Author: MIL-OSI Publisher

Source: GlobalData

Malaysia’s total card payments market is projected to grow at a compound annual growth rate (CAGR) of 7.1% between 2025 and 2029 to reach MYR538 billion ($125.7 billion) in 2029. This is mainly driven by expanding POS terminal infrastructure, growing adoption of contactless payments, rise of digital banks, and government-led financial inclusion programs, according to GlobalData, a leading intelligence and productivity platform.

GlobalData’s Payment Cards Analytics reveals that the total card payments value in Malaysia increased from MYR225.5 billion ($52.7 billion) in 2021 to MYR408.5 billion ($95.4 billion) in 2025. This expansion was underpinned by government’s push for electronic payments—particularly the development of POS infrastructure and policy measures such as interchange fee caps—alongside a rising banked adult population and the availability of low-cost basic banking services.

Koppisetty Pujitha, Senior Banking and Payments Analyst at GlobalData, comments: “Malaysia’s card payments growth is being shaped by a combination of infrastructure build-out and policy support aimed at shifting everyday transactions away from cash. Alongside the expansion in POS terminals, measures such as capped interchange fees and cash transaction limits are improving acceptance economics for merchants and accelerating the long-term transition to electronic payments, even as cash use remains significant in parts of the economy.”

Debit card payments represented 41% of the total card payment market in Malaysia in 2025. Debit cards’ growth is supported by Bank Negara Malaysia (BNM)’s financial inclusion initiatives such as a new policy on Basic Banking Services, which requires all financial service providers to offer low-cost basic savings and current accounts that come with free debit cards. The new policy will be effective from 1April 2026.

Credit and charge cards accounted for 59% of the total card payment transaction value in 2025. Banks are driving the uptake of credit and charge cards via rewards, cashback and instalment features.

Meanwhile, the government’s recent rollout of digital-bank licenses is intensifying competition in Malaysia’s banking sector and accelerating both account and credit card adoption. As of September 2025, the five licensed digital banks had collectively onboarded roughly 1.97 million customers and held deposits totalling MYR 3.1 billion ($724.2 million). Regulatory measures are further reinforcing card adoption.

The rising uptake of contactless payments is also fuelling the growth of card-based transactions nationwide.  In June 2025, TNB Electron, in partnership with CIMB Bank, Visa, and JuiceUP—a provider of electric vehicle (EV) charging solutions in Malaysia—launched contactless payment terminals at key rest-and-service EV charging stations along major highways. This innovation enables EV owners to pay for their charging services using contactless debit or credit cards or use digital wallets such as Apple Pay, Google Pay, or Samsung Pay, with no dedicated EV apps required.

Pujitha concludes: “Malaysia’s total card payments market is expected to see continued growth over the next five years. This momentum will be driven by expanding acceptance networks, rise of contactless payments, growing competitiveness from digital banking, and strong financial inclusion initiatives.”

Notes

Quotes provided by Koppisetty Pujitha, Senior Banking and Payments Analyst at GlobalData
Information is based on GlobalData’s Payment Cards Analytics

About GlobalData

GlobalData operates an intelligence platform that empowers leaders to act decisively in a world of complexity and change. By uniting proprietary data, human expertise, and purpose-built AI into a single, connected platform, we help organizations see what’s coming, move faster, and lead with confidence. Our solutions are used by over 5,000 organizations across the world’s largest industries, delivering tailored intelligence that supports strategic planning, innovation, risk management, and sustainable growth.

Source: deVere Group

March 3 2026 – Investors must prepare now for higher interest rates due to the escalating Iran conflict, warns the CEO of one of the world's largest independent financial advisory organizations.

The warning from deVere Group's Nigel Green comes as oil markets convulse following threats to shipping through the Strait of Hormuz, the passage that carries roughly 20% of the world's crude supply.

An Iranian Revolutionary Guard commander declared that the Strait of Hormuz, the single most critical artery for global crude shipments, has been shut and threatened to ignite any vessel attempting passage, according to reports.

Brent crude has surged above $87 a barrel after jumping more than 9% in a single session, while West Texas Intermediate has climbed past $83, up more than 8%, marking one of the sharpest short-term spikes in over a year.

Nigel Green says: “When oil surges with this magnitude and velocity, inflation doesn't edge up slowly, it gathers force rapidly.

“Energy is embedded in every supply chain. A sustained move toward $90 Brent fundamentally alters the inflation outlook and forces a repricing of interest rate expectations.”

He continues: “Markets had been positioning for lower borrowing costs, but this narrative is now under threat.

“A renewed energy shock of this scale reduces the scope for rate cuts and raises the probability that monetary policy remains restrictive for longer than investors had assumed.”

The deVere CEO explains: “Higher oil prices feed directly into transport, logistics, food production and household energy bills. That pressure shows up quickly in headline inflation and then seeps into core readings through wages and corporate pricing decisions. Central banks are acutely aware of this transmission mechanism.”

If inflation expectations begin to drift upward again, monetary authorities will respond decisively.

As such, investors must prepare for “rates staying elevated well into 2026, and potentially moving higher if inflation proves stubborn.”

On fixed income markets, he says: “Bond yields are already adjusting to reflect reduced confidence in near-term rate cuts.

“Duration risk becomes more pronounced in this environment.”

The US dollar is attracting renewed safe-haven flows. In periods of geopolitical escalation combined with inflation risk, “capital gravitates toward dollar-denominated assets. We're seeing increased demand for Treasury bills and high-quality fixed income as investors seek both yield and security.”

Oil at these levels also compresses corporate margins. Companies facing higher input costs will either absorb the impact or pass it on to consumers.

“Both scenarios have consequences for earnings forecasts and equity valuations,” notes the deVere CEO.

Nigel Green stresses the duration risk of the conflict: “Markets can't assume a rapid resolution.

“Disruption to one of the most critical energy corridors in the world introduces structural risk.

“Portfolio positioning must reflect the possibility that elevated oil prices persist for months, not days.”

On equities, he says: “Investors should reassess exposure to sectors heavily dependent on energy-intensive supply chains. Pricing power, balance sheet strength and cash flow resilience are central metrics.”

He continues: “Selective allocation to energy producers and real assets can provide a counterbalance when input costs rise. Commodity-linked exposure has historically performed strongly during inflationary supply shocks.”

Nigel Green addresses complacency directly: “This is not a typical volatility episode driven by sentiment alone.

“This is a supply-side shock with tangible macroeconomic consequences. Monetary policy flexibility will narrow as inflation pressure builds.”

Europe and parts of Asia remain highly exposed to imported energy costs. A sustained oil rally will strain growth while complicating inflation control. “Divergent policy responses could intensify currency volatility,” the CEO adds.

Nigel Green concludes: “To safeguard wealth, investors must act decisively. Stress-test portfolios against higher inflation assumptions.

“Those who review and maybe reposition now will be better equipped to protect and grow wealth in what's potentially shaping up to be a higher-for-longer rate environment.”

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.

Source: Equinor

04 MARCH 2026 – Equinor has completed the investigation of a well control incident on the “Deepsea Bollsta” drilling rig on 23 September 2025. The incident is classified in the company's highest category of severity.

The incident occurred in connection with plugging a well on the Troll field, while cutting a 13-3/8″ casing at a depth of about 510 metres. A leak of gas and fluid spread to the drill floor and the shaker room , where rocks and cuttings are removed from the drilling fluid before the fluid is returned to the well.

One person had trouble evacuating from the room due to the differential pressure that occurred. This person suffered minor injuries and received first aid treatment aboard after using force to get out. The gas and fluid column from the leak also damaged the ventilation system in the ceiling of the room.

“We're taking the well control incident that led to a gas emission on Deepsea Bollsta very seriously. There were considerable forces at play and gas came aboard. This was a dramatic event for those who were at work. At the same time, all safety barriers functioned as intended and the crew handled the situation well, thus preventing any escalation,” says Rune Nedregaard, Equinor's Senior Vice President for Drilling and Well.

Automatic gas detection triggered the rig's safety systems and potential ignition sources were disconnected. The crew on Deepsea Bollsta activated the rig's blow-out preventer (BOP) and diverter system in line with relevant procedures. The diverter system routed gas, fluid and pressure from the well away from the rig before the blow-out preventer closed.

The blow-out preventer closed after 71 seconds, thus stopping the flow of gas. The situation was normalised in 30 minutes. Equinor has initiated multiple measures following the incident. A new requirement was immediately implemented to close the BOP in the event of shallow cuts and pulling the casing, regardless of activation time.

The investigation's calculations show that about 930 kilos of gas leaked out in a short period of time. Based on the size, this is classified as a red 1 incident, the most serious category in Equinor's management system. There was combustible gas on the drill floor and in the shaker room for a brief period of time, but potential ignition sources were disconnected. The investigation has determined that the circumstances would have to be different for the gas to ignite.

The cause of the incident was that the BOP was in the open position when the casing was cut, while at the same time, confined gas was present behind the casing. The annulus behind the casing was logged before the cutting, but the equipment was not calibrated correctly. This meant that the gas was not identified in advance. The incident did not have the potential for an uncontrolled blowout. The gas was from a limited volume confined behind the casing, and was not in contact with the reservoir. The barriers against the reservoir were intact.

“We've received a thorough investigation report that will form the basis for lessons learned. Among other things, the investigation points to technical factors that can prevent such incidents. Several measures were initiated immediately following the incident. Equinor will share the investigation findings and implemented measures with our suppliers. The Norwegian Ocean Industry Authority's investigation will also be important for Equinor's follow-up moving forward,” Nedregaard says.

Source: KOF Economic Institute

Switzerland still has strong innovation centres and globally competitive sectors. However, signs of fatigue and fragmentation are visible. This is shown by a new study conducted by FHNW, the KOF Institute, EPFL and the University of St. Gallen. It examines how Swiss innova-tion models are changing and where they are stagnating. Politics and business must respond in order to enable a new wave of transformative innovations that create new companies, indus-tries and markets.

– Companies in Switzerland are innovating, but often in small steps.
– In key areas like digitalisation, sustainability and transformative innovation, Switzerland risks losing momentum.
– Increasing regulation, dynamic competition, and growing uncertainty in sales markets are presenting companies with new challenges.

The study examines how a selection of companies in the six innovation intensive sectors chemicals, pharmaceuticals & biotech, ICT, medtech, metals/electronics/machines (MEM), food & beverages and finance is developing new products, services and business processes, and which obstacles slow down or block their innovations.

Strong sectors, weak transformative momentum

The study finds pronounced sectoral differences in innovation inputs, outputs and the use of public support: many manufacturing companies (e.g. in pharma, medtech, MEM, ICT hardware) innovate and introduce radical innovations based on intensive research and development (R&D), closely aligned with the existing innovation policy focus on science industry collaboration and entrepreneur-ship. Parts of the services economy (e.g., banking, insurance) and manufacturing (food & beverages) use different innovation models, without R&D and collaboration with academia or support from Swiss innovation policy.

Across sectors, non innovative firms differ from innovative ones in their perception of a relatively sta-ble technological and market environment and less openness to innovation on the customer side, which lowers the expected benefits of innovation and thus the willingness to invest. This assessment is a warning signal that an increasing number of firms are discontinuing their innovation activities because they no longer see sufficient returns.

Digitalisation and sustainability: challenges for SMEs

Digitalisation has clear leaders and laggards: Large companies are far more proactive than small and mid-sized companies and pursue multiple digitalisation objectives. However, they struggle with data access and skilled personnel. Many very small firms with fewer than 10 employees are largely discon-nected from digital innovation. Medium sized firms sit in between. The message for the Swiss econo-my is clear: without targeted measures, parts of the SME landscape risk not benefitting fully from the digital transformation and losing competitiveness.

Although the significance of sustainability innovations varies between sectors, incremental, that is stepwise, improvements dominate across the board. Fundamental redesigns (of products and processes), and truly transformative sustainability innovations remain the exception. High costs, regulato-ry hurdles, market failure and missing data or capabilities make radical changes unattractive, particu-larly for SMEs and non R&D innovators. This incremental approach with sustainability innovations slows down the pace of the transition to a more sustainable Swiss economy.

Regulatory oversight slows down radical innovation

Regulation emerges as a double edged sword. Although it can give direction and stability, many companies report that rising regulatory complexity, frequent changes and legal uncertainty increase costs. In part, this delays projects and discourages radical innovation in sectors such as medtech, finance and pharma/chemicals. This increases the risk that Switzerland's dense regulatory environ-ment favours safe, incremental changes over bold, disruptive innovation.

Implications for the Swiss economy and possible measures

Overall, the companies surveyed and interviewed give Swiss innovation policy a positive rating – but also deliver a clear warning that the framework conditions need updating to keep pace with economic structural change. Transformative innovations are still rare, even though they are often vital for long-term productivity growth and the transition towards a more digital and sustainable economy. On this basis, discussions with companies have identified shortcomings in current innovation policy and developed proposals for economic policy adjustments. This results in nine possible measures that could make the Swiss research and innovation system more enabling and support radical, digital and sustainable innovation:

1. sector specific regulatory “sandboxes” (controlled tests with reduced regulations),
2. further harmonisation of regulations (between cantons and between Switzerland and other countries),
3. improving the framework conditions for start up funding in all stages,
4. targeted support for transformative and sustainable innovation,
5. operational improvements in promoting innovation,
6. better matching of collaboration partners through research information systems and collabora-tion brokers,
7. an extension of funding for certain institutions of national importance (technology compe-tence centres) in the field of research and innovation in accordance with Article 15 of the Federal Act on the Promotion of Research and Innovation RIPA,
8. a national data strategy and
9. a fast track procedure for work permits for highly qualified professionals.

The study was commissioned by the State Secretariat for Education, Research and Innovation (SE-RI) and co-financed by Innosuisse and six industry associations (Swiss Medtech, Interpharma, Swico, Swiss Bankers Association, Swiss Fintech Innovations and Swiss Insurance Association).

Source: deVere Group

March 2 2026 – Oil prices surging due to the Iran strikes risks reigniting global inflation, warns the CEO of global financial advisory giant deVere Group.

The stark warning from Nigel Green follows oil's sharp rally as escalating US military action against Iran has injected fresh volatility into global markets, with Brent crude briefly pushing above $82 a barrel in Asian trading before settling near $78, up roughly 7% on the session.

He says: “Investors are now confronting a renewed inflation threat at a moment when price growth in major economies remains above or only just approaching central bank targets.

“When Brent jumps at this speed, inflation arithmetic changes quickly across developed economies.”

The Bank of England estimates that a 10% increase in the price of Brent crude typically adds around 0.2 to 0.3 percentage points to UK inflation.

The deVere CEO argues the significance of that multiplier is being underestimated.

“A sustained move of this magnitude would materially lift headline CPI in the UK.

“Policymakers who believed inflation was moving steadily back toward target would face renewed pressure.”

UK inflation recently stood above the Bank's 2% objective, with services inflation proving persistent. An additional energy impulse would risk embedding higher expectations among households and businesses.

He extends the warning to the United States.

“US inflation remains sensitive to fuel costs. Gas prices feed directly into consumer sentiment and inflation expectations. If crude pushes toward $90 or $100, the pass-through into CPI becomes unavoidable.”

The Federal Reserve targets 2% inflation and has spent several years combating post-pandemic price acceleration, but energy shocks complicate that effort.

“Even if core measures exclude food and fuel, sustained oil increases tend to bleed into transportation, logistics, manufacturing input costs and ultimately consumer prices.

“Oil does not operate in isolation. Higher freight costs, higher airline fuel bills, higher distribution expenses. Corporate margins tighten or prices rise. Often both.”

In the euro area, recent moderation in headline inflation has been partly supported by softer energy costs.

A reversal would challenge the European Central Bank's (ECB) easing assumptions.

“Europe is structurally more exposed to imported energy volatility. Any disruption to Middle Eastern supply routes tightens the supply-demand balance and amplifies price swings. Inflation progress across the bloc could stall.”

Australia faces similar sensitivity. With inflation running above the Reserve Bank of Australia's 2-3% target band, additional energy pressure risks delaying policy relief.

“Australian households are already managing elevated living costs. Fuel and transport are highly visible expenses. A prolonged crude rally would filter quickly into domestic inflation data,” notes Nigel Green.

Beyond direct CPI mechanics, the deVere chief executive also stresses the behavioral dimension.

“If businesses anticipate persistent input cost increases, pricing decisions adjust pre-emptively. If workers expect higher living costs, wage demands strengthen.”

Geopolitical escalation heightens the probability of supply disruption in the Strait of Hormuz, a corridor that handles roughly a fifth of globally traded crude. Even without physical blockage, risk premiums expand when military tensions intensify.

“History teaches us that markets price risk before barrels disappear.

“Insurance costs rise, shipping routes shift, futures curves steepen. Volatility alone can sustain higher benchmark prices.”

Energy-driven inflation also narrows central bank flexibility.

“Rate-cut expectations would weaken under sustained oil pressure,” says Nigel Green.

“Central banks can't overlook an externally generated price surge. Policy would remain tighter for longer, weighing on growth.”

Financial markets, in his view, are beginning to incorporate that scenario.

“Equities can absorb temporary spikes,” he says. “Extended conflict changes the calculus. Earnings forecasts assume stable input costs. If crude remains elevated, revisions will follow.”

The deVere CEO concludes: “If oil keeps climbing, inflation will climb with it, and central banks are forced back onto the defensive.”

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.

Source: Times Higher Education (THE) and the Association of Commonwealth Universities (ACU)

Times Higher Education (THE) and the Association of Commonwealth Universities (ACU) have announced a strategic partnership aimed at supporting higher education institutions across the Commonwealth through trusted data, insight, and collaboration.

The partnership brings together THE’s global data and higher education solutions with ACU’s extensive Commonwealth network to support universities in making data-informed strategic decisions that drive institutional growth, strengthening visibility and engaging more effectively within global higher education networks.

The collaboration reflects a shared commitment to supporting universities through long-term partnerships built on trust, insight, and practical engagement.

Through this partnership, THE reinforces its role as a trusted, long-term partner to universities across the Commonwealth, drawing on extensive proprietary datasets and global institutional insight. ACU continues to build value for its members by connecting institutions, leadership communities, and policy conversations across regions and contexts.

The collaboration will focus on three key areas:

• Data and insight for institutional growth, supporting universities through benchmarking, performance analysis, and data-driven insight to inform planning and development.

• Network, visibility, and partnerships, connecting ACU members to global peer networks, leadership forums, and opportunities to develop strategic regional and international partnerships.

• Sustainability and impact, supporting universities in understanding, measuring, and strengthening their sustainability performance and impact, including alignment with global priorities such as the United Nations Sustainable Development Goals.

Designed as a long-term collaboration, the partnership will be delivered through a series of joint activities and engagement across 2026 and 2027.

Professor Colin Riordan, ACU Secretary General and Chief Executive commented: “Collaboration is at the heart of the ACU’s mission, and I am delighted to partner with Times Higher Education for the benefit of our members across the Commonwealth. THE’s global data and higher education solutions align seamlessly with our strategic goals of strengthening Commonwealth universities, supporting sustainable development, and connecting engaged leaders. Together, our combined global convening power will enable deeper engagement with our members, and I look forward to the many fruitful conversations this partnership will inspire.”

Phil Baty, THE Chief Global Affairs and Chief Operating Officer said:“Times Higher Education’s trusted, global performance data already demonstrates the extraordinary diversity of excellence found in universities across the wonderful diversity of nations that make up the Commonwealth – especially their deep and rich economic and social impact. We are delighted that this partnership will open up a deeper and richer seam of data to further boost this uniquely diverse impact and help universities across the Commonwealth to continue to lead the way on tackling some of the world’s most pressing grand challenges.”

About THE

THE is the trusted global data partner for higher education. Drawing on five decades of expertise in the sector, millions of individual data points and with more unique institutions participating in our flagship university rankings than any other, we offer deeper and richer insight into university performance than anyone else. From powerful data-driven insights and strategic consultancy support to agenda-setting events, student recruitment and hiring solutions, our products and services enable everyone in higher education to make smarter, more informed decisions. For more information, visit https://www.timeshighereducation.com/

About ACU

The Association of Commonwealth Universities (ACU) is a global network of more than 400 universities in over 40 countries with a shared commitment to working together to build a more equitable and sustainable world. Accredited by the Commonwealth and incorporated by Royal Charter, the ACU has been fostering international collaboration in higher education since 1913. As the voice for higher education in the Commonwealth, the ACU supports its members, individuals, and partners to collaborate and advance their contribution to sustainable development. For more information visit www.acu.ac.uk.

Source: University of Sydney – UoS

Honeybees collecting nectar from a ‘buffet’ of Australian native plants made honey with anti-microbial abilities that is more potent than ‘single origin’ honey made from only one source of plant or flower, a University of Sydney-led study has found.

The findings could help develop new treatments for drug-resistant infections while supporting bushfire recovery and sustainable beekeeping practices across Australia.  They also place native Australian honey as a strong competitor on the global landscape.

The World Health Organisation has declared antimicrobial resistance one of the top 10 global public health threats facing humanity, driving interest in the medicinal value and potent antimicrobial activity of honey. Reports of critical antibiotic resistance in Australia increased by more than 25 per cent in 2024.

The study was 5 years in the making. The researchers analysed the antimicrobial activity and chemical composition of 56 honey samples collected at more than 35 apiaries, including areas recovering from the devastating 2020 bushfires in New South Wales and Victoria. It was reported that a total of 9,809 hives were reported by industry as being completely burnt and 88,094 hives had forager bees killed by the fires.

The research, published in Microbiology Open, found more than three-quarters of honey samples made native plants such Eucalyptus could kill dangerous bacteria, even when the honey was diluted to 10 percent or less.

The study found that honey made from mixed floral sources had a superior performance against bacteria, with high levels of bioactive compounds such as hydrogen peroxide, phenolics, and antioxidants compared to honey from one source.

The study tested the honeys against Escherichia coli and Staphylococcus aureus (known as golden staph), two bacteria that are among the six leading pathogens for deaths associated with antibiotic resistance. Golden Staph is a common cause of skin infections. Some types of E. coli and Staph aureus bacteria have developed resistance to our existing antibiotic drugs, becoming superbugs. That makes infections very hard to treat, and means new approaches are essential.

Eucalyptus species were the most common nectar source for the harvested honey, followed by tea trees (Leptospermum) and paperbark (Melaleuca).

The findings showed how the antimicrobial potency of honey is influenced by its floral source, and how Australia’s native flora gives it a chemically distinct nectar. The results show how restoration of local biodiversity and healthy bee populations can boost honey’s healing power.  

“Our study shows that the antibacterial properties of honey are closely tied to ecological richness,” says lead researcher Dr Kenya Fernandes.

“Each nectar has its own unique chemical signature. When bees can forage on a smorgasboard of native plants, the mix combines to create honey chemically rich in bioactive compounds that are effective against bacteria.

“Locally produced Australian honey has real potential to compete on the world stage and in our fight against antibiotic resistance. This work shows why investing in bee health and bushfire recovery matters – not just environmentally, but medically and economically.

Honey is particularly promising because bacteria struggle to develop resistance to it. Its antimicrobial activity comes from multiple chemical mechanisms acting at once rather than a single drug target.

“Bees are crucial pollinators and play an invaluable role in our agricultural industry. We need to support local beekeepers as the industry is immensely struggling with bushfires, floods, and now the varroa mite,” says the research’s co-author Professor Dee Carter.

“As the Australian honey industry rebuilds from recent bushfire impacts, these insights suggest that prioritising ecosystem diversity could unlock enhanced honey bioactivity.”

The team is now investigating how honey can be used to treat fungal skin infections in both companion animals and humans,  manage chronic urinary tract infections and heal burn wound infections.  

Dr Fernandes is an Australian Research Council DECRA Fellow in the School of Life and Environmental Sciences at the University of Sydney. She is also a member of the Sydney Infectious Diseases Institute and the Centre for Drug Discovery Innovation.

Read the research here (when off embargo):  https://doi.org/10.1002/mbo3.70238

Declaration: This work was supported by the New South Wales Bushfire Industry Recovery Package Sector Development Grant. The researchers extend their sincere gratitude to the beekeepers who provided samples for this study.

Source: Equinor

02 MARCH 2026 – Equinor and its partners have made a commercial oil discovery in the Snorre area in the North Sea. The partnership has already planned for a rapid and cost‑effective development.

The well, drilled by the Deepsea Atlantic rig, has confirmed hydrocarbons. Preliminary volume estimate is between 25 and 89 million barrels of recoverable oil equivalents (4–14.2 million standard cubic metres).

“The new discovery will be tied back quickly to existing subsea facilities and produced through the Snorre A platform. Near field exploration is important for extending the lifetime of fields already in operation. Since most of the infrastructure has already been paid off, these are competitive barrels,” says Erik Gustav Kirkemo, senior vice president for the Southern Area in Exploration & Production Norway.

Omega South is a pilot for a new, faster and more cost-efficient approach to developing subsea fields, showing the way for how the Norwegian continental shelf will evolve in the years to come.

“What is new is that we are now planning the field development prior to discovery. This makes it possible to bring new discoveries into production in just two to three years. The exploration well was drilled through a foundation. The partnership plans to reuse both this foundation and parts of the exploration well in the field development, which reduces costs and enables a faster start‑up,” says Trond Bokn, senior vice president for Project Development at Equinor.

Norwegian oil and gas are crucial for European energy security. Norway supplies 20 percent of Europe’s oil demand and 30 percent of its gas demand, but production from existing fields is declining. It is therefore important to increase exploration activity and accelerate the development of new discoveries that can be tied back to existing fields.

“Equinor’s ambition is to maintain approximately the same production level in 2035 as in 2020. This corresponds to around 1.2 million barrels of oil and gas per day from the Norwegian continental shelf. About 70 percent of this will come from new wells and developments, and we plan to drill 250 exploration wells, most of them near existing fields,” says Kirkemo.

The Snorre field has been producing since 1992 and has continued to receive new volumes, most recently with the start‑up of the Snorre Expansion Project in 2020. This subsea development added 200 million barrels and extended the field’s lifetime beyond 2040. The new Omega South discovery can now be tied into this infrastructure, which also helps reduce the total development cost.

“This is fully aligned with Equinor’s strategy to optimise the oil and gas portfolio, ensure high value creation, and contribute to a responsible energy transition. By using existing infrastructure, both costs and environmental footprint are reduced, while the resources on the Norwegian shelf are utilised efficiently,” Bokn says.

Facts

The discovery was made in PL 057 in the Snorre area, in exploration well 34/4‑19 S in the Omega South Alpha prospect. The well is located 1.6 kilometres east of the Snorre field.
Partnership: Equinor Energy AS 31% (operator), Petoro AS 30%, Harbour Energy Norge AS 24.5%, INPEX Idemitsu Norge AS 9.6%, Vår Energi ASA 4.9%.
Water depth: 381 metres.
The discovery is located approximately five kilometres from existing subsea facilities.

Source: Browning Environmental

• Despite being the most exposed to climate change, Small Island Developing States (SIDS) receive a vanishingly small share of global climate funding.
• A new report reveals that for many philanthropies, NGOs and development finance institutions, funding SIDS is considered a high-risk undertaking. 
• Exploring new data and analysis, the report calls on funders to stop funding isolated short-term projects that do not establish long-term resilience.
• As global attention turns to Pacific Islands ahead of pre-COP31 and with SIDS pushing for recognition of their “special circumstances” under international law, the report highlights an urgent opportunity to fix climate finance systems that are failing them.

2nd March 2026, London – Small Island Developing States (SIDS) are being systematically locked out of climate finance – not because they don’t need it, but because the global financing system deems them too small, too fragmented and too risky to fund.

A new report Financing SIDS' blue development: An assessment of regional delivery frameworks launched today by Back to Blue – a global ocean research initiative from Economist Impact and The Nippon Foundation – reveals that many financiers see SIDS as unattractive funding propositions and sets out practical pathways to change this.

Despite contributing less than 1% of global greenhouse gas emissions, SIDS across the Caribbean, Pacific, Indian Oceans face the most severe and immediate impacts of climate change, receiving just a fraction of the climate finance they need, estimated to be approximately$12 billion annually.

The report – drawing on interviews with SIDS representatives, global funders and examining two regionally led initiatives, theOrganisation of Eastern Caribbean States (OECS) 30×30 Transformation Programme and Unlocking Blue Pacific Prosperity (UBPP) – finds that fragmented governance, small project sizes, and limited institutional capacity make returns appear low and risks high, leaving SIDS underfunded and vulnerable.

Safiya Sawney, Grenada's ambassador said: “SIDS and funders can't keep operating in silos. Only through joint action from both can these nations build truly resilient blue economies. If we align better, and develop solutions tailored to small islands' needs, we can create a much more effective system for financing and implementation, breaking the cycle that keeps SIDS incredibly vulnerable to the onslaught of climate change.”

Tourism contributes an average of 30% to the GDP of SIDS, making it the largest economic sector in many of the SIDS countries. When climate shocks hit, the damage goes far beyond roads, ports and ecosystems – it drives debt, inflation and prolonged periods of recovery. Between 2000 and 2022 the average economic losses attributable to climate-related disasters in SIDS totalled at $1.7 billion per year, or $41.3 billion in total.

Lemalu Karena Lyons, Director of Partnerships at Pacific Islands Development Program said: “We need to fundamentally rethink how we finance SIDS. Each funding shortfall compounds the next climate shock, leaving SIDS ever more exposed, indebted and unable to break free from a cycle of escalating vulnerability. New, regional approaches that centre local priorities could provide a new solution”

The report analyses two regional initiatives, to assess whether these approaches offer a solution. The OECS 30×30 is a data-driven marine conservation plan that could attract up to $300 million in funding for Caribbean islands. UBPP is a regenerative financing framework in the Pacific, enabling its islands to sustainably manage 100% of their blue economies, potentially raising SIDS $500 million. They both spotlight that current funding systems are failing SIDS, preventing them from building lasting resilience.

Experts from Back to Blue argue that the cycle can be broken if funders coordinate investment, share data and build on existing progress and if SIDS governments provide enabling policies. Climate shocks are becoming increasingly frequent and unpredictable, making it critical not only to scale up funding but also to ensure it is deployed effectively.

The findings echo growing political momentum among SIDS. In September 2025, the Alliance of Small Island States (AOSIS) issued a Leaders’ Declaration calling for the recognition of SIDS’ “special circumstances” to be established as a core principle of international law. This could unlock simplified, customised financing pathways for SIDS, allow them to meaningfully participate in and consent to international legal decisions that affect them.

Peter Thompson, UN Special Ocean Envoy said: “I believe that Small Island Developing States should be first in line for climate finance. They’re on the frontlines of a global crisis they have not caused, but their size and vulnerability militates against them receiving adaptation finance at the speed and scale required for their security. Until the system radically improves, SIDS will remain dangerously exposed.”

The report calls on funders and SIDS governments to work collaboratively, acting decisively – ahead of pre COP31 which is due to be held in one of the Pacific Islands – to begin reforming financing systems, embracing regional approaches to secure SIDS the investment to build long-term, climate-resilient blue economies.

About the report

Funding SIDS' Blue Development: An Assessment of Regional Delivery Frameworks is a new analysis based on more than 50 interviews with SIDS leaders and financiers.

About Back to Blue

Back to Blue is an initiative by Economist Impact and The Nippon Foundation that tackles ocean challenges with evidence-based solutions. Addressing gaps in understanding plastic and chemical pollution and ocean acidification, it aims to drive progress in ocean health.

About Economist Impact

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Source: Médecins sans Frontières/Doctors Without Borders (MSF)

Amsterdam–Hassakeh, 2 March 2026 – Médecins sans Frontières/Doctors Without Borders (MSF) is concerned by the abrupt and uncoordinated way in which Al Hol detention camp was closed by the Syrian government. The sudden closure of the camp on 22 February, and the chaos that preceded it, exposed thousands of people — including children and individuals with chronic medical conditions — to increased protection risks and reduced access to healthcare.

At its peak in 2019, more than 76,000 people were detained at Al Hol, the majority of whom were women and children. The camp was divided, with Syrian and Iraqi nationals held in one area and nationals of other countries detained in a segregated section. By January 2026, the population had reportedly fallen to around 23,000 following multiple repatriation trips, particularly to Iraq. When control of the camp shifted from the Syrian Democratic Forces to the Government of Syria, the camp population sharply declined amid a period of transition and insecurity, including reports of people escaping and being smuggled out. In the week leading up to the closure, remaining residents were relocated to Aq Burhan camp in Akhtarin, northern Aleppo, while some families returned directly to their areas of origin.

“We spoke to families and individuals, some of whom had been waiting for more than fourteen hours to leave, while others were still trying to arrange for their belongings to be collected,” said Barbara Hessel, Head of MSF programmes in northeast Syria. “The lack of clarity around the process created anxiety, while at the same time everyone I spoke to was looking towards a more hopeful future.”

Gaps in healthcare, protection and assistance have been reported in Aq Burhan camp. MSF is particularly concerned that women and children face heightened risks of violence, exploitation, and further displacement following this haphazard relocation process.

As people left Al Hol, emotions were mixed. “Some were relieved, some were confused, and some were angry they were going to another camp instead of home — but almost everyone was carrying years of exhaustion,” Hessel continued. One resident told MSF that he hoped the new camp would at least have trees and some green space, as Al Hol had felt like “a dead place”.

“After seven years in Al Hol, many people did not ask where they were going next — they were simply grateful to be leaving,” Hessel added.

Throughout the transition period, access to healthcare for people in the camp was severely compromised. Many humanitarian organisations were forced to suspend activities due to insecurity and shifting control of the area.

Despite these challenges, MSF remained one of the few organisations providing healthcare and access to clean water in the camp until the final day of closure. MSF teams continued operating a water treatment plant supplying drinking water to both the main camp and the annex. Primary healthcare services were maintained as long as possible, and continuity of care was prioritised for people with noncommunicable diseases. Patients already enrolled in MSF treatment programmes received extended supplies of medication, while newly presenting patients were also provided with initial supplies to help prevent treatment interruption.

“When we gave patients with chronic diseases a three-month supply of medication, you could see immediate relief — especially among those who were not previously enrolled in our programmes,” said one MSF staff member.

Nevertheless, many patients could not be reached. Prior to the Syrian government takeover, MSF estimated that 347 people were enrolled in its noncommunicable disease cohort alone, many of whom were lost to follow-up during the chaotic transition.

During its years of presence in Al Hol, MSF directly witnessed and documented neglect and violence imposed on the camp’s residents. People, including children, were consistently treated as a security threat rather than as individuals with rights and needs. For some, their time in the camp involved a history of coercion, exploitation, and abuse, reflecting a far more complex reality than is often acknowledged.

“For seven years, the international community has participated in and maintained a system of indefinite confinement in the desert of northeast Syria, justified in the name of security,” said Stephen MacKay, Operations Manager responsible for MSF programmes in Syria. “The sudden closure of the camp, without a clear, rights based plan for residents’ future, underlines the arbitrary nature of both their prolonged detention and their release. It also underscores the sustained failure over the past seven years to meet their basic humanitarian needs or to resolve their legal limbo.”

MSF calls on Syrian authorities and international actors to ensure uninterrupted access to essential healthcare for all people relocated from Al Hol camp, including continuity of care for noncommunicable diseases. MSF also urges the authorities to uphold their commitment to provide legal documentation for Syrian nationals, enabling people to rebuild their lives.

MSF is concerned about the fate of the foreign nationals who previously resided in Al Hol, many of whom had been treated by MSF medical teams. The organisation calls on all concerned governments, including Australia, to take responsibility for their citizens, to strengthen protection measures, particularly for women and children, to safeguard them from violence, exploitation, and abuse, and to facilitate their voluntary repatriation.

MSF is an international, medical, humanitarian organisation that delivers medical care to people in need, regardless of their origin, religion, or political affiliation.  MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. Every year more than 120 Australians and New Zealanders go on assignment with Médecins Sans Frontières  working as: doctors, midwives, psychologists, laboratory technicians, human resource/finance coordinators, pharmacists, mental health specialists and logisticians. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au