Syria – After years of detention former Al Hol residents face uncertain future – MSF

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  

US-Israel Attacks – Oil shock threat looms as US strikes Iran – deVere Group

Source: deVere Group

 

February 28 2026 – Global markets are heading into a high-risk open on Monday after US President Donald Trump confirmed that American forces have begun major combat operations against Iran, dramatically escalating tensions across one of the world's most systemically important energy corridors.

 

Brent crude closed the week near seven-month highs around $73 per barrel after climbing roughly 16% since the start of the year. Energy traders are now modelling significantly wider ranges for next week, with several scenarios pointing toward $80 oil if supply flows face disruption or credible threat. 

 

Roughly 20% of globally traded crude and a similar proportion of liquefied natural gas passes through the Strait of Hormuz each day, equating to around 13 million barrels of oil moving through the channel daily.

 

Nigel Green, founder and chief executive of deVere Group, one of the world's largest independent financial advisory organizations, says the scale of risk embedded in that geography will dominate asset pricing.

 

“Energy markets are entering a repricing phase driven by operational risk rather than speculation. 

 

“When close to one fifth of global crude flows transit a single maritime corridor, even a marginal probability of disruption demands a higher structural risk premium. 

 

“Oil doesn't need to be physically halted for prices to move sharply. Insurance costs, shipping reroutes and precautionary stockpiling alone can tighten supply expectations.”

 

Spare production capacity globally remains limited. OPEC spare capacity is concentrated in a handful of Gulf producers, while commercial inventories across OECD economies sit below long-term averages.

 

 A sustained disruption of even 1 million barrels per day would represent roughly 1% of global supply, enough to shift balances in a market already priced for moderate growth in demand.

 

The deVere CEO explains that investors must prepare for rapid cross-asset transmission.

 

“Equities, bonds, currencies and commodities will adjust simultaneously. 

 

A $10 to $15 move higher in crude would place renewed upward pressure on headline inflation across the US, Europe and Asia. 

 

“Central banks that were expected to consider rate reductions later this year will face a more complicated calculus if energy feeds back into consumer prices and inflation expectations.”

 

US Treasury yields have already shown sensitivity to geopolitical risk, with safe-haven flows compressing longer-dated yields in recent sessions. Gold has strengthened as investors hedge against tail risk. 

 

The US dollar and Japanese yen are attracting defensive allocations, while high-beta emerging market currencies are likely to face renewed selling pressure if volatility accelerates.

 

Nigel Green adds: “Markets will focus on duration and containment. A short, tightly defined military campaign would likely trigger a spike in oil and a brief risk-off move in equities, followed by stabilisation once shipping routes are confirmed secure. 

 

“A multi-week conflict that raises credible threat to Hormuz would amplify volatility and sustain higher energy prices into the second quarter.”

 

Asian economies face particular exposure. Countries such as India, South Korea and Japan rely heavily on Gulf energy flows. India alone sources close to half of its crude imports via the Strait of Hormuz. Higher oil prices would widen current account deficits, pressure local currencies and complicate monetary policy across the region.

 

“Energy importers in Asia will feel immediate stress if crude holds above $80,” Nigel Green says. 

 

“Currency weakness combined with elevated fuel costs tightens financial conditions without a single rate move. 

 

“Equity markets in those economies, particularly in transport, manufacturing and high-beta sectors, are vulnerable to swift repricing.”

 

Corporate earnings expectations could also shift. Airlines, logistics providers and industrial manufacturers are especially sensitive to sustained fuel cost increases. Input cost inflation would compress margins unless companies successfully pass through higher prices to consumers.

 

Nigel Green concludes: “Next week opens with markets confronting hard geopolitical risk layered onto an already fragile macro environment. 

 

Oil, shipping insurance rates, sovereign bond yields and volatility indices will provide the earliest signals of direction. 

 

“Investors should expect sharp intraday swings, elevated cross-asset correlations and a decisive test of risk appetite. 

 

“Clarity on the trajectory of the conflict will determine whether this remains a contained energy premium or evolves into a broader inflationary and growth challenge for the global economy.”

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.

US-Israel Attacks – response to the United States joining Israel’s military strikes against Iran

Source: Democracy for the Arab World Now (DAWN)

In response to the United States joining Israel's military strikes against Iran, DAWN issues the following statement:

“By joining Israel's attack on Iran, Trump has dragged the United States into an illegal war of aggression without congressional approval, in flagrant violation of the Constitution,” said Raed Jarrar, Advocacy Director at DAWN. “This is not America's war, and the American people did not authorize it. Trump must immediately cease U.S. military involvement, withdraw U.S. forces from the region, and submit to congressional oversight before this war spirals beyond anyone's control. Congress must immediately invoke its constitutional authority to end U.S. participation in this war and make clear that the United States is not Israel's military wing.”

“Iranians today are trapped between two forms of violence. They continue to suffer under a government that has shown it is willing to use lethal force against its own people, as seen in January, while now facing the threat of external military action,” said Omid Memarian, Iranian human rights expert and senior fellow at DAWN. “The Iranian authorities have failed in their most basic obligation under international law: to protect their population both from state repression and from policies that expose the country to armed conflict.”

“At this point, asking how to end U.S. complicity in Israel's illegal military campaigns is no longer relevant—the country has officially gone from client state to regional proxy, which means that Israeli crimes are indistinguishable from American crimes,” said Michael Schaeffer Omer-Man, Israel-Palestine Director at DAWN. “Every country in the world needs to make clear that military intervention without the clear authorization of the U.N. Security Council is illegal and demand an immediate de-escalation.”

Swiss Economy – KOF Economic Barometer: Reinforced positive outlook

Source: KOF Economic Institute

The KOF Economic Barometer increases in February. After slightly decreasing in January, it now continues its upward movements of the previous months and remains above its medium-term average. The positive outlook for the Swiss economy is reinforced.

In February, the KOF Economic Barometer rises by 0.9 points to a level of 104.2 (after revised 103.3 in the previous month). The positive developments are reflected in the demand side indicator bundles which are included in the Barometer. Both the indicator bundles for consumption as well as for foreign demand show a favourable outlook. The developments among the production side indicator bundles are mixed. In particular, the indicator bundle for manufacturing is experiencing a setback.

Within the producing industry (manufacturing and construction), the sub-indicators for stockpiling of intermediate goods as well as for the general business situation are particularly under pressure. These negative developments are, inter alia, cushioned by a more favourable outlook for the sub-indicators for employment prospects and for exports.

The majority of the sub-indicators within manufacturing show dampened developments. Particularly the sub-indicators for the metal industry and for paper and printing products are experiencing a setback. A more favourable outlook is exhibited by the sub-indicators for the electrical industry as well as for the textile industry.

Philippines card payments to reach nearly $127 billion in 2029, forecasts GlobalData

Source: GlobalData

The Philippines’ card payments market is forecast to register a compound annual growth rate (CAGR) of 15.1% between 2025 and 2029 to reach PHP7.3 trillion ($126.9 billion), supported by the gradual shift away from cash, expanding e-commerce use cases, and sustained efforts by the government and the Bangko Sentral ng Pilipinas (BSP) to strengthen financial inclusion, according to GlobalData, a leading intelligence and productivity platform.

GlobalData’s Payment Cards Analytics reveals that the total card payment value in the Philippines is expected to grow by 18.8% in 2025 to reach PHP4.2 trillion ($72.2 billion), reflecting continuous growth in card usage driven by government-led promotion of electronic payments and emergence of digital-only banks, even though cash still dominates everyday transactions.  

Poornima Chinta, Senior Banking and Payments Analyst at GlobalData, comments: “The Philippines’ card payments market is being shaped by a combination of financial inclusion policies and targeted innovations to widen access and acceptance. Initiatives such as the basic deposit accounts, branch-lite expansion and agent-based models are gradually increasing account ownership and card issuance, while competitive offerings from banks and digital-only players are supporting usage through value-added benefits.

“At the same time, underdeveloped payment acceptance infrastructure remains a binding constraint, pushing the industry toward lower-cost acceptance solutions designed for micro, small, and medium enterprises (MSMEs).”

Debit card payments represent approximately 35.1% of the total card payment market in the Philippines in 2025. Debit card growth is closely tied to financial inclusion measures led by BSP—such as basic deposit accounts with simplified Know-Your-Customer requirements and no maintenance fees. This expansion is reinforced by a wider network of financial access points nationwide, especially through BSP’s branch-lite model, which establishes smaller branches in underserved areas.

Despite being underpenetrated, credit and charge cards remain the preferred choice for payments, representing 64.9% of total transaction value in 2025. The factors boosting credit card popularity include value-added benefits like cashback, discounts, rewards and flexible repayment options. In August 2025, Philippines-based fintech and digital bank Maya launched the Maya Black Credit Card that offers premium benefits such as reward miles that can be used for purchases, converted to airline miles like Mabuhay Miles or redeemed for travel perks.

Beyond issuance, acceptance and contactless enablement are key to sustain card growth. The Philippines’ POS infrastructure remains underdeveloped, with high installation and merchant fees limiting small-merchant uptake, prompting the rollout of lower-cost acceptance solutions. In November 2025, GCash introduced PocketPay—an app that turns NFC-enabled Android devices into payment acceptance points, eliminating the need for costly point-of-sale hardware.

Contactless card payments are also gaining traction in the Philippines, with usage being embedded into everyday transit. This is further contributing to the increase in the payment card penetration. In July 2025, the Department of Transportation, collaborated with government agencies and private-sector partners including GCash and Mastercard to launch an open-loop payment system on Metro Rail Transit Line 3 (MRT-3). The system allows commuters to pay for fares using multiple payment modes including contactless debit, credit, and prepaid cards.

Chinta concludes: “The Philippines card payments market is expected to continue its upward growth trajectory underpinned by sustained financial inclusion programs and strong credit-card-led spending supported by value added benefits, such as rewards and instalment features. Wider deployment of cost-effective acceptance solutions and contactless transit use cases should further improve card utility, although the market’s progress will remain closely linked to addressing infrastructure gaps and persistent financial exclusion.”

Notes:

Information is based on GlobalData’s Payment Cards Analytics
This release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts

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.

Australia property insurance to grow at 7.5% CAGR through 2030 as climate risk reshapes market, says GlobalData

Source: GlobalData

Australia’s property insurance market is set to register a compound annual growth rate (CAGR) of 7.5%, with direct written premiums (DWP) projected to grow from AUD27.4 billion ($18 billion) in 2026 to AUD36.6 billion ($23.7 billion) in 2030. 

Structural climate risk, persistent claims inflation and targeted government intervention are reshaping underwriting strategy, affordability and capital allocation, positioning resilience and technology-led efficiency as defining forces in the sector’s next phase of growth, says GlobalData, a leading intelligence and productivity platform.

GlobalData’s Global Insurance Database indicates that the Australian property insurance market grew by 5.8% in 2025, supported by strong premium momentum and elevated natural hazard exposure. The annual growth is forecast to increase to 5.9% in 2026 as pricing normalises and structural risk, targeted relief, and technology-led efficiency underpin expansion.

Katam Prasanth, Senior Insurance Analyst at GlobalData, comments: “Australia’s property insurance sector is shifting from a period of sharp premium increases to more stable conditions, while the main pressures remain. Exposure to natural hazards and higher claims costs continue to influence pricing. Initiatives such as the cyclone reinsurance pool, stronger governance and transparency, and faster adoption of digital tools in underwriting and claims are expected to strengthen resilience through 2030.”

Australia remains among the most catastrophe-exposed insurance markets on a per-capita basis, with recurring floods, cyclones, and severe convective storms sustaining elevated insured losses.

According to the Insurance Council of Australia (ICA), as insured catastrophe losses declined 25% from AUD2.61 billion ($1.8 billion) in FY2023-24 to AUD1.97 billion ($1.4 billion) in FY2024–25, claim volumes eased by only 7%, indicating continued frequency pressure across short-tail lines. In parallel, rebuild-cost inflation and higher repair bills continue to lift claim severities, feeding through to premium requirements and underwriting recalibration.

Prasanth adds: “Reflecting these dynamics, the premiums are estimated to moderate in 2026 as pricing conditions gradually ease from an exceptionally hard cycle.”

According to the Australian Reinsurance Pool Corporation, policy intervention is already influencing pricing in the most exposed regions. The government-backed cyclone reinsurance pool has delivered measurable affordability benefits, including average premium reductions of up to 39% for households and 31% for small and medium-sized enterprises in the highest-risk zones, alongside improved quote success rates. This supports broader coverage uptake and narrows protection gaps in cyclone-prone communities while enabling insurers to maintain risk-appropriate capacity.

Prasanth continues: “Improved hazard defenses and mitigation incentives can reduce severity over time and support more sustainable insurance availability, even as climate-driven weather volatility remains a structural feature of the risk landscape.”

Looking beyond the near-term pricing cycle, large-scale public investment is expected to influence market stability and long-run insurability. The government has committed AUD9 billion ($6.3 billion) in climate adaptation funding through 2030, targeting flood, bushfire, and cyclone mitigation.

Additionally, insurers are scaling automation and AI in claims and underwriting to improve surge responsiveness, reduce cycle times, and lower loss-adjustment expenses. The sector is also expanding AI-enabled counter-fraud collaboration to reduce organized fraud and claims leakage.

Prasanth concludes: “Australia’s property insurance market is expected to keep growing through 2030 as natural hazard exposure and rising claims costs continue to drive premiums, even as pricing stabilises. While catastrophe losses have eased, claims frequency and rebuild-cost inflation remain elevated, sustaining underwriting pressure. Government measures and adaptation spending should improve affordability and insurability in high-risk areas, while AI and digitalisation enhance efficiency and resilience.”

Notes: This release is written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts

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.

Australia – Hydrix Trading Update and Growth Outlook

Source: Hydrix Limited

Hydrix Limited ('Hydrix' or 'the Company') (ASX: HYD) today released its Appendix 4D for the first half ended 31 December 2025 and provides the following Market Update.

Financial and Operational Highlights:

  • $2.5 million first-stage development contract signed with SynCardia (USA) announced on 7 January 2026, to support development of the company's first generation fully implantable total artificial heart; will be recognised as revenue during CY2026
  • Strong sales start to calendar year 2026, with quarter-to-date contract signings of $3.7 million, predominantly from new international clients including cardiac (SynCardia) and advanced surgical robotics; will be recognised as revenue during CY2026
  • First half revenues of $4.9 million (pcp: $5.7 million), reflects timing of new client project commencement readiness and the completion of current development programs. Currently 15 client engagements with the potential to deliver ~$40 million in future revenues over the next 2-to-3 years
  • Cash on hand of $0.6 million (pcp: $0.3 million), with the Group supported by a $2.2 million Letter of Comfort from the Directors

Hydrix Executive Chairman, Gavin Coote, commented:

“Hydrix has entered calendar year 2026 with strong commercial momentum, reflected in quarter to date sales of $3.7 million, including the first stage contract with SynCardia (USA) to develop their fully implantable total artificial heart.

These wins follow extensive international business development efforts over the past 12–18 months targeting profitable business growth opportunities for the Company and highlight the capability of our multi-discipline engineering team to develop safety-critical, life-saving medical devices.

With these new client sales now contracted early in this calendar year—and alongside expected follow- on contracts from existing clients — the Company enters the June half with increasing revenue visibility and a positive growth outlook for CY2026.

Operating expenses continued to be tightly managed while maintaining essential engineering capacity to support accelerated revenue growth from the sales of new client projects.

Hydrix Medical continues to progress commercial discussions for its remote cardiac patient monitoring cloud platform, with the potential to establish recurring revenue streams.”

Energy – Uranium Super-Cycle Emerging as Shaw and Partners Lifts Price Forecast to US$200/lb

Source: Shaw and Partners Financial Services

Shaw and Partners has released a comprehensive new sector report forecasting a multi-year uranium price spike to US$200 per pound, arguing that structural supply deficits, accelerating nuclear demand and tightening fuel contracting cycles are setting the stage for a powerful and sustained re-rating of the uranium market.

The report, Uranium Super-Cycle – upgrading U3O8 to US$200/lb, outlines a materially upgraded uranium price deck and recommends investors hold an overweight position to the uranium sector in equity portfolios.

Under its revised assumptions, Shaw and Partners now forecasts:

  • Uranium spot price of US$175/lb in 2027 (previously US$150/lb)
  • Uranium spot price of US$200/lb in 2028 (previously US$150/lb)
  • A long-term realised uranium price of US$120/lb from 2032, up from US$90/lb

The firm’s upgrade follows a sharp market signal in January 2026, when uranium spiked from US$85/lb to US$102/lb in just three days.

Andrew Hines, Head of Research at Shaw and Partners, said that move highlighted just how sensitive the uranium market is to incremental buying pressure.

“The January spike demonstrated how quickly this market can reprice. A relatively modest amount of financial buying was enough to move the spot price materially. If utilities return to the term market in size, we believe the upside move could be significant,” Mr Hines said.

 A Structural Supply Gap Is Forming

The report outlines a growing disconnect between uranium supply and long-term nuclear demand.

Global nuclear capacity currently consumes approximately 180Mlb of U3O8 annually, while existing mine production is only about 150Mlb. According to the World Nuclear Association’s reference scenario, nuclear capacity could expand materially by 2040, lifting uranium consumption towards 390Mlb per annum.

Shaw and Partners’ modelling indicates that:

  • New mine supply requirements this decade could exceed 350Mlb when depletion of existing mines is factored in 
  • Structural supply deficits could exceed 200Mlb per year in the coming decades unless new large-scale projects are brought into production

Mr Hines said the market may be underestimating the difficulty of delivering new uranium supply at scale.

“On paper there are new projects slated for development, but in practice these are technically complex, capital intensive and often in challenging jurisdictions. We think it is increasingly likely that uranium supply becomes the rate limiter for global nuclear expansion.”

Utilities Still Under-Contracted

Despite tightening fundamentals, utilities have not yet returned to replacement-level contracting.

In 2025, utilities contracted materially less uranium than annual reactor consumption levels, implying ongoing inventory draw-downs. Shaw and Partners believes that this behaviour is not sustainable over the medium term.

“Utilities are relatively well covered in the short term, but they are not fully covered beyond 2027. Given the long lead times in uranium contracting, 2026 could be the year where we see a meaningful acceleration in activity,” Mr Hines said.

Importantly, uranium accounts for only 5–10% of the total cost of nuclear power generation.

“That cost dynamic means utilities are far more focused on security of supply than marginal price differences. If they need pounds, they will pay the price required to secure them.”

Nuclear Policy Momentum and AI Demand

The report highlights powerful macro tailwinds underpinning uranium demand.

Governments globally are prioritising energy security and decarbonisation, with nuclear increasingly viewed as essential to meeting net-zero targets.

At the same time, electricity demand growth has re-emerged, driven by artificial intelligence infrastructure, hyperscale data centres and electrification trends.

The United States, China and India have all set ambitious nuclear expansion targets, while strategic and sovereign buyers are securing long-dated supply agreements, further tightening available inventory in Western markets.

“The narrative around nuclear has shifted decisively. Energy security, decarbonisation and AI-driven power demand are converging. Nuclear is no longer a fringe solution – it is becoming central to energy policy,” Mr Hines said.

Equity Implications and Valuation Uplift

The upgrade to Shaw and Partners’ uranium price deck has resulted in material increases to valuations and price targets across its covered uranium equities.

The firm’s preferred exposures are:

  • Paladin Energy
  • NexGen Energy
  • Silex Systems
  • Bannerman Energy
  • Peninsula Energy
  • Boss Energy

Mr Hines said equity markets have not yet fully priced in the revised long-term uranium outlook.

“We were already above consensus in our pricing assumptions. After updating our supply-demand modelling and aligning with the latest global nuclear outlook, we have become more constructive again.”

“In our view, this is still early in the contracting cycle. As term market activity accelerates, we believe equity valuations could respond accordingly.”

About the Report

The Shaw and Partners Sector Report, current as at 18 February 2026, provides updated uranium supply-demand modelling, revised short, medium and long-term price forecasts, valuation sensitivities and earnings revisions across the uranium sector.

The full report is available to Shaw and Partners clients.

Tech Economy – AI honeymoon over as Nvidia’s $78bn outlook fails to impress? – deVere Group

Source: deVere Group

February 26 2026 – Nvidia's $78billion revenue outlook is failing to ignite investors as they underscore that AI investors are increasingly demanding scrutiny and profitability, not priced-in promise, warns the CEO of global financial advisory giant deVere Group.

The market reaction to Nvidia's forecast is more revealing than the numbers themselves. A $78 billion revenue outlook would once have triggered a surge. Instead, the stock slipped before clawing back marginal gains in post market trading.

Nigel Green, CEO of deVere Group, says: “For the remainder of this year at least, this sets the tone: exceptional growth is expected, not rewarded.

“Investors are no longer going to buy exposure to AI at any price.

“They're demanding evidence of sustained profitability, operating discipline, and visibility on returns. Revenue growth alone is insufficient when expectations are already stretched.”

This matters for Nvidia in very practical terms. The company remains the backbone of AI infrastructure.

Demand from hyperscalers, enterprise customers, and sovereign-backed digital initiatives continues to drive extraordinary scale. Yet the valuation premium now assumes near-flawless execution.

For the rest of 2026, the burden shifts toward defending margins, demonstrating pricing power, and maintaining order visibility despite intensifying competition and in-house chip development by major cloud operators.

Markets will scrutinise gross margin trends, capex dependency from hyperscale clients, and the durability of supply constraints that have supported pricing strength. Any signal that AI-related capital expenditure is plateauing, or that competitive alternatives are gaining traction, will likely provoke outsized reactions.

“Premium multiples demand premium predictability,” explains the deVere CEO and Founder.

“Nvidia has delivered extraordinary performance. Now it must deliver consistency at scale. That's a far higher bar.”

The implications extend across the AI ecosystem. Semiconductor peers, advanced memory producers, data centre infrastructure providers, and AI-focused software firms have traded in sympathy with Nvidia's ascent.

“A more selective market will begin distinguishing between companies with demonstrable earnings conversion and those relying primarily on narrative momentum.

“For the remainder of the year, dispersion within AI equities is likely to widen. Infrastructure leaders with clear cash flow generation may hold their ground.

“Application-layer businesses that have yet to prove monetisation could face sharper volatility. Markets are transitioning from thematic allocation to forensic analysis.”

Investors demanding scrutiny are reshaping capital allocation strategies.

Institutional portfolios that aggressively overweighted AI leaders during the initial surge are increasingly stress-testing assumptions: What is the sustainable growth rate beyond peak deployment cycles? How exposed are revenues to a handful of hyperscale buyers? What happens if capex growth moderates into 2027?

Nigel Green says: “Investors want line-of-sight on earnings durability and balance sheet strength. They're evaluating AI companies as mature cash-generating enterprises, not early-stage disruptors.”

For Nvidia, this environment could ultimately reinforce its position if it continues to execute. Strong free cash flow, continued innovation cycles, and strategic ecosystem entrenchment may justify its premium.

However, volatility around earnings releases is likely to intensify because the margin for surprise has narrowed considerably.

For the broader AI complex, the message is unequivocal: narrative acceleration must now be matched by financial precision.

Companies unable to translate AI adoption into expanding operating margins may see valuation compression, even if top-line growth remains impressive.

Nigel Green concludes: “The AI revolution is intact as Nvidia's $78 billion outlook shows.

“However, the muted reaction shows that markets feel AI must now prove margins, not only momentum.

“The second half of the year in the AI sector will reward discipline, transparency, and profitability.”

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.

Tech – Warehouse automation: Hellmann and Exotec sign global framework agreement

Source: Hellmann Worldwide Logistics and Exotec

Osnabrueck / Munich, February 26, 2026. The global logistics service provider Hellmann Worldwide Logistics and Exotec, a specialist in warehouse automation solutions and scalable robotics systems for intralogistics, have signed a global framework agreement. The partnership aims to advance automation within Hellmann Contract Logistics and transform key supply chain processes through a consistent goods-to-person fulfillment approach. 

An initial project in the healthcare sector has already launched, with additional implementations currently in planning across further industries and regions.

Through this partnership, Hellmann and Exotec are addressing the increasing complexities of intralogistics. Rising customer demands, fluidizing customer expectations, volatile order volumes, and ever-shorter cut-off times require scalable and highly responsive fulfillment structurization. At the same time, the shortage of skilled workers increases the need for automation to relieve employees in the long term and optimize capacity utilization. Advanced warehouse automation systems enable Hellmann to absorb volume fluctuations more effectively and enhance process reliability. Exotec's modular solution will establish flexible, efficient, end-to-end automation in Hellmann's Contract Logistics sites worldwide. This automation can be quickly and easily adapted to constantly changing market requirements.

Healthcare industry as first joint focus

As part of the cooperation, Hellmann is implementing the first automation project at a German healthcare customer site. This industry, an integral part of medical care, places particularly high demands on delivery speeds and reliability. The solution enables end-to-end automation of warehouse operations, from receiving goods to shipping them, using a goods-to-person fulfillment system. After an employee checks the goods, dynamic robots automatically store them in a system designed for healthcare products. The high-performance retrieval system enables extremely short throughput times and late cut-off and order times for customers.

“In a volatile market environment, flexibility and short-term scalability are playing an increasingly important role in contract logistics. As a company, we need to respond quickly and agilely in order to reliably meet our customers' needs while protecting our employees from excessive workloads,” says Volker Sauerborn, COO Contract Logistics, Hellmann Worldwide Logistics. “With Exotec's automation solutions, we can complement our services in a meaningful and targeted way with state-of-the-art intralogistics technology.”

“The partnership with Hellmann Worldwide Logistics is a significant step for us,” says Markus Schlotter, Managing Director Central Europe at Exotec. “Together, we are pooling our expertise to offer customers tailor-made and future-proof solutions. We look forward to supporting Hellmann in responding flexibly to changing customer projects and market requirements.”

About Exotec

Exotec is a global warehouse automation leader delivering flexible, reliable end-to-end robotic solutions for modern fulfillment operations. By designing and manufacturing its own technology and solutions, Exotec serves as a single automation provider, reducing complexity and risk while accelerating time to value compared to traditional systems. Over 50 industry-leading brands including Oxford Industries (Tommy Bahama, Lilly Pulitzer), Carrefour, Decathlon, and UNIQLO trust Exotec to improve operations across 200+ sites worldwide. Learn more at Exotec.com.

About Hellmann

Hellmann Worldwide Logistics is a global logistics service provider with a comprehensive service portfolio that includes air- and sea freight, road and rail transport, and contract logistics. With annual sales of EUR 3.8 billion and around 12,000 employees in 61 countries, Hellmann moves over 20 million shipments annually. Based on this broad product range and many years of experience, Hellmann offers innovative logistics solutions for the complex requirements of each individual customer and relies on visionary technical products to ensure maximum customer transparency while creating a more efficient supply chain.