Author: MIL-OSI Publisher

Source: KOF Economic Institute

The Global Coincident and Leading Barometers rise in July. The Global Coincident Barometer increases in July after having remained virtually unchanged in the previous month, while the Global Leading Barometer rises for the second month in a row. Both indicators remain near the 100-point mark but move somewhat further above it, suggesting that global economic momentum is picking up slightly.

In July, the Global Coincident Economic Barometer rises 0.6 points to 104.5 points, the highest level since March 2022 (108.2 pts.), while the Leading Global Barometer rises 0.7 points, reaching 102.5 points. This month, all regions contributed positively to the aggregated result, except for the Western Hemisphere, which contributed slightly negatively to the Leading Barometer.

'For three consecutive months, the economic situation in the Western Hemisphere, Asia, the Pacific and Africa has clearly been above average, while Europe has only just reached average levels. Furthermore, last month's turn towards peace talks between the US and Iran has improved expectations for the upcoming months specifically in the Asia-Pacific region. Despite all the political turmoil, the world economy appears to be in better shape overall than many fear', comments Jan-Egbert Sturm, Director of KOF Swiss Economic Institute.

Coincident Barometer – regions and sectors

The 0.6-point rise in the Coincident Barometer in July results from a positive contribution of 0.4 points from the Western Hemisphere and 0.1 points from both Asia, Pacific & Africa and Europe. With this result, the Western Hemisphere records the highest level among the regions and the highest level since February 2022 (110.2 pts.). This is the only region that moves upward consistently since March this year, while the indicator for Asia, Pacific & Africa rises, but with fluctuations, and Europe moves sideways since April.

The coincident sectoral indicators recorded heterogeneous results in July. Services, Industry, and Economy (which is based on variables representing overall business and consumer evaluations) (aggregated business indicators added to consumer indicators) rise, while Construction and Wholesale and retail trade decline. The Industry indicator shows the highest level since March 2022 (110.1 points), and Construction loses momentum throughout 2026.

Leading Barometer – regions and sectors

The Leading Global Barometer rises 0.7 points in July, with the Asia, Pacific & Africa region contributing positively by 0.7 points. The contributions of Europe and the Western Hemisphere are minor, at +0.1 and -0.1 points respectively. Despite the adjustment this month, the Western Hemisphere indicator remains the highest among the regions, with 108.9 points. The Leading Global Barometer leads the world economic growth rate cycle by three to six months on average.

The leading sectoral indicators present heterogeneous results this month, with increases in Economy (aggregation of business and consumer indicators) and Industry, the latter recording the highest level since March 2022 (105.2 points). In contrast, Wholesale and retail trade, Services, and Construction decline. Economy is the only indicator below 100 points.

Source: Equinor

10 July 2026 – The number of serious incidents remains stable, while the number of personal injuries per million hours worked has increased somewhat in the second quarter of 2026.

At the end of the quarter, the serious incident frequency per million hours worked (SIF) was 0.25, a slight improvement from the first quarter of 2026 (0.26). Serious personal injuries are also included in these statistics.

As of the second quarter, the total recordable injury frequency per million hours worked (TRIF) was 2.8 for the last 12 months, up from 2.7 in the first quarter of 2026.

Five oil and gas leaks were registered over the last 12 months, down from nine in the first quarter 2026. The degree of severity is classified according to the discharge rate.

No serious well control incidents have been recorded in the second quarter 2026, as well as no incidents with major accident potential.

Preventive work

Through the “Always Safe Annual Wheel”, Equinor cooperates with other operating companies and suppliers to enhance the understanding of factors that prevent safe work. The focus in the “Always Safe” learning package for the third quarter is on safe work at heights.

Several of the serious incidents over the past year are linked to moving objects, vehicles, releasing pressure and falling objects.

“We see that this is a challenge throughout our industry, which is why we need to work together with our suppliers and partners to improve,” says Camilla Salthe, executive vice president for safety, security and sustainability (SSU).

Courses and training of employees and suppliers across facilities, roles and responsibilities is an important measure to ensure that everyone has the same fundamental understanding of health, environment, safety & security.

“When everyone has the same understanding of risk and safe behaviour, it strengthens safety at our facilities. Based on lessons learned and research, we have developed a broad training offering that we will continuously refine and develop,” Salthe says.

Source: Commonwealth Bank of Australia (CBA)

In a cooling labour market, there are signs fewer Australians are changing jobs for new opportunities, CBA’s latest monthly Wage and Labour Insights shows.

10 July 2026 – Key points

The estimated share of workers who voluntarily left their job continues to fall, indicating a cooling labour market

Wages rose 0.8% in the three months to June, while annual wages growth held steady at 3.1%

Employment increased by an estimated 17,000 jobs in June, down slightly from 18,000 in May

Australia’s wage growth remained steady in June, but the picture could change in coming months, according to the latest CommBank Wage and Labour Insights report, a monthly indicator tracking wage and employment trends.

Wages increased by 0.8 per cent over the three months to June, while annual wage growth held steady at 3.1 per cent over the year, indicating that higher inflation has not translated to stronger wages growth.

“The next few months will be important to watch. The increase in minimum and Award wages of 4.75% will likely see Q3 wages pressure pick up,” CommBank Economist Harry Ottley said.

CommBank’s Wage Insights data has been broadly in line with the Australian Bureau of Statistic’s wage and prices index (WPI) data, which has also held steady in recent quarters, albeit at a marginally stronger level, Ottley said.  

“The quarterly rate of growth showed no signs of higher actual and expected inflation having translated into higher wages pressure at this stage.”

But CBA Economists expect wage growth to tick higher, and soon, he said.  “We forecast WPI growth of 1.0%/qtr in Q3 and we will get an early read on this in next month’s CBA Wage and Labour Insights report, well ahead of the official data due in November.”

Employment growth is starting to slow

But while wages could tick higher, the Australian labour market is showing signs it continues to slowly soften, with the CBA Labour Insights series indicating jobs growth of 17,000 in June, down from 18,000 in May.

The data suggests employment growth is a touch below the ‘break-even’ level required to keep the unemployment rate from rising. CBA Economists expect the unemployment rate to rise to a peak of 4.8 per cent in Q4 2027 from 4.4% at present.

“We expect employment growth to continue to ease going forward. The economy is slowing due to higher interest rates and a cooling housing market. And business confidence remains very low.”

‘Quits rate’ points to easing conditions

The ‘quits rate’ measures the share of workers who voluntarily leave their job as a proportion of total employment. A higher quits rate usually points to a ‘tighter’ labour market, as more people are leaving for other opportunities.

CBA Economists proxy this concept using internal CBA data: the share of accounts recording large wage increases, on the basis that sizeable pay rises tend to accompany a change of job.

“Our quits rate proxy continues to fall, consistent with a labour market that has kept cooling since peak tightness in 2022,” Ottley said.

“Overall, the data supports our broader view that the labour market continues to loosen gradually but remains a little too tight for comfort for the RBA.

“From here, we expect the unemployment rate to drift higher and the labour market to move closer to balance over the coming years, assisting in bringing inflation back to target over time.”

Western Australia and South Australia lead wage growth

At the state level, Western Australia retained the strongest wages growth in the nation at 3.7 per cent, easing slightly from May. South Australia’s wages growth lifted to 3.7 per cent in June, making the southern state equal-highest with WA.

Tasmania recorded the biggest pick-up in wages growth, jumping to 3.3 per cent in June from 2.9 per cent in May, lifting from the bottom of the pack. Victoria recorded the slowest wages growth at 3.0 per cent.

Source: Amnesty International

A year after Amnesty International documented widespread abuse of Kenyan domestic workers in Saudi Arabia, a new briefing from the organization reveals that Filipino women are facing many of the same abuses, including being overworked, exploited and subjected to degrading treatment, as well as sexual assault in some cases.

Source: Amnesty International 

A year after Amnesty International documented widespread abuse of Kenyan domestic workers in Saudi Arabia, a new briefing from the organization reveals that Filipino women are facing many of the same abuses, including being overworked, exploited and subjected to degrading treatment, as well as sexual assault in some cases. 

“Once we step in their homes, we are no longer human”: Testimonies of Filipino women domestic workers in Saudi Arabia, documents the experiences of 19 Filipino women who returned from Saudi Arabia, mostly between 2023 and 2026. In their interviews the women shared how, once inside their employer’s homes, the terms of their contracts no longer mattered, and they were left at the mercy of their employer’s unchecked authority. The stories mirrored many elements of those of Kenyan women interviewed for an Amnesty International report released in 2025, who were routinely deceived by recruiters about the nature of their work and subjected to gruelling and abusive conditions, as well as racial discrimination.

“These stories are not isolated cases. The harrowing testimonies paint a worrying picture of ongoing state-enabled exploitation in a country with over four million domestic workers. It’s clear that for far too many workers, serious abuses and intimidation comes with taking a job in Saudi Arabia,” said Marta Schaaf, Amnesty International’s Director of Climate, Economic and Social Justice, and Corporate Accountability programme.

“In many of the most serious cases, the abuses domestic workers face amount to forced labour and may also constitute human trafficking for the purpose of labour exploitation.”

Employers rule the lives of domestic workers

In Saudi Arabia, migrant workers are still excluded from the national labour law and are instead governed by the 2023 Regulations for Domestic Workers, which, although an improvement on earlier regulations, still fails to afford them equal protection and falls short of international human rights and labour law and standards.

According to the testimonies, the women’s well-being was shaped far more by the employer’s will than by the contract they signed, or the laws and regulations meant to protect them. Working hours stretched well beyond legal limits, from 14 up to 21 hours each day. Daily breaks were uncertain, while lunch breaks were non-existent – and for most, employers made it impossible to ever take a day off. 

“I worked for two years straight without a day off,” said Adelina*. 

Joy* said that “working 20 hour days” were normal, while Gemma’s* workload was so intense that “the rest and eating time is just for 10 minutes”. Her employer would tell her repeatedly “I brought you from your country, so I can do anything to you.”

Other women said their employer made them work in multiple households, contrary to the terms of their employment agreements. 

Hana* had to work in five households, “including my employer’s, their mother’s, siblings’ and other relatives. I would do the work in all five houses. Every day I would move from one household to another, all seven days of the week.” 

We can’t escape the abuse

The lack of freedom of movement, exacerbated by widespread passport confiscation, legal restrictions on them leaving the country without permission, and unfamiliarity with the local language and systems, meant many of the domestic workers interviewed were effectively dependent on their employer – not only for work, but also for their ability to return home, even when escaping abuse.

Cleo* arrived in Saudi Arabia in late 2023. After months of preventing her from leaving the house, Cleo’s employer began depriving her of food by locking the fridge and accusing her of theft. Cleo asked her employer to send her back to her recruitment agency so she could go home – a process that was not straightforward and involved further inhuman and degrading treatment, including an intrusive search by her employer to check that she had not taken anything from the house.

“It was so easy to leave the Philippines, but it was so difficult to go back,” said Cleo. “Before I got to leave my employer’s house, they stripped me naked, inspected every corner of my body.”

Several women described being subjected to sexual harassment or assault, often carried out when they were left alone with their male employer or another male relative in the household.

Isabel*, who was made to work in both her employer’s house and the employer’s mother’s, said: “One day I was pulling the comforter and there he was, in the bed, under the comforter, masturbating and calling me to lie beside him. I ran out of the room and went to the rooftop, where I would always hide from him… Sometimes I felt like I preferred staying at the [employer’s] mother’s house. The work there was too much and very difficult, but at least I felt safer.” 

All allegations of abuse must be investigated and justice secured for victims

The testimonies from Kenyan and Filipino domestic workers shared a common thread – for many women abuse was experienced as a normal part of being a domestic worker in Saudi Arabia. 

The kafala system also continues to bind migrant workers to their employer, who acts as their official “sponsor” (or kafeel) from the moment they enter the country and throughout their employment. Although reforms have been made to the system, domestic workers have not benefited from many of these, and key exploitative elements of kafala remain in practice for all migrant workers. 

“From Kenya to the Philippines and beyond, the rights of women who travel to work in Saudi Arabia are being exploited time and time again, facilitated by continued government inaction and a labour system which fosters exploitation and perpetuates systemic racism. Taking a job there should not mean domestic workers are entering a lottery, where their rights, safety and freedom are left to chance,” said Marta Schaaf.

“We are calling on the Saudi Arabian government to immediately investigate all allegations of abuse, including sexual violence and bring perpetrators to justice, implement effective inspections, and fully dismantle the kafala sponsorship system, removing all requirements for workers to have to seek employer consent to change jobs or leave the country. They should be able to leave at their own free will. The Philippines and other states sending workers abroad also have an obligation to protect their nationals from human rights abuses.”

Amnesty International is also calling for domestic workers to be brought under the labour law to guarantee equal rights, and enforce existing protections effectively, including by penalizing abusive employers. 

*Names changed for protection purposes

Source: Victorian Government

The Allan Labor Government is strengthening Victoria's multicultural communities and their leadership.

Minister Stitt today announced that applications will soon open for key positions for a new proposed statutory body, Multicultural Victoria, which would be established later this year.

Source: Victorian Government

Labor is strengthening protections for Victorian homebuyers, giving them confidence when making the biggest purchase of their lives: a safe, high-quality, affordable home.

The Building and Plumbing Commission (BPC) now has strong new powers to protect consumers.

Source: Victorian Government

Victoria will be home to a new TAFE teacher academy dedicated to upskilling and attracting teachers to strengthen the state's TAFE workforce – and with it tackling one of the biggest barriers to growing the skilled workforce our economy needs.

Source: Media Fast

July 7, 2026 – Nairobi, Kenya – At the 26th Annual General Meeting of the African Trade & Investment Development Insurance (ATIDI), President William Ruto of Kenya issued a clarion call for Africa to strengthen its financial institutions and fund its development on its own terms. The meetings, which took place in Nairobi from 30 June to 3 July, proceeded under the theme: “Empowering Africa: Risk Managed, Growth Unlocked”.

“For years, we have called for a fairer global financial architecture, one that stops mispricing African risk and making our capital needlessly expensive. That call remains right. But Africa cannot wait for reform elsewhere. While the world debates reform, Africa must build,” Ruto said at a gala dinner at State House held to commemorate ATIDI's 25th anniversary.

President Ruto endorsed the establishment of the New African Financial Architecture for Development (NAFAD), an initiative launched by Dr. Sidi Ould Tah, President of the African Development Bank Group (AfDB) in April 2026. The NAFAD aims to call African institutions to work together to strengthen the continent's risk-sharing mechanisms, to reduce the continent's borrowing costs, and to unlock domestic capital at scale for Africa's development.

Africa holds nearly USD4 trillion in long-term domestic savings through pension funds, insurance assets, and central bank reserves. Much of this capital is, however, invested overseas, despite Africa facing an annual financing gap of more than USD400 billion.

“Africa does not suffer from a shortage of capital. Africa suffers from a shortage of institutions capable of transforming risk, mobilising savings and connecting them to productive investment,” President Ruto said.

Kenya pledges increased support

President Ruto said that NAFAD would help plug this USD400bn financing gap by leveraging the collective strengths of the continent's leading multilateral financial institutions to catalyse increased domestic and global investment.

At the heart of NAFAD is the Alliance of African Multilateral Financial Institutions (AAMFI), which brings continental powerhouses like the AfDB, Afreximbank, Africa Finance Corporation, ATIDI, and others. President Ruto announced that, in support of the alliance, the Government of Kenya had approved the establishment of its Secretariat in Nairobi.

He singled out ATIDI's strategic role in the alliance. “Within this Alliance, ATIDI occupies a uniquely strategic place. Investment follows confidence, and confidence follows credible risk mitigation.”

He called for ATIDI's recapitalisation to USD2 billion, noting that every dollar invested in the continent's guarantee architecture has the potential to mobilise ten dollars more in private capital.

“Today, I invite every Member State represented here to join Kenya in launching the Nairobi Capital Compact on African Economic Sovereignty. The Compact rests on five commitments: to progressively recapitalise ATIDI, to strengthen the AAMFI, to mobilise Africa's domestic capital, to expand our guarantee and risk-sharing capacity, and to build globally competitive African multilateral financial institutions,” he said.

Kenya remains a strategic market for ATIDI, with the organization's solutions unlocking more than USD7 billion in investments across energy, transport, manufacturing, agriculture, and trade sectors.

To deepen that partnership, President Ruto announced that Kenya will, subject to the necessary national processes, progressively increase its shareholding in ATIDI from USD25 million to USD65 million. He also presented ATIDI with the title deed for land for the construction of its permanent headquarters.

A legacy worth protecting

In his address at the AGM's opening ceremony, ATIDI CEO Manuel Moses reflected on the silver jubilee. He said that the organization had “demonstrated that African solutions are often best placed to address Africa's unique challenges and opportunities.”

Since its inception, ATIDI has catalysed more than USD93 billion in private investment across Africa through innovative risk mitigation instruments like political risk and credit insurance that strengthen investor confidence. Its shareholder base, meanwhile, has grown from seven founding members to 24 African countries, 13 institutional members and 1 non-African member state. It also remains one of Africa's highest rated insurers, having consistently maintained an investment grade rating with major global credit rating agencies since its founding.

“We have built our success on the ability to combine world-class standards with a deep understanding of African markets, designing solutions that reflect local realities while meeting the expectations of global investors,” he remarked.

This is a legacy worth protecting, he argued, highlighting the critical need for African countries to continue honouring ATIDI's preferred creditor status (PCS). ATIDI relies on its preferred creditor status to ensure that member states prioritise obligations to it even during financial distress. This is what underpins investor confidence in ATIDI's guarantees and is “fundamental to the business model”, Moses explained.

Moses expressed confidence in the institution's financial strength, underwriting capacity, and strategic direction, citing its strong 2025 results.

In 2025, ATIDI recorded strong financial performance, with total exposure increasing to USD9.2 billion from USD8.9 billion in 2024, profit for the year rising by 20% to USD71.4 million, total assets growing by 20% to USD1.06 billion, and total equity increasing by 12% to USD883 million.

“Against a backdrop of continued global uncertainty and the lingering effects of the COVID pandemic, ATIDI delivered another year of resilient growth in 2025, with strong results across insurance revenue, investment income and total equity,” he said.

In his address, Professor Kelly Mua Kingsly, Chairman of the Board of Directors at ATIDI, argued that Africa's economic advancement hinges on boosting investor confidence. The continent's vast natural resources or attractive demographics may capture investors' interest, but projects will not be financed unless investors have the confidence to commit funds.

“Africa's greatest asset is confidence. If capital is the engine of development, confidence is its fuel. That is where ATIDI has found its unique purpose. We do not merely mitigate risk. We create confidence,” he said.

Leaders urge increased private investment

A central feature of the AGM was the Leaders' Panel, which explored how Africa can build a more resilient and self‑sustaining development finance ecosystem amid shifting global capital flows, rising debt pressures, and growing demand for infrastructure and industrial investment.

Speaking on the panel, Dr. Sidi Ould Tah, President of the African Development Bank (AfDB), called for greater support to African financial institutions. He highlighted the role of institutions such as ATIDI in making Africa's high‑potential industries more attractive to local investors, many of whom continue to deploy their funds overseas due to persistent misperceptions of risk on the continent.

The African Development Bank Group has recently decided to increase its participation in the capital of ATIDI five-fold, becoming the largest institutional shareholder of ATIDI.  AfDB will also support the growth of membership in ATIDI. President Tah stated AfDB is “also mobilizing our partners to provide support to African countries who are not yet members of ATIDI to join ATIDI and to help them to pay for their participation in the capital of ATIDI.”

“The challenge before us is not a lack of capital or opportunities, but a persistent mispricing of the African risk, and this is leading to excessive cost of capital in the continent”, President Tah said. “Under the NAFAD framework, our ambition is clear: to unlock Africa's capital by combining domestic and international resources while strengthening our financial sovereignty. This is how we will create jobs, accelerate industrial transformation, and build a more prosperous, resilient, and financially sovereign Africa.” President Tah also stated that within the NAFAD architecture, ATIDI plays an indispensable role.

President Tah urged leaders and policymakers to maintain a laser focus on creating an environment conducive to private investment. “This is why the African Development Bank Group is evolving from a traditional project financier into a catalyst for markets. We want to be the solution Bank for the Africa we want” he said. “Together with ATIDI and through guarantee and blended finance, we are demonstrating that every dollar of public finance can mobilise significantly more private capital for infrastructure.” President Tah added.

Professor Kithure Kindiki, Kenya's deputy president, echoed the call for stronger private‑sector participation in Africa's economic development, citing the fiscal constraints and debt pressures facing many African governments.

“The public sector doesn't have enough resources to undertake some of the ambitions that we have, so that money will have to come from private investments,” he said.

The second day of the AGM was dedicated to investment promotion and business development and featured in-depth presentations on macroeconomic developments and proposed projects in Cameroon and Kenya. Projects in strategic sectors such as renewable energy, water, agriculture and transport were showcased.

The programme also included a series of curated Business-to-Business (B2B) and Business-to-Government (B2G) meetings designed to connect investors, businesses and public sector stakeholders.

About ATIDI

The African Trade Insurance Agency (commonly known as African Trade & Investment Development Insurance – ATIDI) was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. The organisation notably provides Political Risk, Credit Insurance and Surety Insurance. Since inception, ATIDI has supported USD93 billion worth of investments and cross border trade into Africa. It is rated A by both Standard & Poor's and Moody's, which reflects the organization's robust financial position and strong risk management practices. In recognition of its growing impact, ATIDI was named the Development Finance Institution (DFI) of the Year at the 2025 African Banker Awards. For further information: www.atidi.org