Author: MIL-OSI Publisher

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. 

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.”

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.

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. 

February 25 2026 – Global investors are rotating away from US equities despite President Trump's stock market optimism in last night's State of the Union speech, asserts the CEO of one of the world's largest independent financial advisory organizations.

The analysis from Nigel Green of deVere Group comes as President Trump used his State of the Union address to spotlight record highs in US stock markets, presenting equity performance as clear evidence of economic strength under his administration.

Yet fresh investor positioning data indicate one of the most significant rotations away from US equities in decades.

Although US benchmarks have touched record territory in recent months, performance this year has lagged major European and Asian indices.

The S&P 500 has traded in a narrow and largely directionless range, modestly negative on the year, even as overseas markets advance.

Regular global fund manager surveys show the strongest positive allocation to eurozone assets on record.

Over recent months, overweight positions in European equities have surged, while underweight allocations to US stocks have more than tripled.

Nigel Green, Founder and CEO of deVere Group, says: “President Trump is right to highlight record market levels. But markets are forward-looking mechanisms. When we examine capital flows rather than speeches, we see a clear and measurable broadening of exposure beyond the US.

“Market participants report that while large-scale capital flight is not occurring, incremental global flows are increasingly being directed away from the United States.”

He continues: “For more than a decade, US exceptionalism has anchored global portfolios, driven largely by tech sector dominance.

“As volatility increases around AI-related names and economic growth moderates to 1.4% annualized, allocators are reassessing concentration risk.”

The shift reflects multiple converging pressures. The extraordinary reliance on a narrow group of large-cap tech stocks has left US indices vulnerable to sector-specific pullbacks.

At the same time, improving fiscal momentum in parts of Europe, particularly Germany, and stabilising sentiment indicators across the eurozone are encouraging a reweighting of global exposure.

Importantly, recent policy adjustments from Washington, including recalibrations around tariffs, have not triggered a sustained rebound in US equity leadership. Relative performance trends suggest the reallocation is structural rather than reactive.

The deVere CEO adds: “Of course, the US remains a core engine of global growth.

“But capital markets evolve. Investors aren't reducing US exposure out of sentiment; they're, sensibly, increasing diversification because risk-adjusted opportunities are broadening elsewhere.”

Record inflows into European equity funds underscore the scale of the shift. For the first time in decades, the dominance of US equities within global benchmark allocations is being actively questioned by institutional investors.

The contrast between the State of the Union emphasis on record highs and the quieter rebalancing within global portfolios highlights a defining feature of 2026 markets: headline index levels alone no longer dictate capital direction.

As the year progresses, sustained earnings breadth and renewed sector leadership will determine whether US equities regain relative momentum.

For now, the data show that global capital is incrementally repositioning, with the balance of flows suggesting the shift is gathering pace.

Nigel Green concludes: “President Trump's State of the Union address celebrated where markets have been. Investors are positioning for where they are going.

“Those are, perhaps, two very different conversations.”

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.

Most comprehensive study to date linking global air connectivity and multinational investment, covering 7.5 million firms and 400,000 flight routes over 30 years
Beyond evaluating number of direct connections, the researchers' new methodology – measuring pairwise connectivity, and degree, betweenness and eigenvector centrality – identifies the deeper network factors that shape global investment
Knowledge-intensive sectors such as finance, technology and professional services are especially sensitive to the quality of a city’s global air links

Singapore, 23 January 2026: A new study by the Singapore-MIT Alliance for Research and Technology’s (SMART) Mens, Manus & Machina (M3S)interdisciplinary research group, alongside collaborators from Massachusetts Institute of Technology (MIT) and National University of Singapore (NUS), has identified a strong statistical association between global air connectivity and patterns of where multinational corporations (MNCs) invest and set up subsidiaries. This is the most comprehensive global study merging 7.5 million firm records with 30 years of international flight data across more than 800 cities in 142 countries.
 
Illustrative snapshot of global air network as of 2019 and top hubs by eigenvector centrality. Nodes represent airport cities and links denote direct flight routes, while node size and colour highlight the most central cities as measured by eigenvector centrality. The right panel ranks the top 20 cities. 2019 data is shown here as it represents normal operating conditions, and key findings remain consistent over three decades. (Photo: SMART M3S)
 
The study’s significance lies in its unprecedented scale and its new methodology, which goes beyond evaluating the number of direct routes. Previous studies typically examined a small set of large global cities, specific regions or domestic flights, and often covered only short time periods. Additionally, the effect of air connectivity on a city’s attractiveness is often only assessed using local connectivity measures, such as total passenger flows or the number of direct flights to other cities. However, this overlooks the topological configuration of the global air transportation network and the influence of indirectly connected airport cities.
 
“Rigorous and data-driven research around connectivity is essential to understanding the forces that shape our cities and economies and to uncover the hidden infrastructure that enables global businesses. As cities become more interconnected and strive to evolve into global hubs, insights from large-scale, interdisciplinary research such as this will be critical to guiding sustainable growth,” said Fabio Duarte, Principal Investigator at M3S, associate director of MIT’s Senseable City Lab and co-corresponding author of the paper.
 
A new lens on a city’s economic competitiveness
The study, titled “Air Connectivity Boosts Urban Attractiveness for Global Firms” and recently published in Nature Cities, adopted a broader methodological approach. Analysing an unprecedented dataset allowed them to observe how improvements in air travel networks influence the expansion of MNCs into new cities.
 
The research combines firm-level records from the Orbis database with international flight data from the International Civil Aviation Organisation over three decades, from 1993 to 2023.
 
The study first evaluated pairwise connectivity — the number of direct and indirect flights between the cities in which parent companies and their subsidiaries are located. Then, to evaluate global connectivity, the researchers analysed patterns in the air travel network using network-based centrality measures – including degree (number of direct flight connections), closeness (how easily a city can reach others with minimal layovers), betweenness (how often a city acts as a transfer point between other cities) and eigenvector (a city’s flight routes and the connectedness of its linked destinations) centrality. The study found that pairwise connectivity, alongside degree, betweenness and eigenvector centrality, play a significant role in shaping where multinational corporations establish subsidiaries.
 
Key findings
Fewer layovers meant more subsidiaries: The study provided strong empirical evidence that air traffic connectivity is a critical coordination infrastructure for multinational corporations, showing a clear correlation between flight convenience and foreign investment. Even one layover is associated with an average of 20% fewer subsidiaries being established, and this rises to 34% with two or more layovers.
 
Quality of flight connections matters most: A city’s eigenvector centrality – capturing not only a city’s own flight routes but also its indirect connections through its destinations, reflecting its embeddedness in the global air network – was found to be the strongest predictor of how many foreign subsidiaries it attracted. Cities with flight connections to influential global flight hubs consistently outperform those with more flight connections but to less-connected destinations – a 10% increase in eigenvector centrality is associated with nearly a 1% increase in the number of foreign subsidiaries.
 
Knowledge-intensive sectors rely on connectivity: The impact of air connectivity is especially pronounced in industries that depend on frequent face-to-face interaction, including finance, consulting, technology and other knowledge-based services. For these sectors, direct flights and strong global connections are especially important for attracting investment, while the effect is much weaker for others such as manufacturing and retail.
 
Singapore among highly connected cities
Singapore hosts roughly 6,000 large- and medium-sized foreign-owned subsidiaries with a minimum annual revenue of US$5million – the highest number for any city. In the connectivity metrics studied, Singapore scores highly on eigenvector centrality – alongside other cities such as London, Paris, Hong Kong, Dubai and Tokyo – reflecting its strategic links to other well-connected airports. These patterns suggest that global connectivity is a contributing factor – among other unobserved factors – that may shape where multinational firms choose to locate.
 
Global distribution of MNC’s subsidiaries in 2023. Each dot represents an airport city, with colour shading indicating the number of subsidiaries of foreign MNCs in 2023 (red represents the highest number). The right panel ranks the top 20 cities by subsidiary count. (Photo: SMART M3S)
 
“By looking beyond simple counts of routes and examining how cities are embedded in the wider air network, our study reveals the deeper structural factors that shape multinational expansion. It demonstrates that firms respond not only to a city’s direct access, but also to the strategic advantages conferred by its position within global connectivity,” shared Wen-Chi Liao, Associate Professor of Real Estate and Assistant Dean at the NUS Business School, Visiting Associate Professor at the MIT Center for Real Estate (CRE) and one of the authors of the paper.
 
Navigating the path to global competitiveness
The practical implications of these findings are significant for policymakers, urban planners and business leaders. Notably, the patterns and findings identified in the study have remained strong throughout the 30-year period, even amidst massive changes in how businesses operate and connect – shaped by shifts such as the internet, rapid digital advances, teleconferencing and digital collaboration tools, and the COVID-19 pandemic. This enduring relationship underscores the importance of maintaining and strengthening strategic air connections to increase a city’s attractiveness to multinational firms and foreign investment.
 
For Singapore, the research suggests that its continued focus on innovation and strategic planning in aviation has proven to be essential, particularly as global competition intensifies.
 
“This study highlights important implications for urban planning and economic policy, as air connectivity isn’t just about adding more routes for travel – it’s about sustaining economic vibrancy and being attractive to MNCs. The results are clear – being connected to influential hubs is critical in better overcoming coordination barriers and accelerating business expansion,” saidAmbra Amico, Postdoctoral Researcher at M3S and co-corresponding author of the paper.
 
As global competition and trade frictions intensify, cities that prioritise not just the quantity but the quality of their air network connections will be best positioned to attract foreign investment and drive sustainable economic growth.
 
“With trade and geopolitical frictions, it’s more and more important to have face-to-face interactions to build trust for global trade and business. You still need to reach an actual place and see your business partners, so cities with good air connectivity really influences how global business copes with global uncertainties,”, said Siqi Zheng, Principal Investigator at M3S, Professor and Faculty Director of MIT Center for Real Estate, and one of the authors of the paper.
 
The research conducted at SMART was supported by the National Research Foundation Singapore under its Campus for Research Excellence and Technological Enterprise (CREATE) programme.

Construction is underway on a hybrid power station near Miles that will support Arrow Energy’s Surat Gas Project (SGP) North, demonstrating how natural gas and renewables can work together to deliver safe, reliable and cleaner energy.

The hybrid facility, which includes a planned solar farm, will supply electricity to Arrow’s field compression station, where gas will be processed in readiness for market.

Up to 90 jobs will be created during the construction phase of the power station, which, once operational, will be fuelled by a mix of gas, solar and battery.

Arrow Energy Chief Executive Officer XinMiao Tong said the power station will provide electricity for Arrow’s operations.

“The hybrid station is a power solution for the future and a strong demonstration of how gas and renewables can work together for cleaner, smarter energy,” Mr Tong said.

“By integrating solar generation and battery storage with gas-powered electricity, we will strengthen our operational resilience while improving our greenhouse gas (GHG) emissions footprint as we produce essential energy for Queensland and beyond.

“With natural gas expected to remain an important part of the energy mix for several decades to come, integrated solutions such as this are the shape of things to come.

“Arrow has significantly reduced its emission intensity across our gas operations over the past decade, and this hybrid power solution is the next step in supporting Australia’s net zero ambitions.”

Once operational in 2027, the power station is expected to supply up to 186 gigawatt hours of electricity each year, with approximately 20 per cent generated from solar.

Global energy solutions provider Aggreko will develop, own and operate the facility under a 20‑year agreement with Arrow Energy.

Aggreko APAC Managing Director George Whyte said the project highlighted the role of hybrid energy solutions in supporting major regional developments.

This project represents an important milestone for the region and for the future of hybrid energy in Australia,” Mr Whyte said. “The combination of thermal generation, solar power and battery storage delivers a robust energy platform that supports Arrow’s operational reliability and contributes to Queensland’s broader decarbonisation goals.”

“Our long-term agreement with Arrow Energy underscores Aggreko’s commitment to being a reliable partner in delivering innovative, loweremissions energy solutions. We look forward to supporting local job creation during construction and playing a role in the continued growth of the Surat Basin.”

Aggreko is proud to support Arrow’s operational reliability, and this investment reflects our long-term commitment to partnering with industry to reduce GHG emissions, improve efficiency and enhance resilience across remote and energy-intensive operations.

Aggreko’s ESG strategy is underpinned by two goals:

Net zero emissions from facilities and operations by 2035
30% reduction in the emissions intensity of energy solutions by 2030.

These environmental commitments sit alongside the company’s social and governance commitments: investing in its own skills and communities and being an ethical and transparent business.

The hybrid power station will include:

• a 17 MWp solar farm (subject to final government approvals) 
• an 8.4 MVA / 16 MWh battery energy storage system (BESS)
• a 33.75 MVA gas‑fired thermal power station.

Construction will be delivered in two stages. The thermal power station and battery system are planned to be operational by mid-2027, followed by the solar farm by the end of 2027.

At peak operations, the solar and battery component is expected to reduce annual fuel gas consumption by around 385,000 gigajoules and cut GHG emissions by approximately 21,000 tonnes of CO₂‑e per year, when compared to a power station fuelled only by natural gas.

The project will also deliver local economic benefits, creating up to 90 jobs during construction and increasing local spend in the Miles and wider Surat Basin region.

KEY FACTS – SGP NORTH HYBRID POWER STATION

• Supports Arrow Energy’s Surat Gas Project (SGP) North near Miles
• Supplies power to the SGP North Field Compression Station
• Hybrid facility using gas, solar and battery storage to generate power 
• Up to 186 GWh of electricity supplied each year once operational
• Approximately 20 per cent of energy generated from solar
• Construction commenced in 2026; fully operational in 2027
• Up to 90 jobs created during construction
• Reduction of approximately 21,000 tonnes CO₂‑e per year at peak operations (when compared to a power station fuelled by natural gas only) 

About Aggreko

Aggreko is a global leader in engineered energy and temperature solutions. We design, deploy and optimise the flexible energy and temperature solutions that are essential to our customers’ operations.

We work across all major industries and bring deep sector expertise to shaping solutions around our customers’ needs. We use our experience working in demanding environments and with complex applications to engineer reliable, efficient and sustainable solutions that meet our customers’ needs, from critical emergencies to long-term energy security.

Founded in 1962, we created the category and continue to lead it. In a world of growing energy demand and an increasing focus on sustainability, we are setting the pace. We are investing in new markets, new applications and the sustainable equipment, fuels and services that power our customers and their energy transition, wherever they are on their journey.

Headquartered in the UK, we employ over 6,900 people worldwide and are active in over 70 countries. We are part of the Aggreko group which includes specialists in every aspect of energy and temperature control.

For more information, please visit our website at www.aggreko.com

The Hague, the Netherlands, 24 February 2026 – EviSafe, an AI-driven safety and evidence app for victims of domestic and sexual violence, is expanding its impact through a new pilot with the City of The Hague. The app combines hands-free emergency alerts with legally valid evidence collection, addressing one of the most persistent barriers in tackling violence at home or outside.

Through the Support, Empowerment and Prevention (SEP) module, the city is now able to add and manage local information within the app, tailored to specific target groups and neighborhoods. This allows users to immediately find relevant local services such as shelters, victim support organisations and care providers.  

Violence behind closed doors often remains invisible. Only one in ten victims of domestic or sexual violence reports an incident, largely due to stigma and a lack of evidence. The app is built on three pillars – Support, Empower and Prevention – and uses artificial intelligence to recognise danger and activate help when victims need it most.

“From personal experience, I know how crucial it is to have proof, but even more so to have the ability to call for help the moment you need it. With EviSafe, users can set their own code words. When a code word is recognised, the app automatically records for five minutes and can alert a trusted contact. That combination of immediate support and secure evidence can make a real difference in moments where safety is most needed” Noami Hija, CEO EviSafe.

The app will start recording and call for help when a safe word that people can include themselves is identified. This safe word can be said out loud and will be detected even when the phone is in your bag or on your nightstand. A second password can also be included, which allows the user to use a distress password to quickly wipe information if needed. The recording complies with data-privacy rules, as the Dutch Criminal Code states that recordings may be made if the individual is part of the conversation. Therefore, the recorded audios made during an incident of violence or threats are to be used in court as evidence.  

EviSafe’s Android version is available in English and Dutch and will increase its visibility by adding additional languages and expanding it to iOS. EviSafe aims to cooperate with other municipalities, encouraging more cities to make essential support information digitally accessible.

EviSafe’s approach has already been recognised with several awards and funds in 2025, including the AI Pitch Competition, the Pels Rijcken Access to Justice Fund, and the ImpactCity The Hague Innovators Challenge Award. On 27 November 2025, EviSafe marked its two-year anniversary during the Orange the World campaign, which calls attention to the global fight against violence towards women and girls.  

Read the full story and listen to the interview with Naomi about EviSafe on Stories of Purpose from The Hague: https://storiesofpurpose.thehague.com/impact/new-app-evisafe-empowering-victims-domestic-abuse-and-stalking

About The Hague & Partners