Gaza – MSF forced to suspend activities amid intensified Israeli offensive in Gaza City

Source: Médecins Sans Frontières (MSF)

The relentless Israeli offensive in Gaza City has forced Médecins Sans Frontières (MSF) to suspend its vital medical activities in the area due to the rapidly deteriorating security situation, including continued airstrikes and advancing tanks less than one kilometre from our healthcare facilities. The escalating attacks from Israeli forces have created an unacceptable level of risk for our staff, forcing us to suspend lifesaving medical activities.

“We have been left with no choice but to stop our activities as our clinics are encircled by Israeli forces. This is the last thing we wanted, as the needs in Gaza City are enormous, with the most vulnerable people – infants in neo-natal care, those with severe injuries and life-threatening illnesses – unable to move and in grave danger,” says Jacob Granger, MSF Emergency Coordinator in Gaza.

While large numbers of people have fled south due to evacuation orders, there are still hundreds of thousands in Gaza City, who are unable to leave and have no other option but to stay. Those who are able to leave face an impossible choice: either remain in Gaza City under intense military operations and the deterioration of law and order, or abandon what’s left of their houses, their belongings and their memories, to move to areas where humanitarian conditions are rapidly collapsing.

At the same time, partially functional hospitals across the Strip are overwhelmed due to severe shortages of staff, supplies, and fuel, while patients face enormous obstacles reaching care, often arriving late and in critical condition. Last week alone, and despite the rising offensive, our clinics in Gaza City carried out over 3,640 consultations and treated 1,655 patients suffering from malnutrition. We have also treated patients with severe trauma injuries, burns, as well as pregnant women and others requiring ongoing medical care who are unable to leave the city. This shows the scale of medical needs. Although MSF has been forced to suspend its activities in Gaza City, we aim to continue supporting key services in Ministry of Health facilities, including Al Helou and Al Shifa hospitals, while they continue to function. Access to and the provision of safe drinking water, food, shelter and care is increasingly restricted. People in Gaza City have been repeatedly and relentlessly bombed. They are exhausted and are being deliberately deprived of the essentials needed to survive.

We call for an immediate halt to the violence and concrete measures at the necessary scale to protect civilians. Israeli authorities must immediately guarantee unhindered access and security for humanitarian organizations operating in Gaza City and acceptable conditions for the safe and sustained delivery of medical care and humanitarian aid—conditions that are clearly not in place today.

Investment and Economy – Trump’s pharma tariff could trigger global investor exodus – deVere Group

Source: deVere Group

September 26 2025 – A sweeping new tariff on branded and patented pharmaceuticals is poised to backfire on the United States, and global investors are already positioning for the fallout.

This is the immediate reaction from Nigel Green, CEO of deVere Group, one of the world's largest independent financial advisory and asset management organizations, following the 100% duty announced by President Donald Trump, due to take effect on October 1.

It is designed to force drug manufacturing back onshore. Instead, it threatens to raise costs, disrupt supply chains and accelerate capital flows away from US markets.

Nigel Green, chief executive of deVere Group, warns that the move undermines the very goal it claims to serve.

“A tariff of this magnitude on high-value medicines will ripple through every part of the global health economy,” he says.

“Rather than sparking a manufacturing renaissance, it'll deter investment, heighten inflationary pressure and drive sophisticated capital to markets that remain open and predictable.”

The stakes are enormous. US pharmaceutical imports have surged to more than $200 billion a year, reflecting a tightly knit global production system that cannot be uprooted quickly.

Active ingredients and critical components often cross borders multiple times before a finished treatment reaches a patient.

“You can't rebuild decades of specialized infrastructure overnight,” he notes. “Investors see that reality more clearly than policymakers.”

This tariff arrives as the US already wrestles with rising healthcare costs and persistent medication shortages.

Analysts expect higher prescription prices within months, as importers and distributors pass on the new levy.

“The inflationary impulse is obvious,” Nigel Green says. “Global investors will look beyond headlines and position for a weaker dollar and firmer pricing power in non-US pharmaceutical hubs.

“Capital is fluid; and it won't wait for Washington to change course.”

He points to the broader context of trade confrontation. The administration has expanded national-security probes into robotics, industrial machinery and medical devices, signalling that pharmaceuticals are only one front in a wider campaign.

“The message to markets is that the US is prepared to weaponize tariffs across critical sectors,” observes Nigel Green.

“It invites reciprocal measures, further fragmenting supply chains and creating precisely the uncertainty that long-term investors avoid.”

Their strategies are already likely to be shifting. Emerging markets with strong life-sciences infrastructure and stable trade regimes are drawing fresh attention.

Currencies tied to those economies could see renewed strength as funds diversify away from the dollar. Equity allocations are likely to tilt toward firms and jurisdictions insulated from US trade policy.

“The instinct is to move toward reliability,” Nigel Green says. “Regions that maintain open markets and support cross-border production will command a premium.”

He also highlights the knock-on effects for the wider US economy. Pharmaceutical research and development relies on predictable global inputs.

If those flows are interrupted, pipeline delays and cost overruns will ripple into healthcare providers, insurers and ultimately consumers.

“Investors are calculating the second-order consequences,” he explains. “When the supply of essential medicines is threatened, it affects productivity, labour markets and overall economic confidence.”

Nigel Green adds that the policy could erode America's competitive standing in an industry that thrives on international collaboration.

“Restricting access to world-class ingredients and expertise will not strengthen the US. It will encourage global talent and capital to deepen their commitments elsewhere.”

The timing compounds the challenge. With US inflation still above the Federal Reserve's long-term target and interest-rate cuts only just beginning, another source of upward price pressure complicates monetary policy.

“Investors will read this as a fresh reason to hedge US exposure,” Nigel Green says.

“They'll increase allocations to assets that benefit from dollar weakness and to regions that can supply essential drugs without disruption.”

Despite official assurances that construction of new domestic plants will accelerate, the practical barriers are immense. Building advanced pharmaceutical facilities takes years and billions in capital, and the global expertise required cannot be conjured by decree.

“Markets understand that this is not a switch you flip,” Nigel Green remarks. “In the interim, shortages and higher costs are almost inevitable.”

He concludes that the market response will be swift as “capital hates uncertainty.”

By introducing a sudden, sweeping tariff in a critical sector, “Washington has ensured that global investors will reweight toward economies and industries where policy risk is lower. This is likely to be the opposite of reshoring, rather it can be expected to lead to exporting investment.”

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.

Energy Sector – New technology increases gas recovery on Åsgard – Equinor

Source: Equinor

26 SEPTEMBER 2025 – Equinor and partners in Åsgard and Mikkel licences have started phase 2 of Åsgard subsea compression in the Norwegian Sea.

The project will help maintain production from the field by increasing the pressure in the pipelines between the wells and the Åsgard B platform.

“In this project, Equinor, together with partners and suppliers, has further developed and qualified the next generation of compressor modules. The technology allows us to recover more gas from producing fields. Good resource utilisation is important to maintain high and stable production from the Norwegian continental shelf,” says Trond Bokn, Equinor's senior vice president for project development.

The first plan for development and operation (PDO) of Åsgard was approved in 1996. The field came on stream with Åsgard A in 1999 and Åsgard B in 2000. In 2012, the PDO for Åsgard subsea compression was approved by the authorities, and the first phase of Åsgard subsea compression came on stream in 2015.

This was the world's first facility for gas compression on the seabed and the result of extensive technological development.

The plans described that there would be a need for increased pressure in the long term to compensate for the pressure drop in the reservoirs. The first compressor module in phase two was replaced in 2023, now the second and final module has been installed, at a depth of 270 meters.

“The compressor system has produced stably for ten years with almost 100% uptime. The system has so far contributed to increased value creation from the field of about NOK 175 billion,” says Randi Hugdahl, vice president for Exploration and Production for Åsgard and Kristin.

Combined for both phases, the recovery rate from the Mikkel and Midgard fields will increase to 90% due to the compressor plant.This amounts to an additional 306 million barrels of oil equivalent from the fields.

Licensees Åsgard: Equinor Energy AS (operatør) 35,01%, Petoro AS 34,53%, Vår Energi ASA 22,65% og TotalEnergies EP Norge AS 7,81%.

Licensees Mikkel: Equinor Energy AS (operatør) 43,97%, Vår Energi ASA 48,38% og Repsol Norge AS 7,65%.

The ÅSC station, located in 270 meters of water on the Midgard field

Facts

  • The ÅSC station, located in 270 meters of water on the Midgard field, about 40 km from the Åsgard field centre, is an impressive subsea structure.
  • With a total weight of 5100 tons, a footprint of 3300 m2 and towering 26 meters above the seabed, it is the largest subsea processing plant ever installed.
  • The station consists of two identical compressor trains operating in parallel, each powered by a compressor with an electric motor capacity of 11.5 MW.
  • A complete spare train is available in Kristiansund, which makes it possible to quickly replace parts if problems occur. The system is modular, much like Lego bricks.
  • A number of key components from the old compression modules have been overhauled and reused in the new modules.

Main suppliers

Development and delivery of the new compressors
Everllence (formerly MAN Energy Solutions)
Development and delivery of the new compressor modules
OneSubsea AS (formerly Aker Solutions Subsea AS)
Construction of both modules has been done by Aker Solutions AS, Egersund

Marine Installation

TechnipFMC in 2023
Ocean Installer in 2025
Functional test, full-scale in pool and with hydrocarbons
Carried out at Equinor's test facility (K-lab) at Kårstø
System Integration Test
Carried out at Vestbase, Kristiansund.

Economy and Tech – AI is mega theme to power global expansion through 2026 –

Source: deVere Group

September 25 2025 – Artificial intelligence spending will keep the US and the global economy out of recession next year and remain the single biggest investment story of 2026, predicts Nigel Green, CEO of global financial advisory deVere Group.

“AI investment is rewriting the economic outlook,” he says.

“The sheer scale of spending on data centres, advanced chips and supporting infrastructure is strong enough to counter slower job growth and softer consumer demand.

“It'll keep the US and the global economy growing through 2026, we believe.”

Recent US data show how decisive the trend has become. Remove tech-driven investment and output earlier this year would have been close to contraction.

Instead, GDP continues to expand even as payroll gains ease.

“AI projects are capital-heavy but need far fewer workers,” Nigel Green explains.

“A company like Nvidia employs roughly 36,000 people yet generates trillions in market value and drives trade flows across Asia, Europe and the US.”

Global figures reinforce the prediction. Industry analysts expect AI infrastructure spending to rise more than 30% annually, fuelling record chip exports from Taiwan and South Korea and unprecedented order books for Europe's ASML.

This momentum is sustaining global trade at a time when traditional manufacturing is mixed. Semiconductor shipments from Taiwan alone jumped by double digits this year, while South Korea's chip exports have surged back to pre-2022 highs.

Energy groups report a parallel boom in demand for power and cooling systems to keep pace with the buildout of hyperscale data centres.

“Markets have never seen a single tech sector with this much macro impact,” the deVere CEO says.

“AI investment is not a niche story; it's the backbone of worldwide growth for the next year and beyond.”

He points to three forces behind the continued surge: relentless competition among US tech giants to build computing power, government incentives from Washington to Tokyo, and insatiable demand for the chips that underpin machine learning and generative AI.

“Every major economy wants a stake in the AI build-out,” he adds.

“This guarantees another year of massive investment.”

Governments are fuelling the “AI arms race.”

In the US, the Inflation Reduction Act and CHIPS Act have unlocked billions in subsidies for semiconductor capacity and energy infrastructure. The European Union has committed record funding for next-generation fabrication plants, while Japan and South Korea are offering tax breaks and fast-track permits to secure their roles in the supply chain.

Nigel Green believes this global policy push is crucial. “The competition for technological advantage is now a core part of economic strategy,” he says. “This competition ensures that capital keeps pouring into AI.”

He also highlights the feedback loop between AI development and energy markets. Data-centre electricity use in the US is forecast to double by 2030, prompting utilities to expand grids and renewable capacity.

“The AI buildout drives not just chips and software but heavy investment in power, metals and construction,” Nigel Green notes.

“It creates a multi-layered growth engine that touches every sector.”

Investors who treat AI as a short-term theme risk missing a structural shift.

“Currencies, equities, commodities and bonds will all be shaped by this wave,” he says. “The smartest strategies for 2026 will start with the recognition that AI is the global growth engine.”

Energy supply and regulatory hurdles may eventually slow the pace, but not soon enough to derail the expansion.

“Concerns about power demand or oversight are real, but they will not outweigh the profitability case in 2026,” Nigel Green predicts.

“Capital will keep chasing AI because the potential returns are extraordinary.”

He expects the impact to extend far beyond technology shares.

“Shipping, logistics, rare earth mining, construction materials—every link in the chain benefits,” he says. “This is why global trade remains resilient even when traditional industrial production wavers.”

Nigel Green concludes: “Next year, we believe, will not bring a US or worldwide recession. AI investment ensures ongoing expansion, redefining how economies grow and how markets move.

“It's the dominant investment theme of 2026 and the clearest macro force of the coming decade.”

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.

Pacific – “We are Micronesia” declared as Nauru prepares for inaugural Micronesia Festival

Source: Republic of Nauru

Nauru is set to host a celebration of Micronesia through music and pageantry at the inaugural Micronesia Musical Festival and Miss Micronesia Pageant that will run from 6-9 October 2025.

The major cultural event will celebrate the region’s unity and history and will feature musical artists and pageant contestants from across the region.

The theme for the event is “We are Micronesia! Navigating our legacy; Charting our future.”

Nauru’s Minister for Cultural Heritage Charmaine Scotty said the festival would celebrate Micronesia’s unique cultural identity, providing a platform for Micronesian nations to highlight their resilience and commitment to preserving their environment and heritage.

“Micronesian people have a deep-rooted connection to their ancestral traditions and this is an opportunity for us to come together in unity,” she said.

“Storytelling is at the centre of Micronesian culture and the artists gathering for the festival are going to keep this tradition alive, along with the Miss Micronesia Pageant contestants.

“If you love music, pageantry and storytelling, join the celebrations at the Micronesia Festival,” Minister Scotty said.

The festival is expected to draw strong local and regional attendance, with events to be livestreamed, providing those unable to visit Nauru with the opportunity to be part of the celebrations.

Festival director Livingstone Hiram said the event was about culture, community, and celebration.”

“Each country will showcase its own unique culture but we are also celebrating all that unites Micronesian nations.

“Our love of the environment and cultural tradition will be brought to life by the festival’s performers, making it an event to remember.”

More than 20 artists will participate in the music festival from locations including Nauru, the Republic of the Marshall Islands, Kiribati, Chuuk, Kosrae, Yap and the Commonwealth of the Northern Mariana Islands.

Contestants in the Miss Micronesia Pageant are Miss Nauru – Charlei Deiye, Miss Marshall Islands – Claret Taonang Chongum, and Miss Kiribati – Atiterentaai Rinimarawa.

Australia Arts – ILBIJERRI Theatre Company welcomes Andrea James as new Artistic Director and co-CEO

Source: ILBIJERRI Theatre Company

Honouring Rachael Maza’s Extraordinary Legacy

Australia's longest running First Peoples theatre company, ILBIJERRI Theatre Company proudly announces the appointment of acclaimed Yorta Yorta/Gunaikurnai playwright and director Andrea James as its new Artistic Director and co-CEO, following the remarkable 18-year tenure of Dr Rachael Maza AM.

Andrea's appointment, the result of a rigorous national search led by ILBIJERRI's Board of Directors and supported by REA arts + culture, specialists in executive search for cultural leaders across Australia and Aotearoa/NZ, heralds a bold new chapter for Australia's longest running First Peoples theatre company.

Andrea James said, “I have been privileged to witness the rise of a theatre organisation that came from the ground up, to the staunchly Blak and highly respected company that ILBIJERRI is today. Rachael Maza leaves a legacy that has taken ILBIJERRI to the national and international stage with community and cultural integrity at the core.

“Theatre brings people and communities together and in these dangerous times, if ever we've needed a company that celebrates Boldness, Blakness and Brilliance in all its full power, it is now.

“I am honoured to build on the 'Maza-era' to continue to platform First Peoples stories of national significance with an invigorated focus on our surrounding communities and their thriving waves of spirited Blak talent.”

Ping Flynn, Executive Director and co-CEO, ILBIJERRI Theatre Company, said, “Seeking our new Artistic Director was as much about looking toward the future as it was honouring the past 18 years of Rachael's trailblazing leadership. Andrea James is an exceptionally talented playwright and director, who has already had a tremendous impact on the company with her work on Big Name, No Blankets and Coranderrk: We Will Show The Country.

“Her wealth of theatre-making experience and unwavering commitment to First Peoples storytelling will bring the company into its next chapter with brilliance.”

Dr Eugenia Flynn, Chair of ILBIJERRI said, “The Board of Directors recognises the unique place ILBIJERRI holds within the First Peoples arts and culture sector and the broader theatre landscape, grounded in the Koorie communities of Victoria. After a rigorous national search, we are delighted to welcome Andrea James as Artistic Director and co-CEO. Andrea brings exceptional experience, deep cultural grounding and an exciting artistic vision that will carry ILBIJERRI's bold, Blak and brilliant storytelling into an even stronger future.”

Dr Rachael Maza AM, outgoing Artistic Director and co-CEO, said, “I'm incredibly proud of everything I've built with ILBIJERRI over nearly two decades as Artistic Director. It was important to me to embark on this next chapter at the right time and the company has never been more solid.

“Andrea James's appointment fills me with excitement for the future of Blak storytelling. Her sharp contemporary voice is rooted in identity, creative sovereignty and truth-telling. Andrea's extraordinary talent as a writer, director and producer will honour ILBIJERRI's legacy of bringing bold and impactful Blak stories to the national and international stage. I can't wait to see her carry this vision forward.”

A Legacy of Bold Blak Storytelling

Founded in 1991 on Kulin Country, ILBIJERRI Theatre Company emerged from a collective of Aboriginal and Torres Strait Islander artists determined to tell their own stories, in their own voices, on their own terms. Over more than three decades, ILBIJERRI has become a national and international force, creating a body of work that celebrates the strength, resilience and creativity of First Peoples.

From early works such as Up the Road and Chopped Liver, to landmark productions including Jack Charles V The Crown, Black Ties, Heart is a Wasteland and Coranderrk: We Will Show the Country, ILBIJERRI has forged a reputation for fearless storytelling with cultural integrity at its core. The company has toured extensively across Australia and overseas, from remote communities to world stages, ensuring First Peoples voices are heard everywhere.

Under Rachael Maza's transformative leadership since 2006, ILBIJERRI expanded its reach, built enduring community partnerships and achieved critical acclaim, all while remaining grounded in culture and community.

About Andrea James

Andrea James is a Yorta Yorta/Gunaikurnai woman and graduate of the Victorian College of the Arts. A celebrated playwright, director and producer, Andrea creates work that reflects her identity and shares historical and contemporary Aboriginal experiences in a striking contemporary theatrical language.

Her acclaimed works include Yanagai! Yanagai!, Coranderrk: We Will Show The Country, Sunshine Super Girl, Winyanboga Yurringa and Big Name, No Blankets. Her productions have toured nationally and internationally, and she has directed and written for companies including Melbourne Theatre Company, Griffin Theatre and Urban Theatre Projects.
 Andrea's accolades include the Mona Brand Award for women stage and screen writers (2021) and a National Theatre Award (2024).

Thanks to Our Supporters

ILBIJERRI gratefully acknowledges the support of Creative Australia and Creative Victoria in making this leadership transition possible. 

Fast Facts: ILBIJERRI Theatre Company

  • Founded: 1991, on Kulin Country, Melbourne
  • Distinctive Legacy: Australia's largest and longest running First Peoples theatre company
  • Productions: 40+ original works created and toured nationally and internationally
  • Audiences: Performed to hundreds of thousands across remote communities, major cities, and international festivals
  • Milestone Works: Big Name, No Blankets, Jack Charles V The Crown, Black Ties, Heart is a Wasteland, Coranderrk, Chopped Liver
  • Awards: Multiple Green Room Awards and national arts honours for innovation and cultural impact.

Animal Wellness Action and the Center for a Humane Economy to Host Exclusive Screening and Discussion of Chasing Roo

Source: Animal Wellness Action

WASHINGTON – Animal Wellness Action and the Center for a Humane Economy will host a free, one-night-only online screening and discussion of the documentary Chasing Roo on Thursday, Sept. 25, 8–9:30 p.m. ET, as part of their ongoing campaign to end the commercial killing of kangaroos for their skins.

The exclusive event comes as global athletic-wear giants—including Adidas, Nike, New Balance Diadora, and Puma—have pledged to stop using kangaroo skins for soccer cleats. Advocates are now intensifying efforts to halt the trade in other products made from kangaroos and to pass the Kangaroo Protection Act in the U.S. Congress to impose a strict ban on imports to America.

Directed by Oscar- and Emmy-nominated filmmaker Skye Fitzgerald, Chasing Roo offers an unflinching look at Australia’s commercial kangaroo-killing industry, embedding with both shooters and activists to reveal the ecological and ethical costs of the trade.

Following the screening, Fitzgerald will join a live conversation with Jennifer Skiff, director of the “Kangaroos Are Not Shoes” campaign, and Wayne Pacelle, president of Animal Wellness Action. Also participating will be Donny Moss of TheirTurn.net, who has led global protests on behalf of kangaroos. Panelists will discuss ongoing efforts to secure passage of the Kangaroo Protection Act, introduced by U.S. Sens. Tammy Duckworth (D-Ill.) and Cory Booker (D-N.J.), which would prohibit imports of kangaroo skins into the United States.

“Chasing Roo provides a lens into what’s happening on the ground with kangaroos and the motivations, and the actions of people involved in the commercial shoot that targets adult animals but also orphans the young,” said Wayne Pacelle, president of Animal Wellness Action and the Center for a Humane Economy.  “It’s not an unflattering look at the individuals who make a living by killing these animals, but it’s hard not to be appalled by what’s happening across the Outback if you possess any compassion for animals.”

Attendees will see rare footage and testimony documenting Australia’s commercial kangaroo-killing industry, gain insights on the pending Kangaroo Protection Act and how U.S. policy could curb global demand for kangaroo skins, learn which brands have ended their use of kangaroo leather and which have yet to follow, hear analysis of the hunt’s ecological impact on kangaroo populations and Australia’s ecosystems.

Event Details:

What: Exclusive online screening of Chasing Roo and live Q&A
When: Thursday, Sept. 25, 8–9:30 p.m. ET
Where: Online (free, one-time-only event; not recorded)
Registration: One Night Only: 'Chasing Roo' with Oscar-Nominated Director Skye Fitzgerald?

For more information about the Kangaroo Protection Act and the campaign to end the commercial kangaroo harvest, please visit: Kangaroos Are Not Shoeshttps://animalwellnessaction.org/kangaroos-are-not-shoes/

ABOUT

Animal Wellness Action is a Washington, D.C.-based 501(c)(4) whose mission is to help animals by promoting laws and regulations at federal, state and local levels that forbid cruelty to all animals. The group also works to enforce existing anti-cruelty and wildlife protection laws. Animal Wellness Action believes helping animals helps us all. X: @AWAction_News

The Center for a Humane Economy is a Washington, D.C.-based 501(c)(3) whose mission is to help animals by helping forge a more humane economic order. The first organization of its kind in the animal protection movement, the Center encourages businesses to honor their social responsibilities in a culture where consumers, investors, and other key stakeholders abhor cruelty and the degradation of the environment and embrace innovation as a means of eliminating both. The Center believes helping animals helps us all. X: @TheHumaneCenter

Economy – KOF Economic Forecast for autumn 2025: US tariffs impacting the Swiss economy

Source: KOF Economic Institute

KOF continues to expect gross domestic product (GDP) growth of 1.4 per cent, excluding major international sporting events, for this year. The outlook for 2026 has worsened owing to the deterioration in competitive conditions caused by US tariffs and ongoing heightened economic uncertainty. 

GDP adjusted for sporting events is expected to rise by 0.9 per cent next year. This is 0.6 percentage points less than was forecast in the summer. GDP growth of 1.6 per cent is predicted for 2027.

Trade policy turmoil is currently shaping the economic landscape. The increase in tariffs on Swiss exports to the US means noticeably worse competitive conditions – even compared with exports from the EU on lower tariff rates – and continued elevated economic uncertainty. Although the pharmaceutical industry is still acting as a stabiliser here, there are downside risks that could reduce its positive contribution in the medium term.

KOF's forecast is based on the assumption that some Swiss exports to the US will remain subject to a 39 per cent import tariff, while goods from the EU will attract a US tariff of 15 per cent. In addition, the flat-rate import tariffs of 50 per cent on steel, aluminium and copper products introduced by the United States worldwide will be maintained. KOF's forecast also assumes that the pharmaceutical industry will have to reduce its prices in the United States by 10 per cent. However, it is predicted that its exports to the US will remain tariff-free.

Sharp downward revision of GDP forecast

KOF's baseline scenario for 2025 remains unchanged from its summer forecast, with GDP growth excluding major international sporting events at 1.4 per cent (1 per cent unadjusted). Although the first half of the year performed better than was expected in June, the second half of the year will be significantly weaker than previously forecast. The forecast for next year's GDP growth adjusted for sporting events has been lowered by 0.6 percentage points to 0.9 per cent (1.3 per cent unadjusted), while GDP growth of 1.6 per cent (1.2 per cent unadjusted) is expected for 2027.
In addition to its baseline forecast, KOF has calculated a positive scenario in which Switzerland would be subject to the same trade tariffs as the EU from October onwards. In this scenario, the burden on exporters and the assumed uncertainty would be significantly lower, which would substantially mitigate the negative impact on the economy as a whole, with GDP growth of 1.5 per cent this year, 1.2 per cent next year and 1.8 per cent the year after.

Foreign trade coming under pressure

Although the outlook for foreign trade is clouded by US trade policy and is likely to weaken momentum in the medium term, the trend to date has been characterised by advance orders to avoid tariffs. The decline in exports is now likely to be sharp in the second half of the year. Based on the first half of the year, nevertheless, exports will still rise by 2.8 per cent and imports will grow by 3.3 per cent this year. In addition to the effects of tariff policies, exports of goods excluding pharmaceuticals are on a downward trajectory owing to weaker global economic demand, which is likely to continue and be further exacerbated by tariffs in the medium term. Growth rates will then be lower over the next two years, with increases of 2.1 per cent in 2026 and 2.5 per cent in 2027.

Swiss labour market cooling noticeably

Following years of employment growth, the Swiss labour market is currently experiencing a period of weakness. KOF expects employment to grow by only 0.3 per cent (summer forecast: 0.6 per cent) in its baseline scenario for 2025. This is the lowest growth rate since 2020. Although full-time-equivalent job growth is likely to pick up in the course of 2026, at 0.5 per cent it will remain below average compared with this year. The unemployment rate is forecast to rise to 3.2 per cent by 2026 according to Switzerland's State Secretariat for Economic Affairs (SECO) and to 5 per cent according to the International Labour Organization (ILO). It is expected to remain at an elevated level in 2027.

Although wage growth will remain subdued as a result of the cooling labour market, real wages will rise slightly overall owing to low inflation. In the positive scenario the labour market would perform better and the unemployment rate is likely to rise to 3.1 per cent.

Domestic economy losing momentum

Uncertainty caused by the tariff shock and the weaker labour market outlook are weighing on corporate capital spending and household consumption. Although population growth and low inflation are boosting purchasing power, this is not enough to compensate for the cooling labour market. Consequently, KOF has revised slightly downwards its forecast for private consumption for 2025 and 2026: growth rates now stand at 1.4 per cent. This equates to decreases of 0.1 percentage points and 0.2 percentage points respectively compared with the last forecast. The rise in consumer spending in 2027 is likely to be slightly higher at 1.6 per cent.

Equipment investment declined in the second quarter owing to one-off effects. In addition, weak earnings, low capacity utilisation and heightened uncertainty suggest that capital spending will remain weak. Investment expenditure will rise by only 0.6 per cent this year. The intensification of the trade conflict and the industrial recession are acting as a drag on investment activity, which will stagnate next year, rising by just 0.2 per cent. It is not until 2027 that it is likely to regain momentum and increase by 2.0 per cent.

Inflation forecast remains low; SNB's key interest rate still at zero

KOF continues to expect inflation of 0.2 per cent for 2025, 0.5 per cent for 2026 and 0.6 per cent for 2027. The main drivers here are rents and domestic services, while domestic goods, imports and energy prices are having a dampening effect. Inflation in recent months has been at the lower end of the range that the SNB defines as price stability. A strong Swiss franc, weaker wage growth and slowing inflationary pressures on rents could push inflation even lower. Consequently, KOF does not expect to see any further interest-rate moves by the Swiss National Bank (SNB) during the forecast period, meaning that its key interest rate will remain at 0 per cent throughout this time.

Forecasting uncertainty remains high

The uncertainty around US trade policy remains very high. This could increasingly cause companies to relocate production abroad. If pharmaceutical products are also subject to tariffs in future, the impact on the Swiss economy might be considerable. Upside risks arise from a potential easing of the trade conflict, for example as a result of successful negotiations to reduce US tariffs.

Moldova – Moldova Business Week 2025: Investments, Innovation and a Strong Message "Moldova Is Open for Business"

Source: Moldova Business Week (MBW)

Chișinău, Republic of Moldova, September 23, 2025 – Moldova Business Week (MBW) 2025 concluded with a strong message to global investors: Moldova is open for business and ready to scale.

The jubilee edition of the country's flagship economic forum gathered over 3,175 unique offline participants and more than 13,200 online, across 33 events held in seven regions—from Chișinău and Bălți to Ungheni, Giurgiulești, Orhei, Călărași and Strășeni. The forum had already generated over 500,000 online views and media coverage in 10 countries across Europe and the Middle East.

“MBW 2025 proves that Moldova is not just a potential opportunity—it is a partner ready for strategic growth and regional cooperation,” said Natalia Bejan, Director of Invest Moldova Agency.

High-Level Presence and Strategic Dialogue

The 5-day event attracted senior government officials, international development partners, ambassadors, investors and leading entrepreneurs from over 40 countries, creating a dynamic platform for dialogue and deal-making. Romania's Minister of Economy Radu Miruță, speaking at the opening ceremony, underlined the strategic partnership with Moldova:

“Today, Romania and the Republic of Moldova are building not only a financial bridge, but also taking another joint step—towards the West. The launch of the Chișinău Stock Exchange means trust, transparency, and a tangible step towards Moldova's economic integration into the European Union.”

Business associations played a decisive role in MBW 2025, curating high-interest events with strong relevance for Moldova's economic development and investor needs. International organizations and development partners—including the World Bank, German Cooperation (implemented by GIZ), Government of Switzerland, European Union, Innovate Moldova, Government of Sweden, and the Ukraine-Moldova American Enterprise Fund—joined Moldovan leaders to explore opportunities from energy transition, IT sector, state incentives for strategic sectors to Ukraine's post-war reconstruction.
 

“In just three years, Moldova has moved from vulnerability to resilience, from dependence to diversification,” stated Dorin Junghietu, Minister of Energy, highlighting record-low prices achieved in the first renewable energy auction and the upcoming tenders for new wind and battery projects.

Milestone Announcements and New Investments

This year's edition became a catalyst for major investment decisions:

  • Chișinău Stock Exchange Launch – A Memorandum of Understanding was signed to establish the new Stock Exchange with an initial EUR 3 million share capital, in partnership with the Bucharest Stock Exchange (BVB) and a group of Moldovan investors.
  • Bolt officially entered the Moldovan taxi market with a 100% digital, cashless model, and plans to extend urban mobility services.
  • Zener Group announced a €20 million electric mobility project in Strășeni, strengthening Moldova's role in sustainable transport.
Six flagship investment stories showcased the country's expanding economic landscape:
 

  • Brutăria Bardar – investing in energy efficiency and digitalization to double production capacity.
  • Smile Dent Team – preparing a 25,000 m² medical hub with a patient-dedicated hotel, reinforcing Moldova's potential in medical tourism.
  • Planable – following its acquisition by SE Ranking, the award-winning IT start-up will grow its Moldova-based R&D team, integrating advanced AI and SEO capabilities.
  • PorcoBello – launching the next phase of slaughterhouse and farm modernization to meet rising regional demand.
  • Vienna Insurance Group (VIG) – investing in service digitalization and innovative insurance products to strengthen market stability.
  • Gebauer & Griller – planning EUR 5–8 million in new investments by 2027/2028, creating around 200 new jobs in the automotive components sector.

 
Study Visits: Moldova's Potential in Action

During MBW 2025, investors explored Moldova's economic potential through study visits that showcased key export-driven sectors and infrastructure. At the Giurgiulești International Free Port—Moldova's sole maritime gateway—delegates saw a logistics hub that has drawn over USD 137 million in investment and hosts more than 50 resident companies. TRANS-OIL revealed its integrated agri-food operations, with 1.2 million tons of annual processing capacity and export terminals handling up to 6 million tons a year. In Orhei, SEBN MD (Sumitomo Electric Bordnetze) demonstrated how 1.3 % of cars produced worldwide use Moldovan-made wiring systems, while visits to Ionel, Georgette and Johannes Group highlighted a fashion and textile industry where heritage craftsmanship meets modern export ambition.
 

Innovation, Digitalization and Regional Growth

The week also served as a launchpad for innovation-driven dialogue:

  • International Forum on SMEs & Foreign Markets helped Moldovan entrepreneurs explore cross-border expansion with support from the Enterprise Europe Network.
  • Workshop: AI as a Strategic Enabler provided insights on turning AI and GenAI into enterprise growth drivers.
  • MITP Meetups presented the benefits of Moldova IT Park's 7% flat tax and opportunities to collaborate with its 2,400+ resident tech companies.
  • Health Tech Forum 2025 and Moldova NEXT: Business Services Forum examined the role of AI and digital health solutions in creating globally competitive services.

 
Moldova and the Reconstruction of Ukraine

A key geopolitical dialogue focused on Moldova's role in Ukraine's reconstruction.
The U.S. government's $130 million grant for the Strășeni–Gutinaș high-voltage line, linking Moldova to the European energy grid, was highlighted as a strategic step in regional energy security. European partners also pledged to connect companies and identify reliable partners for reconstruction—creating opportunities for Moldovan businesses in construction, energy, logistics, agriculture and technology.

A Confident Outlook

As MBW 2025 closed, the Government emphasized that these achievements are only the beginning.

“Companies from Moldova can now operate globally and hire talent from anywhere—this is our promise to local businesses, to the Diaspora and to all those who see Moldova's potential. Our focus on education and the special regime for IT has led to a tenfold growth in the sector. We now expect similar success in the business services field, along with opportunities provided by industrialization, the reconstruction of Ukraine, and regional projects,” said Dorin Recean, Prime Minister of Republic of Moldova.

With multi-million-euro investments announced, strategic international partnerships sealed, and sectors from IT to automotive and energy on a growth trajectory, Moldova Business Week 2025 confirmed the country's rising profile as a regional hub for innovation, trade, and sustainable development.

About Invest Moldova Agency
Invest Moldova Agency is the national institution dedicated to promoting investments, exports, and tourism. As the Government's key partner for economic diplomacy and business development, the Agency works with international investors, development partners, and local enterprises to unlock Moldova's growth potential. Its mission is to position Moldova as a competitive destination for investment and trade, while supporting innovation, regional development, and integration into European and global markets.

About Moldova Business Week (MBW)
Moldova Business Week is the country's flagship economic forum and the largest platform for international business dialogue. Organized annually by Invest Moldova Agency, MBW brings together policymakers, investors, development partners, and private sector leaders to explore opportunities in Moldova's fast-growing economy. Each edition serves as a catalyst for partnerships, investments, and reforms, reinforcing Moldova's message to the world: the country is open for business, innovation, and sustainable growth

Special thanks to event's media partners Wall-Street.ro, Modern Buyer, AGERPRES, Times of Dubai, European Pravda, Economedia.ro, WNP, NineO'CLOCK, HVG, Realitatea, Diez, MoldovaOrg, AGORA, Bani.md, InfoMarket, TV8, AgroBiznes, Radio AI Noștri, Ziarul de Gardă, TVR Moldova, BusinessClass, Pavel Zingan, NextTV, ONETV for their valuable support in making Moldova Business Week visible locally and internationally.

Australia – Afghan evacuees feel welcome and safe – survey

Source: AMES

Afghan families who arrived in Australia four years ago this month after being evacuated from of Kabul as it fell to the Taliban are feeling welcome, safe, confident about their futures and part of Australian society, a new survey has found.

Among the things they value about life in Australia are security and safety, career and educational opportunities and health care. And almost 80 per cent say they now feel part of Australian society.

Their biggest issues are the rising cost of living and fear of unemployment. But more than a third have, or plan, to start a business.

In August 2021 as the Taliban seized control of Afghanistan’s capital Kabul, thousands of ‘locally employed or engaged’ Afghans were airlifted out of the city by the Australian Government and allied countries.

Four years later, a survey commissioned by refugee and migrant settlement agency AMES Australia, has tracked how Afghan refugees in Melbourne, Sydney and Adelaide are faring in various aspects of their lives. It canvased 102 people among a cohort of 3000 who arrived in September and October 2021.

Asked whether they felt welcome in Australia, an overwhelming number (97 per cent) said they did feel welcome or did most of the time.

Ninety-three per cent said they found ordinary people welcoming and 83 per cent found government and official institutions welcoming.

Security and safety was cited by 40 per cent of respondents as the ‘best thing about living in Australia’, followed by education (25 per cent) and career opportunities (17 per cent) while 12 per cent cited health care.

Among the worst things cited about life in Australia were ‘missing family and friends’ (56 per cent), ‘language barrier’ (12 per cent) and ‘lack of work’ (8 per cent).

The rising cost of living was the ‘biggest fear’ about life in Australia into the future, identified by 78 per cent of respondents, followed by unemployment (10 per cent) and housing (4 per cent).

Starting a business and getting a job were the main short to medium term goals cited by survey respondents scoring 38 and 18 per cent respectively.

‘Leaving family back in Afghanistan’ was cited as the biggest barrier to getting on with life in Australia (38 per cent), followed by a ‘lack of English language’ (12 per cent) and ‘feeling isolated’ (13 per cent).

Only three percent of those surveyed said they had experienced discrimination of racism. Seventy-eight per cent said they had not and 19 per cent said they had experienced discrimination ‘only sometimes’.

More than a third of people (38 per cent) said life in Australia was as they had expected it to be, while 53 per cent said it was ‘mostly’ as expected.

Most unexpected about life in Australia among the Afghan arrivals were ‘cultural freedoms and permissiveness’ (21 per cent), ‘high cost of living’ (19 per cent), ‘free health care’ (19 per cent), ‘multiculturalism and diversity’ (16 per cent) and the ‘availability of work (11 per cent).

Eight four per cent of respondents were ‘happy with their life in Australia’ and the rest were ‘mostly happy’ while 97 per cent were either ‘happy’ or ‘mostly happy’ with their employment and educational pathways in Australia.

Asked what had been the most important support received since arriving in Australia, 32 per cent cited ‘support with accommodation and necessities on arrival’, 24 per cent said ‘Centrelink benefits’ and 10 per cent said ‘English language lessons’.

Sixty-eight per cent of respondents said they were ‘satisfied with the ongoing support’ they are receiving since arriving in Australia and 22 per cent said they were ‘mostly satisfied’.

Asked whether they intended to stay in Australia or would return to Afghanistan if the situation there improved, 79 per cent said they intended to stay while 10 per cent said they would return and 11 per cent were unsure.

AMES Australia CEO Melinda Collinson said the survey results showed the Afghan evacuees were grateful to be in Australia and intent on building new lives here.

“What comes through in survey is that the Afghans, many of whom were torn from their lives at short notice and in traumatic circumstances, are incredibly resilient and they are intent on rebuilding their lives and on becoming part of Australian society,” Ms Collinson said.

“We can also see that many are entrepreneurial and plan to start businesses,” she said.

Khalid Amiri was a television presenter and journalist in Afghanistan.

He was able to escape Kabul on an evacuation flight with the help of the then Senator and NDIS and government services minister Linda Reynolds.

Khalid, who recently completed a master’s degree in international relations at Melbourne University, said he felt welcome and a part of Australian society.

“The last four years, since the fall of Kabul to the Taliban and my resettlement in Australia, have been transformative. Starting a new life here has given me opportunities I could not have imagined back in Afghanistan. Completing my master’s degree in international relations at the University of Melbourne was not only a personal achievement but also a testament to the power of education and resilience,” he said.

“One of the most meaningful moments for me has been seeing my younger sister, Hussan Bano, attend school in Australia. Had she remained in Afghanistan, she would have been denied this basic right. Her education here symbolizes the hope and future that every Afghan child deserves.

“In Australia, I have also been able to participate in panel discussions, share my story, and enjoy the freedom of speech—something that is silenced under the Taliban. Above all, I have devoted myself to advocating for refugees and for those left behind in Afghanistan, whose struggles remain close to my heart. The love and affection we have received in Australia since day one of our arrival till date has made us feel proud of living in a country that has given us a lot and proud to call it my new home,” Khalid said.

Hamidreza Arfany came with his mother and sisters on an evacuation flight in 2021. He is now 22 and studying pharmacy at RMIT.

Hamid says he and his family feel safe and welcome in Australia.

“My sisters are at school and my dad is working. I work, also selling rugs in Dandenong on weekends,” he said.

“We have everything we need in Dandenong. There are other members of our community living nearby, we can buy the food and other things we are familiar with – and the local council has programs that support us,” he said.

“We feel comfortable because there are many people from many places across the world. We are not different, in Dandenong being form somewhere else in normal,” Hamid said.

“We are very happy and confident about future. I love Australia and I love that my sisters can go to school and study because in Afghanistan, they would not be able to,” Hamid said.

“We feel comfortable because there are many people from many places across the world. We are not different, in Dandenong being form somewhere else in normal,” he said.