Author: MIL-OSI Publisher

January 28 2026 – The Federal Reserve should have cut rates today (Wednesday), and not doing so puts the US economy at risk, warns the CEO of financial advisory giant deVere Group.

The warning from Nigel Green comes as the US central bank leaves the federal funds rate target range unchanged at 3.50% to 3.75% at its January policy meeting, extending a pause after three cuts in 2025, even as signs of economic deceleration intensify.

Fresh data underline growing fragility in the US economy. Consumer confidence dropped in January to 84.5, the lowest level since 2014, with the expectations index at 65.1, a level historically associated with recession risk.

Hiring momentum has slowed sharply, with employers adding only about 50,000 jobs in December and just over half a million jobs across 2025, far below the pace of the previous year.

Inflation pressures continue to ease, with headline CPI ending 2025 around 2.7% year on year and core PCE near 3%, trending lower.

“Keeping rates on hold today is a policy error that risks tightening financial conditions by default at the very moment the economy is losing momentum,” says Nigel Green.

“A modest cut would have been prudent risk management, not a retreat from inflation discipline.”

He points first to the labor market, which he describes as the clearest early warning signal in the current cycle.

“Unemployment remains low at 4.4%, but the headline masks a sharp slowdown in hiring.

“The US added only about 50,000 jobs in December, far below levels needed to absorb population growth. This is a classic low-hire environment that can flip into job losses with little warning.”

He argues that central banks tend to react too late to labour market turning points.

“History teaches us that monetary policy works with long lags. Waiting for payrolls to collapse before acting means easing arrives after the damage has already compounded.”

Consumer sentiment is another warning signal. US consumer confidence has dropped to its lowest level since 2014, with households citing anxiety about inflation, jobs, politics, and trade.

“Confidence drives spending, credit demand, and housing turnover. When sentiment collapses this sharply, real economic activity usually follows,” notes the deVere CEO.

He adds that inflation dynamics now give policymakers room to act.

“Headline inflation ended 2025 in the high-2% range and core inflation is near 3%. Inflation remains elevated, but it's no longer accelerating.

“The trajectory matters more than the level, and the trajectory is down.

He continues: “Policy credibility is often misinterpreted as toughness. Credibility is accuracy. Holding policy too tight as growth cools risks turning restraint into overkill.”

Current rates are already close to estimates of neutral. The policy rate is in the 3.5% to 3.75% range, which is not far from neutral according to many models.

“Maintaining a restrictive stance in a cooling economy is a recipe for an avoidable downturn,” he says.

He also highlights financial conditions as an underappreciated risk.

“Markets are pricing fewer than two rate cuts this year. If inflation continues to drift lower while policy stays fixed, real rates rise automatically. That is passive tightening without a single hike,” says Nigel Green.

“A small cut today would prevent policy from becoming restrictive by inertia.”

The balance of risks, he argues, has shifted.

“When inflation flares, the central bank can respond quickly. When hiring freezes spread and confidence collapses, repairing the labour market takes far longer and costs far more,” he explains.

“The employment side of the mandate is now closer to a turning point than inflation.”

He rejects the argument that economic resilience justifies inaction.

“Resilience is backward-looking. Central banking must be forward-looking. Waiting for undeniable weakness is how policymakers end up cutting aggressively in recessions rather than gently in expansions.

He concludes: “A pause often looks safe in the meeting room and dangerous in hindsight.

“Failing to cut can be expected to increase the odds the Fed is forced into deeper, faster easing later, after growth and employment have already deteriorated further.”

deVere Group is one of the world's largest independent advisors 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.

Asia and the Pacific remained a central driver of global trade and investment in 2025, despite slowing momentum amid rising geopolitical and policy uncertainties. The Asia-Pacific Trade and Investment Briefs 2025/26, released by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), show that tariff anticipation and digital investment drove a temporary upswing in trade last year while firms also sought to rebalance and diversify.

Merchandise trade sees temporary uplift amid tariff anticipation

Global merchandise export volume grew by 2.8 per cent in 2025, fuelled by strong demand and front-loading of shipments ahead of anticipated tariff increases. Export shipments from Asia and the Pacific also increased, although regional growth slowed to 3.3 per cent, still outpacing the global average. However, falling prices and intensified competition limited financial gains.

Trade expansion was uneven across subregions. Electronics-led export growth was concentrated in East Asia and South-East Asia, while South and South-West Asia experienced a decline of around 2 per cent. Although intra‑regional trade remained a key anchor, supply chains increasingly prioritized risk diversification over cost efficiency, with firms accelerating reshoring and nearshoring toward the United States and the European Union alongside broadening supply chains locations.

Regional trade growth is projected to drop to around 0.6 per cent in 2026 due to rising geopolitical tensions and restrictive trade policies.

Digital services exports expand, traditional sectors slow down

Commercial services trade in Asia and the Pacific continued to outperform merchandise trade in 2025, although growth lagged behind the global recovery. Services exports rose by 5.4 per cent, reflecting weak sentiment in major economies such as Japan and China. Services firms are diversifying into South-East Asia and India as alternative hubs to mitigate supply chain vulnerabilities.

All subregions recorded export growth, led by East and North-East Asia at 7 per cent, while growth in the Pacific remained modest at around 1 per cent.

Modern services powered export gains, led by telecom, ICT and computer services (13 per cent), and business and financial services (11 per cent). Travel and transport posted solid gains but lost momentum. Construction services fell sharply by 11 per cent amid a real estate downturn.

Intra-regional services trade strengthened further, accounting for around 21 per cent of exports and driven by South-East Asian exports to East Asia. 2026 growth projections remain positive at 4.4 per cent for services exports, buoyed by digital services.  

The world's hub for trade agreements

Asia and the Pacific accounted for 61 per cent of all active preferential trade agreements worldwide, with 258 agreements presented in the region. In 2025, 12 new agreements were signed, with continued expansion of Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Regional Comprehensive Economic Partnership (RCEP) and ASEAN frameworks and growing engagement with partners in Europe and the Gulf Cooperation Council.

Sustainability and supply chain resilience provisions were included in 158 agreements. The region also continued to lead digital trade rule-making, participating in 12 of the world's 16 Digital Trade Agreements. Issue-based arrangements and mini-FTAs expanded further to support targeted cooperation and de-risking.

Looking ahead, ESCAP notes the need to harmonize fragmented rules and ensure inclusive participation for less developed economies, while strengthening regional cooperation mechanisms that reinforce the global rules-based system.

FDI becomes more selective adjusting to new realities

Greenfield foreign direct investment announcements in terms of capital investment pledges in Asia and the Pacific fell by 21 per cent to $253 billion, but the number of project announcements reached near-record levels indicating capital intensity and scale are decreasing more than the general appetite for international operations in the region. South-East Asia remained the top destination at $74.4 billion.

India was the largest individual target economy at $50 billion, followed by Australia at $30 billion and Republic of Korea at $25 billion. The Republic of Korea saw the largest surge with a 303 per cent increase in investment commitments. Services accounted for more than 60 per cent of FDI projects, led by ICT and renewable energy. Manufacturing investment shifted toward metals in part driven by demand for renewable power and advanced technologies, while the primary sector continued to decline. Market proximity motivated 52 per cent of project announcements, and FDI trends also show a shift from low-cost efficiency to 'innovation-seeking'.

NOTES:
The Asia-Pacific Trade and Investment Trends 2025/26 briefs are part of an annual series produced by ESCAP to support policymakers in developing short-to-medium term plans to mitigate adverse impacts from emerging risks and uncertainties in the global and regional economies.  

Access the full reports: https://www.unescap.org/knowledge-products-series/APTIT

The Economic and Social Commission for Asia and the Pacific (ESCAP) is the most inclusive intergovernmental platform in the Asia-Pacific region. The Commission promotes cooperation among its 53 member States and 9 associate members in pursuit of solutions to sustainable development challenges. ESCAP is one of the five regional commissions of the United Nations.

January 28 2026 – The dollar's supremacy is cracking, and markets are building an escape route, warns the CEO of one of the world's largest independent financial advisory organizations.

The warning from Nigel Green of deVere Group comes as a sell-off in the US dollar has gained momentum after President Donald Trump says he isn't concerned by the currency's dramatic falls in recent days, as fears in currency markets intensify over the president's erratic policymaking.

The dollar was down 1.3% against a basket of other major currencies, leaving it trading at the lowest level in four years.

The pound and euro climbed to their strongest levels against the dollar since mid-2021. The euro advanced 1.4% to $1.204, while sterling rose 1.2% to $1.384.

The yen extended its three-day rally on Wednesday as Tokyo traders responded to Donald Trump's overnight remarks. It strengthened to ¥152.3 per dollar.

Nigel Green comments: “Currency markets are flashing red. The dollar sits at the centre of the global financial system, and moves of this scale signal a serious loss of confidence in America's policy direction.”

He adds: “President Trump's dismissal of the dollar's fall alarms investors. FX markets trade credibility and discipline. When leaders and policymakers appear unconcerned about sharp declines, traders assume volatility will persist.”

Nigel Green says the sell-off reflects a broader reassessment of US macro risk.

“Aggressive fiscal expansion, unpredictable trade policy, and sudden political interventions create uncertainty over growth, inflation, and capital flows. Currencies price risk immediately, and, as we're seeing in real-time, the dollar is paying the price.”

Sterling and the euro rallying in tandem shows capital is searching for alternatives.

“Europe and the UK face structural challenges, but relative stability matters more than perfection. Investors always compare policy paths, and the dollar's path looks increasingly volatile,” he says.

The yen's jump adds another layer to the story.

“The yen remains a classic hedge in periods of policy uncertainty. Strength toward ¥152 per dollar signals global investors are hedging against policy turbulence in Washington,” the deVere CEO notes.

He warns that debt and deficits are also returning to the forefront of market concerns. “US debt issuance remains heavy, and fiscal discipline looks secondary to political messaging. FX markets punish that dynamic by demanding a higher risk premium.”

Nigel Green also highlights tariffs as a core driver of currency stress. “Tariffs raise costs, squeeze margins, and stoke inflation. When policy shifts are abrupt or poorly communicated, the currency absorbs the shock first. Investors discount the long-term drag on growth and trade.”

He says reserve managers are quietly diversifying away from the dollar. “Central banks and sovereign funds operate on trust, liquidity, and governance. Even incremental shifts out of dollar reserves can move markets when private capital mirrors the same trend.”

Institutional investors are also adjusting portfolios. “Allocations to non-dollar assets are rising. Europe, Asia, selective emerging markets, commodities, and digital assets are gaining attention as investors hedge currency risk and seek diversification.”

Nigel Green stresses the dollar's reserve status remains intact but less unchallenged. 

“Reserve currency dominance relies on trust built over decades. Trust can weaken quickly when policy signals look inconsistent. Markets are testing long-held assumptions about US assets as the default safe haven.”

He says the current episode could mark a structural turning point. “A multipolar currency world is becoming more plausible. Investors already treat the euro, yen, and select emerging market currencies as partial hedges against US policy risk. Digital assets also enter strategic discussions at the margin.”

Nigel Green concludes: “The dollar will remain central to global finance, but its supremacy has been cracking in recent years, and this has been accelerated in recent days, with markets now seemingly building an escape route.”

Chișinău, Republic of Moldova, January 28, 2026 – Stefanini Moldova, the local subsidiary of the global IT services provider Stefanini Group, has grown into one of the country's most compelling foreign investment success stories—demonstrating how Moldova's tech talent and pro-business environment can support large-scale, export-oriented operations serving leading international brands.

Founded in 2016 with a team of just 10 specialists, Stefanini Moldova has expanded to around 500 professionals in less than a decade. Operating from Chișinău, the company delivers IT support and software development services for clients across Europe and beyond, covering sectors such as e-commerce, healthcare, telecommunications, and automotive, while contributing directly to Moldova's reputation as a reliable technology partner.

“The company was founded in 2016, when the Stefanini Group decided to invest in a new location to provide services for various clients across Europe. The Republic of Moldova proved attractive primarily due to its geographic position, as well as its well-trained workforce with a good level of English proficiency, which integrates easily into the teams and structures of our European clients”,

said Ion Gîrleanu, Country Manager of Stefanini Moldova.

The solutions developed in Moldova are embedded in the operations of globally recognized brands. Software created by teams in Chișinău supports everyday transactions for international companies such as H&M, Auchan, and Mazda—often without end users realizing that the technology behind their experience was built in Moldova.

“For an IT company in Moldova, it is far more important to focus on delivering services to external clients or creating products intended for foreign markets. Our advantages here in Moldova are proximity to the end client and, most importantly, cultural similarity. A professional from Moldova will integrate much more easily with a client from France or Germany than someone from other distant regions”,

Ion Gîrleanu emphasized.

Stefanini's growth trajectory reflects not only company strategy, but also Moldova's broader business-supportive ecosystem. A key enabler is the country's dedicated IT regime available through Moldova Innovation Technology Park which offers a clear, predictable, and transparent fiscal framework through a single tax on turnover. This model allows international companies to plan costs efficiently, scale operations, and reinvest in local talent, while maintaining full compliance with European standards.

The company also benefits from Moldova's flexible labor model, enabling professionals to work remotely or relocate temporarily to other European markets, gaining international experience and returning with enhanced skills that further strengthen the local ecosystem.

Together, these figures position Moldova as an increasingly attractive destination for international technology investors—supported by a strong talent base, close cultural and business alignment with European markets, and a stable, innovation-friendly policy environment. This value proposition is actively promoted and facilitated by Invest Moldova Agency, which serves as the Government's primary interface with foreign investors, offering end-to-end assistance through its One-Stop Shop for investment support. The coordinated approach helps technology companies enter, scale, and operate in Moldova efficiently, reinforcing the country's model of sustainable, export-driven growth.

28 JANUARY 2026 – The accident at Equinor's refinery at Mongstad in September, where a colleague lost his life during a lifting operation, has had a major impact on the company.

“This was a tragic accident which has greatly affected us. Everyone who works for Equinor deserves to be safe at work. Our job is to continue learning from serious incidents like this,” says Camilla Salthe, executive vice president for safety, security & sustainability (SSU).

Reduction in the number of serious incidents

Equinor’s 2025 safety results show a generally positive trend at the end of the year.

In the fourth quarter of 2025, the serious incident frequency per million hours worked (SIF) was 0.21, down from 0.3 at the end of 2024. Serious personal injuries are also included in the serious incident statistics.

“We've achieved an improvement of more than 30 per cent in the frequency of serious incidents in a single year. This inspires us to keep working alongside partners and suppliers,” Salthe says.

The frequency of personal injuries per million hours worked (TRIF) was 2.3 for 2025, the same level as 2024.

A total of six oil and gas leaks were recorded in 2025, which is a reduction from seven at the end of 2024. These leaks are classified according to the degree of severity in relation to the discharge rate.

There were no incidents with major accident potential in 2025.

Incident follow-up and preventive work

Equinor had a high activity level in 2025 with a considerable number of hours worked at Mongstad, the Hammerfest LNG process plant on Melkøya and the offshore wind project Empire Wind in the US.

“We've experienced individual incidents and orders from the Norwegian Ocean Industry Authority where we've implemented measures based on lessons learned and identified non-conformities. These are all followed up systematically,” Salthe emphasises.

The strengthening of safety work in 2026 will build on experience and focused activities, including technical and organisational improvements, culture and working environment, risk management and cooperation with suppliers.

“Our partnership with suppliers is an important part of the safety work associated with our activities. Together, we're continuously seeking out improvements, for example in areas such as management in the field and training and onboarding of new employees,” Salthe adds.

Preventive security work is also crucial for risk management in the company. As of 2025, security barriers are part of the framework for major accident prevention at Equinor. The implementation of the Security Act was also an integrated part of Equinor's safety work last year, and this helps build our culture of safety.

Through the “Always Safe” annual wheel, Equinor is working with other operating companies and suppliers to enhance the understanding of factors that prevent safe work. The focus area for the first quarter of 2026 is the prevention of major accidents and hydrocarbon leaks.

* As of the first quarter of 2025, SIF is being reported with two decimals to better reflect minor changes in the frequency.

January 27 2026 – The dollar's slide to a four-month low and gold's surge above $5,000 a troy ounce mark a decisive shift in how global investors price political risk, asserts the CEO of financial advisory giant deVere Group.

The British company Cornelius Electronics will invest approximately €5 million to expand production at the Edineț Industrial Park located in the Republic of Moldova's North-Western region. 

January 26 2026 – Japan's latest bond market rupture exposes a multi-trillion-dollar fault line for global investors, warns the CEO of one of the world's largest independent financial advisory organizations.

The violent repricing of Japanese government bonds over the last few days has detonated a structural risk that global markets have not confronted in decades, with more than $7 trillion in sovereign debt at the centre of a regime shift that threatens to reprice capital worldwide.

Nigel Green, CEO of deVere Group, says the collapse in Japanese bond prices marks the end of an era in which Tokyo anchored global interest rates and supplied cheap liquidity to the world.

“Japan has been the world's financial shock absorber for a generation, and that role has abruptly ended.

“The repricing of Japanese debt is a systemic event, not a local story, and investors need to treat it as such.”

Yields on ultra-long Japanese bonds have surged above levels once considered implausible, with 40-year yields breaking through the 4 percent threshold for the first time since their introduction and 30-year yields approaching 4 percent.

These moves come after the Bank of Japan began normalizing policy and political leaders signalled aggressive fiscal expansion, igniting concerns about debt sustainability and inflation persistence.

“The bond market is signalling a credibility test for fiscal policy,” says the deVere CEO.

“Investors are demanding a risk premium that Japan has avoided for decades, and that shift rewires global capital flows.”

Japan's public debt stands at roughly 250% of GDP, one of the highest ratios in the world, while inflation has exceeded the central bank's 2 percent target for multiple consecutive years.

Political plans for large-scale spending and tax relief have intensified fears that borrowing will escalate further.

“Japan has relied on domestic savings and central bank intervention to suppress yields. Both pillars are eroding, and markets are enforcing discipline in real time,” Nigel Green adds.

The significance for global markets lies in the scale and positioning of Japanese capital.

Domestic investors have trillions deployed overseas in equities, bonds and alternative assets, supported by decades of ultra-low rates that enabled the yen carry trade.

“If Japanese yields stay elevated, capital will be repatriated on a massive scale,” says Nigel Green. “Trillions of dollars could rotate back into domestic assets, draining liquidity from global equities, credit and emerging markets.”

The carry trade has been a dominant feature of global finance, with investors borrowing in yen to buy higher-yielding assets abroad. A reversal would tighten financial conditions globally, pushing up borrowing costs and compressing valuations across asset classes.

“The carry trade has been a silent engine for risk assets,” he notes. “A sustained unwind would hit stocks, high-yield credit and even digital assets simultaneously.”

Recent market dynamics underline the feedback loop. Foreign investors now account for a large share of Japanese bond trading activity, increasing volatility and the risk of sudden capital flight. Japan's central bank has also tapered bond purchases, leaving private markets to absorb record issuance.

“This is a transition from policy-engineered stability to market-driven volatility,” says Nigel Green. “When policy support retreats, price discovery can be brutal.”

The global spillover is already visible. Rising Japanese yields have pushed up US and European yields, tightening financial conditions at a time when geopolitical and political uncertainty is elevated.

Analysts estimate that even small idiosyncratic shocks in Japan can transmit directly into global rate markets.

“Japan has been the gravitational centre of global rates,” says Nigel Green. “When that centre shifts, everything else moves.”

Currency markets are also vulnerable. A stronger yen driven by higher domestic yields would amplify capital repatriation, while intervention attempts to stabilise the currency underscore the political sensitivity of inflation and living costs in Japan.

“Currency volatility will be the transmission mechanism,” he explains. “A sharp yen move could accelerate the repricing across global portfolios.”

The structural backdrop is a demographic and fiscal challenge that constrains Japan's policy options.

An ageing population, high debt servicing costs and rising inflation create a narrow corridor for policymakers, while markets are increasingly sceptical of gradualism.

Nigel Green concludes: “It's a secular reset of Japan's role in global finance.”

Investors will likely need to face higher global yields, meaning lower equity multiples, tighter credit conditions and increased dispersion across markets.

Japan's bond market was considered the most predictable corner of global finance. Its sudden volatility proves that regime shifts arrive without warning, and they can reshape markets for decades.

The Youth Democracy Network (YDN) – an initiative aimed at supporting young leaders committed to advancing fundamental values and freedoms – is holding its next regional meeting in Strasbourg, the symbolic heart of European democracy. YDN seeks to provide tools, resources, and opportunities for young people to engage with decision-makers and play an active and constructive role in shaping public policies.

The YDN Europe Regional Meeting, held in Strasbourg from 14th to 16th January, is gathering emerging leaders for intensive development and strategic dialogue. Under the theme “Dialogue Over Division: Democratic Responses to Polarization” attendees will tackle one of the continent’s most pressing issues. The meeting program features an in-depth workshop on leadership development, peer learning, public speaking, and strategic communications, culminating in a pitch competition in which three winners will be selected for special support to bring their ideas to life.

Participants will also have the opportunity to gain hands-on insight into governance, youth policy, and the inner workings of key European institutions, including the Council of Europe.

“Young people worldwide are taking the lead in defending fundamental values. From Hong Kong to Serbia to Venezuela and Iran, youth-led movements challenge authoritarianism and demand accountability. In Europe, even amid democratic transitions, polarization and authoritarian influences remain pressing challenges. The Youth Democracy Network is dedicated to support emerging leaders, enhancing their resilience, and fostering initiatives that promote freedom, human rights, and participation,” said Dr. Mantas Adomėnas, Secretary General of the Community of Democracies.

YDN aims to engage young people, particularly in countries with large youth populations that face the threat of democratic erosion. Guided by the YDN board, with members from over 80 countries, the initiative strives to support emerging leaders by strengthening their skills and professional development, as well as by expanding access to mentorship and strategic networks. By supporting collaboration and knowledge exchange, YDN seeks to connect youth organizations, enabling meaningful interactions that strengthen initiatives and create impact on the ground.

The YDN Regional Meeting in Strasbourg will bring together selected YDN members chosen from over 400 applications representing 20 countries across Europe, alongside distinguished guests such as Véronique Bertholle, Deputy Mayor of the City of Strasbourg; Dr. Mantas Adomėnas, Secretary General of the Community of Democracies; Marius Schlageter, Policy Advisor and Secretary to the Advisory Council on Youth, Directorate for Democracy, Council of Europe; and Enrique de Obarrio, Chair of the Community of Democracies’ International Steering Committee of the Civil Society Pillar.

About Youth Democracy Network

The Youth Democracy Network (YDN) brings together and supports emerging leaders from Africa, Asia, Latin America, and Europe by providing them with practical skills, in-depth knowledge, and access to strong international networks, enabling them to play an active and informed role in policy-making and governance processes.

About Community of Democracies

The Community of Democracies (CoD) is a global intergovernmental coalition of states working together to promote, defend and strengthen democracy worldwide. Building on its founding document, the Warsaw Declaration, the Community is committed to taking concerted action to advance and protect democratic freedoms, strengthen democratic institutions, and expand political participation.