cutting-edge technologies that use mosquitoes' own biology against them.

 

“Widespread dengue outbreaks across the Pacific in 2025 really taught us some lessons on the importance of information, experience and resource sharing,” Professor Knox said.

 

“PacMOSSI aims to provide tailored support to Pacific ministries of health to promote preparedness and support responses to vector-borne diseases.

 

“These meetings are a key part of building strong linkages and ensuring appropriate support from partners to help with this.”

 

The annual meeting drew together participants from 20 Pacific Island countries and areas alongside representatives from seven international partner institutions and other partner organisations. 

 

It served as the consortium’s primary platform to review progress, share achievements and set technical and operational priorities for 2026 and beyond.


The PacMOSSI meeting was followed by the PVN convening, a country-led technical support mechanism coordinated by the World Health Organization (WHO), the Pacific Island Health Officers’ Association (PIHOA) and The Pacific Community (SPC).

 

“2025 saw unprecedented dengue outbreaks across the Pacific,” said SPC Senior Epidemiologist and PVN Secretariat member, Dr Sala Saketa.

 

“It was clear that working together – countries, institutes and donors – was the only way to get through it.

 

“PacMOSSI and PVN offer the opportunity for experience and resource sharing across the region, from small island nations to their larger counterparts.”

 

The co-convening of the two meetings reflected a deliberate strategy to eliminate duplication, align priorities, and maximise the impact of limited regional resources –particularly important for the small island nations that make up the majority of Pacific member states.


For further information, visit https://pacmossi.org/

 

About PacMOSSI
PacMOSSI is a regional partnership of 21 Pacific Island Countries and areas with 7 international institutions working to combat mosquito-borne diseases throughout the Pacific. It comprises a series of initiatives coordinated by James Cook University in collaboration with The Pacific Community (SPC). PacMOSSI receives support from the Australian Government through the Partnerships for a Healthy Region initiative, and from the French Government, the New Zealand Government and the European Union through SPC.

About the Pacific Vector Network (PVN)
The Pacific Vector Network is set up to provide a sustainable and coordinated regional mechanism to upscale vector management activities in the Pacific Island Countries and Territories. PVN is a service of the Pacific Public Health Surveillance Network and operates with support from the World Health Organization (WHO), The Pacific Community (SPC), and the Pacific Island Health Officers’ Association (PIHOA).

Africa – Shelter Afrique Development Bank Unveils New Brand Identity as it Marks 45th Anniversary

Source: Media Fast

Rabat, Morocco – 10 June 2026 – Shelter Afrique Development Bank (ShafDB) has unveiled a new brand identity, including a new logo, marking a significant milestone in its transition into a fully-fledged Multilateral Development Bank focused on accelerating housing and urban development across Africa

The new logo, which symbolizes a new chapter in the institution's evolution and expanded mandate, was unveiled during the Bank's 45th Annual General Meeting (AGM) in Rabat, Morocco – presided over by Morocco's Minister of Economy and Finance, Ms. Nadia Fettah.

“Rebranding means more than a name change. It is about transforming the institution's operational framework and expanding its role as a development bank. This transition makes the institution more agile and impactful across the entire housing value chain,” said Thierno-Habib Hann, Managing Director and CEO of Shelter Afrique Development Bank.

Over the years, ShafDB has pursued a strategic transformation agenda aimed at broadening its financing portfolio to address the growing demand for affordable housing and sustainable urban development across the continent. With a membership of 44 African countries, the Bank continues to respond to Africa's pressing housing challenges through innovative financing solutions and strategic partnerships.

“Our success will not ultimately be measured by strategies adopted, policies approved, or meetings held. It will be measured by homes financed, cities improved, jobs created, and lives transformed. The reform phase of the institution must now become the delivery phase,” said H.E. Lionel Zinsou, Chairman of Shelter Afrique Development Bank.

The Bank's transition into a Multilateral Development Bank positions it alongside Africa's leading development finance institutions and strengthens its capacity to mobilize capital for transformative projects. ShafDB aims to play a leading role in addressing Africa's estimated housing deficit of more than 53 million units, which requires approximately US$1.3 trillion in financing.

“Our vision for the next five years and beyond is to lead the transformation of Africa's housing sector and urban infrastructure while creating jobs and improving livelihoods across the continent,” added Hann.

The rebranding comes at a time when African multilateral development institutions are forging stronger alliances to mobilize capital and drive sustainable development impact. The new brand identity reflects ShafDB's renewed ambition and commitment to financing inclusive, resilient, and sustainable urban growth.

The unveiling also aligns with the theme of the 45th AGM, “The Future of Cities: Financing Inclusive, Green, and Resilient Urban Development,” which has brought together leading voices in housing, finance, infrastructure, and urban development to advance solutions for Africa's rapidly urbanizing future.

As Africa seeks to shape its own development trajectory, Shelter Afrique Development Bank remains committed to mobilizing resources, fostering partnerships, and delivering innovative financing solutions that support the continent's housing and urban development aspirations.

Global Economic Barometers: Global Coincident Barometer remains stable and the Leading Barometer advances in June – KOF

Source: KOF Economic Institute

In June, the Global Coincident Barometer remained virtually unchanged, while the Leading Barometer increased compared with the previous month. The result partially offsets the decline observed in the previous month. Both indicators remain slightly above the 100‑point mark, signaling the continuation of a phase of moderate growth for the world economy.

In June, the Coincident Global Economic Barometer remains virtually stable, rising by 0.1 point from the previous month to 103.2 points, while the Leading Global Economic Barometer rises by 0.9 point to 101.2 points. The Coincident Barometer result is driven by a negative contribution from Asia, Pacific & Africa, offset by a positive contribution from the Western Hemisphere. In the Leading Barometer, the same regions move in opposite directions, with the positive contribution from Asia, Pacific & Africa outweighing the negative contribution from the Western Hemisphere.

'While both remain slightly above average, the leading indicator has been lower than the coincident indicator for the second consecutive month. From a regional perspective, this is solely driven by sentiment in the Asia-Pacific and African regions. There, the outlook is below average, probably reflecting the consequences of the energy shortage caused by the de facto closure of the Strait of Hormuz. The economies of the Western Hemisphere, on the other hand, do not appear to be overall negatively affected by this. In fact, over the past four months, the coincident indicator for this region has increased markedly, leaving other regions, particularly Europe, behind', comments Jan-Egbert Sturm, Director of KOF Swiss Economic Instiute, the latest results.

Coincident Barometer – regions and sectors

The 0.1‑point increase of the Coincident Barometer in June results from the negative contribution of 0.5 point from Asia, Pacific & Africa, while the Western Hemisphere contributes positively with 0.6 point. The Europe indicator remains stable this month. With this result, the Western Hemisphere records its highest level since April 2022 (108.0 points) and widens its gap across the regions. The Europe indicator is the only one remaining below the 100‑point mark, though only marginally.

Among the coincident sector indicators, only Construction rises clearly this month; Industry rises marginally, while Economy (representing overall business and consumer evaluations), Wholesale and Retail Trade, and Services fall. Despite this only marginal increase, Industry records the highest level among the sectors and its highest level since April 2022 (104.5 points).

Leading Barometer – regions and sectors

The Leading Global Barometer rises by 0.9 point in June, with Asia, Pacific & Africa contributing with 1.6 points, while the Western Hemisphere contributes negatively with 0.7 point and Europe remains stable in the month. Despite the decrease, the Western Hemisphere maintains the highest level across the regions, at 109.4 points.

The leading sector indicators show heterogeneous developments in the month, with rises in Economy, Industry, and Services, and decreases in Construction and Wholesale and Retail trade. The Economy indicator remains below the 100‑point mark, while Industry reaches its highest level since March 2025 (103.9 points).

Australia – Tailored employment services having an impact, study finds – AMES

Source: AMES

Employment services tailored to the specific barriers and strengths of particular cohorts of jobseekers can improve outcomes for individuals and the community as a whole, a new study has found.

An analysis of the refugee-focused ‘Workforce Australia Settling into Work’ (WA SiW) initiative, delivered by migrant and refugee settlement agency AMES Australia, found the initiative is “effective at supporting refugees integrate into their communities and the Australian workforce.

Carried out by independent consultants Right Lane, the analysis found WA SiW delivers better outcomes than comparator programs. It found 1500 participants had found employment between July 2025 and June 2026.

“The program delivered more than $260 million in economic and social value over 40 months, or the equivalent of $79 million a year and $102,000 in economic value per participant,” the Right Lane report said.

The majority of the value generated was through employment outcomes (91 per cent)  with health and wellbeing outcomes contributing a further 7 per cent of the total value created.

“WA SiW is an innovative program that has been successful in supporting participants to achieve their economic and social ambitions,” the report said.

“The program’s success is underpinned by its holistic, person-centred and strengths-based approach to supporting participants,” it said.

The WA SiW program is an innovative program supporting refugees to integrate into the Australian community, with a focus on helping participants find sustainable and fulfilling employment.

The program provides wrap-around support for refugees to achieve meaningful economic and social participation in Australia and is informed by AMES Australia’s long history of sector leading practice in humanitarian settlement.

It is tailored to the unique needs of refugees, helping to overcome complex barriers through a broad range of services, including employment, education, psychological and financial aid.

The program is delivered through an individual-oriented and strengths-based approach to support strong relationships with employers and communities and a highly skilled, culturally and linguistically diverse (CALD) workforce of employment mentors.

AMES SiW client ‘Harsimran’ said the customised, personal support she received from her AMES employment mentor made a difference in her life.

Recently arrived from India and as a domestic violence survivor and single mother Harsimran faced big challenges in finding work.

“At first I was struggling. As a single parent and new to the country, it was very difficult. And at that time, my English is also not good,” she said.

Harsimran had no real qualifications and only a high school education, no family support and was renting a single room in a Melbourne share house with her teenage son.

AMES helped her get a driving licence, English lessons and an interest-free loan from NGO Good Shepherd to buy a car.

AMES also helped her find a job as a cleaner which, thanks to her strong work ethic, progressed to a production role.

“AMES helped me in so many ways. They helped me by finding me a job and slowly, slowly my life is going good,” she said.

The Right Lane report comes after the federal government announced the creation of a new employment service that will be delivered across three distinct streams aimed at being more flexible to the needs and barriers of jobseekers.

Announcing the new service, Minister for Employment and Workplace Relations Amanda Rishworth said that under the current employment service system, too many people are falling through cracks and there is a need for better outcomes.

AMES Australia CEO Melinda Collinson welcomed the federal government’s plans.

“The federal government’s plans to create a more flexible, nuanced employment service is an opportunity to improve employment outcomes for cohorts of jobseekers with high barriers to workforce participation.

“We also recognise the value of employment programs that are community based, culturally sensitive and tailored to the needs, barriers and aspirations of particular groups or communities.

“We deliver employment services as a specialist refugee and CALD provider and as an indigenous employment provider. So, we have seen how specialist services, embedded in the mainstream service, can  improve employment outcomes.

“We also welcome the announcement of a lived experience advisory body. It’s important that employment programs are informed by people who have walked the jobseeker journey.

“We think there also needs to be a focus on improving skills recognition for migrants and refugees trying to enter the labour market, and we welcome the government’s recent budget initiatives on this,” Ms Collinson said.

Australia – Wages growth steady in May ahead of July pay rises – CBA

Source: Commonwealth Bank of Australia (CBA)

CBA’s latest monthly Wage and Labour Insights report shows growth in both wages and employment remained stable in May, but stronger wages momentum is expected once pay rises begin to flow through in July.

11 June 2026 – Key points:

  • Wages rose 0.8% in the three months to May, while annual wages growth held steady at 3.1%
  • Employment increased by an estimated 23,000 jobs in May
  • Wages growth is likely to pick up in coming months with the Fair Work Commission award wage increase of 4.75% to commence in July. 

Australian wages rose 0.8 per cent in May, maintaining the consistent growth recorded over the past 18 months, according to the latest Commonwealth Bank Wage and Labour Insights, a monthly report tracking pay and employment conditions across the economy.

Annual wage growth for May was steady at 3.1 per cent a year, unchanged from April and despite a spike in the unemployment rate to 4.5 per cent in April.

“Wages growth has been remarkably stable in recent months, and our May data continues to point to a steady state,” said Harry Ottley, Economist at CBA.

“There is still no clear sign that higher inflation is translating into stronger wages growth, with labour market conditions remaining relatively balanced.”

Employment growth remains solid

Employment growth also remained resilient in May. The economy added around 23,000 jobs during the month, according to CBA estimates.

“Employment growth was steady in May, and at this early stage the labour market appears resilient in the face of higher interest rates and the impacts of the Middle East conflict,” said Ottley.

“However, the rise in the unemployment rate suggests some potential weakness. As the economy slows, we expect employment growth to remain subdued through 2026, with the unemployment rate edging higher to a peak of around 4.6 per cent.”

July pay rises expected to lift momentum

Looking ahead, wages growth is expected to strengthen later in 2026 as several large enterprise agreements and the 4.75 per cent increase to minimum and award wages from July put upward pressure on wage rises.

Enterprise agreements are negotiated pay deals that cover large groups of workers, often in the public sector, meaning pay rises can lift wages across the economy when they come into effect.

In coming months, this is expected to include a large increase to wages for NSW nurses, although the exact timing remains uncertain.

“As a result, we should see some upward pressure on wages growth in coming months, but for now wage inflation remains contained,” said Ottley.

Western Australia leads state wage growth

At the state level, Western Australia again recorded the strongest wages growth in the country at 3.8 per cent annual growth in May.

South Australia and the Northern Territory followed at 3.6 per cent, while Tasmania recorded the slowest growth at 2.9 per cent. Wages growth in NSW, Victoria and Queensland has remained broadly stable so far in 2026.

Read the full Commonwealth Bank Wage and Labour Insights report here: https://www.commbankresearch.com.au/apex/researcharticleviewv2?id=a0NOa00000KsVGD

US-Iran escalation could mark turning point for global markets – deVere Group

Source: deVere Group

June 10, 2026 – The US launch of retaliatory strikes on Iran on Tuesday following the downing of an American helicopter near the Strait of Hormuz could mark a turning point for global markets, with investors facing the prospect that geopolitical risk is once again becoming a primary driver of inflation, energy prices and economic growth.

 

The warning from Nigel Green, CEO of global financial advisory deVere Group, comes as financial markets react swiftly to the latest escalation.

 

US stock futures moved lower following reports of the strikes, Asian markets opened under pressure, and oil prices climbed as traders assessed the implications of a worsening confrontation centred on one of the world's most strategically important energy arteries.

 

The US strikes reportedly targeted Iranian defence and radar systems after Washington accused Tehran of responsibility for the downing of a US Army Apache helicopter operating near the Strait of Hormuz, a waterway through which around a fifth of global oil consumption passes.

 

Nigel Green says investors should focus not only on the immediate market reaction, but on what the latest developments could signal about the future nature of tensions between Washington and Tehran.

 

“Markets haven't been totally ignoring tensions in the Middle East over recent months, of course.

 

“Oil prices have reacted, shipping markets have reacted, and investors have responded to developments as they have unfolded.

 

“What investors have generally assumed, however, is that each escalation would remain contained, eventually cool down, and fade from the forefront.

 

“The helicopter incident raises the possibility that this assumption becomes harder to sustain.”

 

He argues the real danger is not necessarily a single dramatic escalation, but the growing risk that the confrontation becomes increasingly entrenched.

 

“The biggest economic threat may be the gradual acceptance that this confrontation is becoming increasingly entrenched, creating a cycle of recurring instability.”

 

Such a shift would have consequences that extend well beyond financial markets.

“At some point businesses stop planning for the crisis and start planning around it. That is the moment investors should be paying attention to.

 

“Once companies begin assuming chronic instability, it would influence investment decisions, expansion plans, hiring intentions and long-term growth forecasts.”

 

The Strait of Hormuz remains one of the world's most important economic corridors, carrying a substantial share of global oil and liquefied natural gas exports.

 

Nigel Green says markets are already beginning to reflect the changing risk environment.

 

“The market reaction tells you that investors are beginning to consider the possibility that tensions become broader, last longer, and prove more economically significant than many expected.”

 

He believes the greatest danger lies in the possibility that repeated periods of confrontation become “embedded in economic expectations.”

The latest developments come at a particularly sensitive moment for policymakers and investors.

For much of the past year, improving inflation trends have supported hopes that major economies are moving onto firmer footing.

 

A prolonged period of recurring tensions around one of the world's most important energy corridors could complicate that picture.

 

“Energy remains one of the most influential components of the global inflation outlook.

 

“If markets begin to assume that disruptions in the Gulf are likely to recur, energy prices could remain more volatile, and inflation could prove more stubborn than many currently expect.

 

“What begins as a security issue can quickly become an inflation issue, a growth issue and ultimately an investment issue.”

 

Global equities have enjoyed substantial gains over recent months, particularly in AI and tech-related sectors. The deVere CEO says investors should not assume those themes will remain insulated from geopolitical developments.

 

“The market has spent months rewarding investors for focusing on AI, earnings and interest rates.

 

“The helicopter incident is a reminder that geopolitics still has the power to change the investment equation very quickly.

 

“The risk is that repeated flare-ups become part of the baseline assumptions underpinning the global economy.”

 

Many expected the military pressure applied to Iran over recent months to force a decisive shift in the regional balance of power.

 

Instead, the latest developments suggest “something far more complicated is emerging,” notes the deVere CEO.

 

Far from delivering a clean strategic outcome, the conflict appears to be settling into a pattern where periods of confrontation are followed by temporary calm, only for tensions to resurface again.

 

“The danger is not simply another military exchange. It is the emergence of a chronic source of geopolitical and economic uncertainty that repeatedly disrupts markets and reshapes investment decisions,” explains the deVere CEO.

 

The downing of the American helicopter highlights an uncomfortable reality for Washington and its allies. Iran retains both the capability and the willingness to impose costs on its opponents despite sustained military pressure.

 

As long as Iran can demonstrate that it remains a consequential force in the Gulf and retains leverage around the Strait of Hormuz, it can claim that attempts to diminish its strategic relevance have fallen short.

 

Nigel Green concludes: “The greatest risk may be a confrontation with no clear endpoint, where periods of relative calm are repeatedly interrupted by fresh escalation, and uncertainty becomes part of the backdrop.

 

“For investors and policymakers, the consequences would extend far beyond energy markets.

“Inflation expectations, business confidence, investment decisions and growth forecasts around the world could all be affected.”

 

deVere Group is one of the world's largest independent advisers of specialist global financial solutions to international, local mass affluent and high-net-worth clients. It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

Hong Kong: New powers for Chief Executive in ‘national security’ cases undermine fair trial rights – Amnesty International

Source: Amnesty International

 

Responding to the Hong Kong government gazetting legislation that makes clear the city’s Chief Executive can designate certain criminal cases as national security cases, Joey Siu, the spokesperson of Amnesty International Hong Kong Overseas, said:

 

“It is deeply alarming that the Hong Kong authorities continue to reinforce the powers of the city's national security laws, which have contributed to grave human rights violations and should have long since been repealed.

 

“This legislation, which allows the Chief Executive to designate any criminal act as ‘involving national security’, shows the Hong Kong government’s intent to deploy its sweeping powers in a way that severely undermines defendant rights at every stage of legal proceedings — from investigation and bail applications to trial proceedings and release.

 

“Amnesty’s research has previously highlighted concerns about defendants’ rights to a fair trial in national security cases, including through the replacement of jury trials with judges appointed by the Chief Executive, the systematic denial of the presumption of bail, and the punitive denial of early release.

 

“This legislation provides a further pretext for the government to exploit 'national security' to systematically repress dissent and create a widespread chilling effect on anyone who dares to be critical of the authorities.”

Background
On 8 June, the Hong Kong government proposed subsidiary legislation under Section 110 of the Safeguarding National Security Ordinance (SNSO) – also known as Article 23 – that crystalizes the Chief Executive’s power to designate certain acts in a criminal case as “involving national security”.

 

This could in theory turn any criminal case into a national security case, meaning it would be bound by the specific legal procedures under the national security regime, including the presumption against bail and being tried only by judges selected by the Chief Executive.

 

Just one day after proposing it, the Hong Kong government today gazetted the legislation with immediate effect and without public consultation.

 

Since the imposition of the National Security Law on 30 June 2020, the human rights situation in Hong Kong has deteriorated drastically. Civil society has been effectively dismantled, while long-standing rights — including the rights to freedom of expression, peaceful assembly and association — have been severely curtailed.

 

On 19 March 2024, Hong Kong’s Legislative Council unanimously voted to pass the SNSO based on Article 23 of the Basic Law, Hong Kong’s mini-constitution. The law, which took effect on 23 March 2024, introduced China’s definition of “national security” and “state secrets”, together with other broadly defined offences which further restrict freedom of expression and the right to protest. It also replaced a widely used colonial-era sedition law with its own provisions on sedition which now expressly cover acts or speech which do not incite violence.