Author: MIL-OSI Publisher

A new report from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) offers over 40 innovative and actionable strategies for countries in the region to close the development financing gap. This comes as financial and geopolitical pressures across the region threaten to further derail progress on poverty reduction, climate action and economic recovery.

Developing countries globally now face an annual shortfall of between US$2.5 trillion and US$4 trillion to meet the Sustainable Development Goals. Without major improvements in the way development is financed, many countries in the region risk falling further behind.

The sixth edition of ESCAP's Financing for Development report points to longstanding weaknesses in public finance and private investment systems. Many governments in the region continue to face difficulties in raising domestic revenues at the scale needed. Tax structures remain inefficient, and opportunities to tap into wealth and real estate are often underused. At the same time, capital markets are underdeveloped, and private financing rarely reaches high-impact sectors such as clean energy, healthcare or affordable housing.

“Nowhere is this challenge – and opportunity – more urgent than in Asia and the Pacific,” underscored Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of ESCAP. She added, “This is our chance to build a more resilient, equitable and sustainable economy for all. We aim to foster solutions that are regionally grounded, technically sound and financially viable. Unless Asia and the Pacific can lead boldly, the global transition will fall short of expectations.”

Public debt distress has also become a growing concern. The report calls for more responsible borrowing, better transparency in how public funds are used, and stronger coordination among creditors to ensure fair and effective debt resolution.

The report further recomm

Peter Kloiber is stepping down after nearly three decades on the Gebrüder Weiss Management Board. At the same time Peter Schafleitner, former Director of Product Management Land Transport, is joining the Management Board.

Lauterach, July 1, 2025. Changing of the guard in the Gebrüder Weiss executive: Peter Kloiber (64) is retiring after 28 years on the Management Board. He held responsibility for Parcel Services, Logistics, IT, Human Resources and Organizational Development, Marketing and Communications, as well as the subsidiaries Xvise (logistics consulting) and dicall (call center services).

Born in Vorarlberg / Austria, Peter Kloiber launched his career at Gebrüder Weiss in 1990 when he took up a post in corporate and human resources development. He recognized the key role of internal training and development programs for long-term success, and initiated their establishment. 

2 July, Jerusalem – More than 40,000 people in the northern West Bank remain forcibly displaced, cut off from their homes and left with very limited access to basic services and healthcare five months after the launch of the Israeli military operation 'Iron Wall'. 

New CommBank report reveals financial blind spots holding Australians back from greater financial confidence and joy, as free Financial Fitness program launches.

Key findings from new CommBank Financial Fitness research:

• Superannuation gaps: A third of Australians don’t know their super balance (33 per cent) and two thirds aren’t confident they’ll have enough to retire comfortably (63 per cent), with one in nine (11 per cent) having never checked their balance at all. Around one in three (31 per cent) don’t know how their super is invested, and this uncertainty jumps up for women and Gen Z (both 46 per cent).
• Where there’s a will, there’s a way: Less than half (45 per cent) of Australians currently have a will and fewer than one in three (31 per cent) say theirs is up to date.
• The art of budgeting: While over half have a budget (58 per cent), many Australians either find it ineffective (40 per cent) or simply struggle to stick to it (32 per cent). Among those who do budget, only 17 per cent use digital money management tools while 27 per cent use spreadsheets and 23 per cent figure it out ‘in their heads’.
• Younger generations most financially stressed: Younger Australians are more likely to track their spending and have a plan to grow their money but still feel the most financially stressed (59 per cent) and least confident (42 per cent) compared with older generations, according to the CommBank Financial Fitness Report.
• Goals being set, but hard to achieve: While almost all Australians say they have financial goals (95 per cent), only half feel confident they can achieve them (52 per cent) or that they can enjoy life because of the way they manage money (50 per cent). 

Free CommBank Financial Fitness program launched to help

CommBank has launched a free Financial Fitness program – a practical, expert-led initiative to help Australians build their financial knowledge and confidence. The curriculum covers topics such as ‘building your savings muscle’ and ‘stretching your money mindset’, with guidance on everything from creating an emergency fund to investing or buying a home.

Drawing on behavioural insights such as ‘chunking’, the ‘fresh start effect’ and ‘social proofing’, the five part ‘actions-based’ Financial Fitness program is designed to help Australians improve both their Financial IQ and EQ. The program is available for free to all Australians – no matter who you bank with.

Comments from CommBank Personal Finance Expert

Jess Irvine, CommBank Personal Finance Expert, said: “Many Australians are doing their best, but still feel unsure about key parts of their finances – from how much super they have, to the best ways to budget. The truth is, being financially confident doesn’t mean having it all figured out. It means being informed, asking questions, and taking small steps forward.

“That’s what our Financial Fitness program is about, because when you understand your money, you’re better placed to make decisions to shape your financial future. For some, it could be improving simple things – like sorting out a will or your super – to help protect your assets now and as they grow. For others, it might be a subtle money mindset shift to build better financial habits. No matter what stage of life you’re at, small actions can lead to greater confidence in your financial choices and the freedom to focus on what really matters to you.”

Other insights from the research

The research also highlights how our financial habits are changing with the current cost of living and as we get older, including:

• Cost of living sparks a new generation of savvy shoppers: Australians say cost of living pressures have motivated them to look for ways to save money on everyday items (63 per cent), as well as using discounts and reward programs (60 per cent), spacing out or reducing regular appointments (43 per cent).
• A problem shared is a problem halved: Almost half of the nation (47 per cent) avoid talking about their financial situation with loved ones, with 15 per cent of this cohort simply not knowing how to start the conversation. Other reasons include feeling uncomfortable (38 per cent), overwhelmed (23 per cent) or embarrassed (19 per cent). As we age, we get less embarrassed to talk about finances (26 per cent aged 18-29 years old versus 12 per cent aged 60+ years old).
• Financial confidence is in reach: Almost two thirds of Australians (62 per cent) say there is at least one thing stopping them from becoming more financially confident, such as they don’t know where to start (23 per cent), the jargon is confusing (20 per cent) and they don’t have time to learn about money (13 per cent).

Do you know how financially fit you are? Watch the video below to take this test and find out.

Brighter Side of Banking

The Financial Fitness program is the next evolution of CommBank’s Brighter Side of Banking, which already includes Brighter magazine, online content and a TV series, offering tips and inspiring stories on money management, cost-of-living support and financial confidence.

With the Brighter TV content reaching more than 10 million across all platforms, 80 per cent of viewers say they took action and put into practice one learning after watching the show.

For more information or to access the Financial Fitness lessons visit https://commbank.com.au/financialfitness.

CommBank Financial Fitness Research commissioned March 2025, national representative sample of 3,146 respondents.

In an important step towards enhancing protections against scams and fraud, most retail Australian banks are introducing a new security feature, Confirmation of Payee. This is how it will work alongside CommBank’s existing NameCheck capability, and what that means for CommBank customers, as well as other financial institutions who implement both.

Key points:

• This month, CommBank is launching Confirmation of Payee (CoP), an industry name-matching solution designed to help combat scams and mistaken payments.
• CoP was developed by industry body Australian Payments Plus (AP+) and is being progressively rolled out by most Australian banks this year.
• CommBank was the first Australian bank to previously introduce a capability on our digital banking platforms to provide an indication to retail and business customers if the payment details they enter on a first-time payment don’t look right.
• CoP will work alongside CommBank’s security tool NameCheck and together, the two solutions will provide more information to CommBank customers to help them protect themselves against scams and mistaken payments.

How it works

CoP builds on New Payments Platform (NPP) infrastructure to match the name entered by the payee with the name held by the receiving bank, when sending a domestic payment via BSB and account number.

Meanwhile, CommBank’s existing security tool NameCheck searches the account details customers have entered when making a first-time payment in NetBank, the CommBank app or CommBiz[1]. Based on CommBank’s available payment data, NameCheck will then indicate whether the account details look right, taking into account additional factors such as preferred names, nicknames, business trading names and risk activity indicators.

NameCheck has already saved $650 million in prevented scams and mistaken payments for CommBank customers[2].

Both NameCheck and CoP are designed to provide additional information to customers when making payments and, together, they help provide CommBank customers with additional protections against scams and mistaken payments.

CBA will use NameCheck to enrich or augment CoP findings in some cases, for example where CoP data does not cover a given account but NameCheck does, or where NameCheck has well established name derivations that might enhance consumer experience.

To bring to life how the two technologies will be stronger together, CommBank General Manager Payments Alison Chang used her dad, a Singaporean immigrant whose preferred name differs from his legal name, as the example.

“My dad is a first-generation immigrant from Singapore. He goes by John*, but his legal name is very different. When someone transfers money into my dad’s account using his nickname rather than the legal name registered with CommBank as his financial institution, NameCheck will create a match based on available payment information and past transaction data, complementing CoP’s analysis of information captured under Know Your Customer obligations.”

The combined technology will create safer yet seamless payment experiences and will use the same principle to provide information about payments being made to businesses.

“Businesses often trade under names that vastly differ to those filed with the Australian Business Register. When CommBank retail and small business customers are paying an invoice via NetBank or CommBank app, CoP and NameCheck can help give them confidence that they have entered the BSB and account number correctly – making sure they send money to the right person.

For CommBank customers, CoP and NameCheck are more powerful together, as NameCheck provides additional activity-based risk warnings, even if the account name matches.

Why this matters

Scam activity continues to present a significant threat to Australian consumers and businesses. According to Ms Chang, introducing CoP is part of a concerted effort by the banking sector to combating this threat.

“Introducing Confirmation of Payee reflects CommBank’s active participation in an industry-wide push to make Australia less attractive to scammers. Over two years, CommBank has seen customer losses from scams drop by 70 per cent, however there is more work to do as scammers’ methods evolve”.

“Our experience in supporting customers with NameCheck has allowed CBA to provide valuable insights during the industry discussions for the AP+ Confirmation of Payee solution. CommBank has an ongoing commitment to improving customer safety, and CoP will help empower customers to take greater control and help spot a scam before it happens,” Ms Chang added.

As well as NameCheck, CoP complements CommBank’s other anti-scam measures, for example participation in the Australian Financial Crime Exchange (AFCX) Intelligence Loop and behavioural security technology.

“We encourage customers to remain vigilant and take steps to protect themselves against scams by staying on top of scam tr

01 JULY 2025 – Equinor and its partners are investing NOK 13 billion in the third phase of Johan Sverdrup, one of the world’s most carbon-efficient oil fields. New subsea infrastructure will increase recovery by 40–50 million barrels of oil equivalent (boe).

“By building on the technologies, solutions, and infrastructure from phases 1 and 2 of Johan Sverdrup, we can carry out an efficient development with a rapid start-up of production. The project increases the recovery rate and value creation from Johan Sverdrup, one of the world’s most carbon-efficient oil and gas fields. At the same time, it contributes to stable energy supplies to Europe,” says Trond Bokn, senior vice president for project development in Equinor.

Increased value creation and innovation

The development includes two new subsea templates which will be tied into existing infrastructure via new pipelines. The investment will increase recoverable volumes from the field by 40–50 million boe, with production expected to start in the fourth quarter of 2027.

To ensure optimal resource utilisation, the project leveraged artificial intelligence to analyse field layouts and well paths. This technology has enabled faster decision-making and resulted in cost savings of NOK 130 million for the phase 3 project.

The project also facilitates future value creation at Johan Sverdrup by adding extra well slots, and opportunities for connecting additional subsea templates.

Contract awards

The Johan Sverdrup field contributes significantly to value creation and ripple effects in society and has driven important industrial development in Norway.

For the phase 3 project, TechnipFMC has been awarded the contract for engineering, procurement, construction, and installation (EPCI) for the subsea development, with a contract value of approximately NOK 5.3 billion. Additional contracts, including platform modifications and the drilling of eight wells, are planned to be awarded later in 2025.

Increased recovery and production

Safe and efficient operations at Johan Sverdrup are delivering results, with systematic efforts to maximise recovery. Phase 3 of the development will create additional value.

The expected recovery rate from Johan Sverdrup is already world-class at 66 percent. The phase 3 project is an important step towards achieving our ambition of 75 percent. The average for the Norwegian continental shelf (NCS) is 47 percent.

“In 2024, Johan Sverdrup set a production record with 260 million barrels of oil, the highest annual oil production ever from a Norwegian field. Every third barrel of oil from the Norwegian continental shelf now comes from the field. Phase 3 is an important contribution to maintaining high production from Johan Sverdrup in the years to come,” says Marianne Bjelland, vice president for Johan Sverdrup.

Equinor aims to maintain a high level of oil and gas production on the NCS towards 2035. Johan Sverdrup phase 3 is one of several projects receiving an investment decision this year that supports this ambition.

The partnership has submitted a notification to the authorities in accordance with the existing plan for development and operation (PDO). The notification is subject to governmental approval.

Johan Sverdrup phase 3

• Location: Johan Sverdrup is located in the Utsira High area of the North Sea, 160 kilometres west of Stavanger, in water depths of 110–120 metres, covering an area of 200 square kilometres.
• Production capacity: 755,000 barrels per day, approximately one-third of Norway’s total oil production at current levels.
• Economic impact: In 2024, the operation of the Johan Sverdrup field alone contributed over 4,400 full-time equivalents and Norwegian deliveries worth NOK 7 billion.
• Electrification: Johan Sverdrup is powered by electricity from shore, with CO₂ emissions of 0.67 kilograms per barrel of oil produced – approximately 5% of the global average.
• Phase 3 development: Comprises two new subsea templates in the Kvitsøy and Avaldsnes areas with six well slots each, totalling eight wells (seven oil production wells and one water injection well), tied back to existing templates and pipelines to the P2 platform for processing and export.
• Future-proofing: The project enables future value creation by including extra well slots, spare capacity in the control cable, and opportunities for connecting additional subsea templates.
• Ownership interests: Equinor Energy AS 42.6267% (operator), Aker BP ASA 31.5733%, Petoro AS 17.36%, and TotalEnergies EP Norge AS 8.44%.

Migrants and refugees are taking up Australian citizenship, engaging in educational opportunities, finding employment and opening businesses in large numbers, according to new data.

These are the key insights into the economic, education, health, housing, and citizenship outcomes of permanent migrants in Australia, published this week by the Australian Bureau of Statistics (ABS).

The snapshot shows more than half (59 per cent) of permanent migrants were Australian citizens and Australian citizenship was highest for skilled migrants, at 64 per cent and lowest for family migrants, at 48 per cent.

Citizenship take-up was higher for permanent migrants who had lived in Australia for longer, the ABS data showed.

It was four per cent for migrants who lived in Australia for less than five years; it was 77 per cent for migrants who lived in Australia for more than 10 years and highest among humanitarian migrants (refugees) who lived in Australia for more than ten years, at 89 per cent.

The proportion of permanent migrants enrolled in further education was five per cent, compared with sic per cent of the total Australian population aged 15-64 years, the data showed.

Enrolment was highest for humanitarian migrants, at seven per cent, and lowest for family migrants, at three per cent.

Enrolment proportions were higher for permanent migrants who had lived in Australia for longer. It was two per cent for migrants who lived in Australia for less than five years, seven per cent for migrants who lived in Australia for more than ten years and highest among humanitarian migrants who lived in Australia for more than ten years, at ten per cent.

Of migrants enrolled in further education, 20 per cent completed a qualification in 2019, the same proportion as the total Australian population aged 15-64 years.

This was highest for skilled migrants, at 21 per cent, and lowest for humanitarian migrants, at 15 per cent.

Across all visa streams, this proportion was lowest for migrants who lived in Australia for less than 5 years. The proportions were 15 per cent for migrants who lived in Australia for less than 5 years and 19 per cent for migrants who lived in Australia for 5 to 10 years.

The figure was 20 per cent for migrants who lived in Australia for more than ten years.

The ABS data showed the proportion of permanent migrants who earned personal income was 70 per cent, compared with 76 per cent of the total Australian population aged 15-64 years.

The rate of employment or entrepreneurialism was highest for skilled migrants, at 76 per cent, and lowest for humanitarian migrants, at 49 per cent.

“By visa stream, the proportions of permanent migrants who earned personal income varied by length of time in Australia. It was lower for skilled migrants in who lived in Australia for longer and higher for Family and humanitarian migrants who lived in Australia for longer,” the ABS report said.

The proportion of permanent migrants who earned business income was 11 per cent, the same proportion as the total Australian population aged 15-64 years, the ABS data showed.

But it was highest for humanitarian migrants (or refugees) who lived in Australia for 5 to 10 years, at 16 per cent, and lowest for humanitarian migrants who lived in Australia for less than five years, at 6 per cent.

The proportion of permanent migrants who received unemployment payments was 11 per cent, compared with 13 per cent of the total Australian population aged 15-64 years.

“This was highest for humanitarian migrants, at 31 per cent, and lowest for skilled migrants at 8 per cent,” the ABS report said.

“By visa stream, proportions who received unemployment payments varied by length of time in Australia. It was higher for family migrants who had lived in Australia for more than 10 years (13 per cent) compared with those who lived in Australia for less than 5 years (8 per cent).

“It was lower for humanitarian migrants who had lived in Australia for more than 10 years (24 per cent) compared with those who lived in Australia for less than 5 years (49 per cent),” the ABS report said.

CEO of migrant and refugee settlement agency AMEs Australia Cath Scarth said the positive settlement outcomes data showed migrants and refugees were making positive contributions to Australia.

“The data points to the fact that refugees can create shared prosperity when they are welcomed into new communities,” Ms Scarth said.

“They contribute to local economies by revitalising cities and rural communities, starting local businesses, bringing diverse skills and creating jobs,” she said.

Ms Scarth said the settlement data came at a time when record numbers of refugees were displaced across the globe.

“Recently we heard from UNHCR that there are now 123 million people across the globe forced to flee their homes because of war, violence or persecution,” she said.

“Forty-four million of these are refugees forced to flee to neighbouring countries and more than half are women and children. The number is an all-time record and represents the 13th year in a row it has increased with the global displaced population now equivalent to that of Japan.

“In the face of these stark numbers, it is important to remember that, as many countries around the globe are closing their borders, Australia has committed to maintaining what is one of the world's most generous and sophisticated refugee settlement programs in the world,” Ms Scarth said.

30 JUNE 2025 – Equinor has struck oil in exploration well 7720/7-DD-1H, Drivis Tubåen, on the Johan Castberg field in the Barents Sea.

The well was drilled in the Drivis structure on the Johan Castberg field in the Barents Sea. According to preliminary estimates the size of the discovery is 9-15 million barrels of oil.

Grete Birgitte Haaland, Equinor's senior vice president for Exploration & Production North

“Only a short time after Johan Castberg came on stream and is producing at full capacity, we have made a new discovery that can provide additional reserves for the field. The Johan Castberg volume base originally estimated at 450–650 million barrels, our clear ambition is to increase the reserves by a another 250–550 million barrels.