Author: MIL-OSI Publisher

23 JULY 2025 – Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. Equinor reported a net operating income of USD 5.72 billion and a net income of USD 1.32 billion. Adjusted net income* was USD 1.67 billion, leading to adjusted earnings per share* of USD 0.64.

Solid financial results

• Strong operational performance and production growth
• Higher US onshore gas production capturing higher prices
• Stable cost and capex in line with guidance
• Balance sheet remains robust through lower price environment

Strategic progress

• Announced divestment of the Peregrino field in Brazil for USD 3.5 billion
• Financial close of Bałtyk 2 & 3 offshore wind projects in Poland
• Empire Wind 1 project development back in execution. Impairments driven by regulatory changes for future offshore wind projects leading to a loss of future synergies on South Brooklyn Marine Terminal, and increased exposure to tariffs

Capital distribution

• Ordinary cash dividend of USD 0.37 per share, third tranche of share buy-back of up to USD 1.265 billion
• Expected total capital distribution of USD 9 billion in 2025

Anders Opedal, President and CEO of Equinor ASA:
“We are on track to deliver production growth in 2025 in line with our guidance. Strong operational performance and Johan Castberg reaching plateau are key contributors this quarter. In today’s volatile markets we stay committed to being a long-term energy provider to Europe.”

“Last year, we strengthened our onshore gas portfolio in the US and this has created substantial value this quarter, with a fifty percent increase in gas production at prices almost eighty percent higher than the same time last year.“

“We continue to progress our portfolio in renewables, and the Empire Wind 1 project development is back in execution. We have reached financial close for the Bałtyk 2 & 3 offshore wind projects in Poland at favourable terms, contributing to strong returns.”

Solid production

Equinor delivered a total equity production of 2,096 mboe per day in the second quarter, up 2% from 2,048 mboe in the same quarter last year.

On the Norwegian continental shelf the operational performance was strong. New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant.

The acquisition of additional interests in US onshore assets in 2024, and higher production from these assets, contributed to a 28% increase in oil and gas production from US in the second quarter, compared to the same period last year.

The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024. Higher production in Brazil, and new wells in Argentina and Angola, contributed positively.

The total power generation from the renewable portfolio was 0.83 TWh. The increase compared to second quarter last year is due to ramp up of power production from Dogger Bank A and new production from the onshore wind farm Lyngsåsa in Sweden which was acquired in first quarter 2025.

In the quarter, Equinor completed 5 offshore exploration wells on the NCS with 2 commercial discoveries.

Strong financial results

Equinor delivered an adjusted operating income* of USD 6.53 billion and USD 1.74 billion after tax* in the second quarter of 2025. The results are affected by lower liquids prices, which were partially offset by higher gas prices and higher production.

The reported net operating income of USD 5.72 billion is down from USD 7.66 billion in the same quarter last year. This is impacted by an impairment of USD 955 million due to regulatory changes causing loss of synergies from future offshore wind projects and increased exposure to tariffs. Of this, USD 763 million is related to Empire Wind 1/South Brooklyn Marine Terminal project and the remainder is related to the Empire Wind 2 lease.

Equinor realised a European gas price of USD 12.0 per mmbtu and realised liquids prices were USD 63.0 per bbl in the second quarter.

Adjusted operating and administrative expenses* are stable from the same quarter last year.

Strong operational performance generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.17 billion for the second quarter.

Equinor paid two NCS tax instalments totalling USD 6.85 billion in the quarter. From August, the payments of tax on the NCS will be changed to ten installments annually, and for third quarter Equinor expects to pay two installments of NOK 19.7 billion each.

Cash flow from operations after taxes paid* ended at USD 1.94 billion.

Organic capital expenditure* was USD 3.40 billion for the quarter, and total capital expenditures were USD 3.58 billion.

The net debt to capital employed adjusted ratio* was 15.2% at the end of the second quarter, compared to 6.9% at the end of the first quarter of 2025. The calculation of net debt ratio includes the effect of the Norwegian state’s share of the share buy-back, at USD 4.26 billion paid in July.

Strategic progress

Since the end of the last quarter, Equinor progressed projects to facilitate long-term production and value creation on the Norwegian continental shelf. The plan for development and operation on Fram South was submitted and final investment decision was made on Johan Sverdrup phase 3 in the North Sea which are expected to increase the recoverable volumes from the field by 40-50 million boe.

After less than three months in production, the Johan Castberg field in the Barents Sea reached plateau on 17 June. The same month, an oil discovery estimated at approximately 9-15 million barrels was made in the area and can contribute with additional reserves for the field.

Equinor and Centrica signed a long-term gas sales agreement of 55 TWh of natural gas per year for a period of 10 years, demonstrating the importance of long-term gas supplies from the NCS to support the UK’s energy security.

Equinor continues to high-grade its international portfolio. In the quarter, the sale of the Peregrino field in Brazil for USD 3.5 billion was announced. Equinor will focus on the start-up of the Bacalhau field expected on stream later in 2025 and progressing the Raia gas project. New exploration acreage in the Santos basin was awarded.

Financial close was announced on the Bałtyk 2 and Bałtyk 3 offshore wind projects with financing packages totalling EUR 6 billion. The wind projects are located offshore Poland with an expected total capacity of 1.4 GW.

Competitive capital distribution

The board of directors has decided a cash dividend of USD 0.37 per share for the second quarter of 2025, in line with communication at the Capital Markets Update in February.

Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a third tranche of the share buy-back programme of up to USD 1.265 billion. The tranche will commence on 24 July and end no later than 27 October 2025.

The second tranche of the share buy-back programme for 2025 was completed on 17 July 2025 with a total value of USD 1.265 billion.

All share buy-back amounts include shares to be redeemed by the Norwegian state.

*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

23 JULY 2025 – Equinor will on 24 July 2025 commence the third tranche of up to USD 1,265 million of the share buy-back programme for 2025, as announced in relation with the second quarter results 23 July 2025.

In this third tranche of the share buy-back programme for 2025, shares for up to USD 417.5 million will be purchased in the market, implying a total third tranche of up to USD 1,265 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 27 October 2025.

Equinor announced at the Capital Market Update in February 2025 a share buy-back programme of up to USD 5 billion for 2025, including shares to be redeemed from the Norwegian State, in order to conclude the two-year programme for 2024 – 2025, announced in February 2024. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the third tranche in 2025, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

Commencement of new share buy-back tranches after the third tranche in 2025 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the third tranche for 2025 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2026.

Further information about the share buy-back programme and the third tranche:

The third tranche of the share buy-back programme for 2025 is based on an authorisation granted to the board of directors at the annual general meeting of the company held on 14 May 2025. According to the authorisation, the maximum number of shares which can be purchased in the market is 84 million, of which 67,622,812 remain available per commencement of the third tranche in 2025 (buy-backs made under previous tranches in the authorisation period taken into account). The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation is valid until the annual general meeting of the company in May 2026, but no later than 30 June 2026.

An agreement between Equinor and the Norwegian State regulates the State's participation in the share buy-back: at the annual general meeting of the company in May 2026, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State's shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus an interest rate compensation, adjusted for any divid

A month after the Government of Nauru announced a ground breaking strategic partnership with UAE company Global Mission Support Services (GMSS) to take over the management and delivery of the country’s health services, the results have already been transformational. 

Minister for Public Health Maverick Eoe said while the first 30 days were earmarked for assessment and planning, the new medical team had already made major progress including reactivating the eye clinic and performing high-impact surgeries that previously could not be performed domestically.

“The government decided that in order to make a real difference in the health care of all Nauruans we had to be innovative, and we are absolutely confident that this solution will dramatically improve, and restore trust in, our health system,” he said. 

The health team has also responded to a dengue fever outbreak which is now under control following consultation with the United States Centres for Disease Control and Prevention, while the company’s engineering team fixed the flooding at the hospital’s entrance which has been an issue for decades.  

The partnership, at no extra cost to the Government, was announced in Parliament last month by President David Adeang, who said, “The government…. had concluded that engaging an experienced and capable private sector partner is a necessary step to ensure our people continue to receive quality and timely medical care, both locally and abroad.”

He also said the new arrangement will reduce the financial burden on the OMR but assured the nation that “this arrangement will (still) ensure that our most vulnerable citizens—those who require overseas medical treatment—are cared for with dignity, efficiency, and compassion.”

The GMSS medical team on Nauru are leading experts from across the world and include a US chief medical officer, a Ukrainian brigadier general who was a special forces physician, an Israeli ophthalmic surgeon, an Australian professor of public policy, a former British Royal Air Force doctor, and a US Navy admiral. 

GMSS manager Roy Shaposhnik said, “Our mission has been receiving outstanding support and goodwill from government, the private sector, and most importantly, the people of Nauru.

“Their support and cooperation remain our greatest motivators and enablers.”

The initial team included civil engineers, logistics specialists, and operations personnel, followed by additional subject-matter experts who conducted in-depth assessments of the Nauru hospital and public health facilities.

GMSS medical adviser Dr Dezheen Zebari said thinking of just how much change they can make in Nauru is “very exciting”.

“This will be a transformative change and build a resilient health care system,” she said.

Dr Zebari credited President Adeang along with ministers Eoe and Charmaine Scotty for “their vision.”

July 22 2025 – UK government borrowing came in higher than forecast in June, a setback for Chancellor of the Exchequer Rachel Reeves that has markets jittery and households bracing for tax hikes.

“Gilt yields climbed on the news—and so should awareness among individuals with UK assets. The time to protect your wealth is now,” says Nigel Green, CEO of global financial advisory giant deVere Group.

In a sharp warning, he responds to today's ONS data showing public sector borrowing reached £20.7bn last month—£3.5bn more than expected and the highest June figure outside of the pandemic era.

“This borrowing shock is the flashing red light on the dashboard. The UK is headed toward a fiscal squeeze, and the Chancellor has limited room to manoeuvre. That makes tax rises not just likely—but, in our view, inevitable.”

The increase in borrowing was driven by higher interest payments on inflation-linked debt and ballooning public spending, which has outpaced gains in tax revenues.

The data raises questions about how the government can stick to its fiscal rules without turning to new or increased taxes.

“Markets are already reacting. Gilts dropped and yields jumped, which is a clear signal that investors expect tougher measures ahead. And that usually means taxes—stealth or otherwise—will be deployed to stabilise the books.”

With debt interest payments nearly doubling year-on-year in June and pressure mounting from backbench MPs for wealth and tourist taxes, Nigel Green says the direction of travel is now unambiguous.

“The political noise is getting louder. Whether it's capital gains, pension reliefs, property, or new forms of wealth taxation, something has to give.

“The Chancellor has ruled out reopening departmental budgets, which narrows the options dramatically.”

He warned that investors, business owners, and anyone with UK assets should not wait to react after the Autumn Budget.

“By the time tax policy changes are announced, it's often too late to respond effectively. The smart move is to plan proactively—now. When fiscal gaps this size appear, governments act fast, and retrospectively.”

With borrowing at £57.8bn already this financial year and the Office for Budget Responsibility forecasting a potential £30bn hole in public finances by year-end, the deVere CEO says the government's fiscal hand is being forced.

“There's no free money left. We're past the era of cheap borrowing and blank-cheque economics. Markets want discipline. Voters want services. That tension will be resolved through taxation.”

“Those with investment portfolios, property, pensions or inheritances tied to the UK need to assess their exposure and consider future-proofing strategies. This is smart wealth management.”

Despite the political pledge to avoid day-to-day borrowing, the numbers tell a different story. The Treasury is borrowing more, not less, and paying more for it, not less.

“Inflation-linked bonds and rising rates have made it brutally expensive to finance the national debt. That's going to reshape the economic agenda—and likely your personal finances with it.”

The chief executive called on clients and individuals to get ahead of potential tax changes now, while options remain open and planning is still effective.

“Tax hikes can be disguised, delayed, or dressed up as reform—but they're still tax hikes. We expect movement on capital gains, inheritance tax, and pension rules in particular, and we believe it would be reckless to assume otherwise.”

He concludes: “We're urging those with UK ties—whether you live in Britain, invest here, or hold assets here—to speak to advisors urgently.

“Mitigating tax exposure takes time, insight, and action. This isn't about headlines, it's about protecting what you've built.”

22 July 2025 – Amid growing concerns about shark bites on Australian beaches, researchers have developed a new framework to compare and assess the broad range of prevention measures available to help identify which are most suitable to dynamic conditions.

Flinders University researchers, in collaboration with The University of Queensland and state government agencies, developed 12 comprehensive but adaptable criteria encompassing mitigation efficiency, but also socio-economic and environmental factors.

Published in the scientific journal People and Nature, the research used this new framework to compare 15 different mitigation measures that could be used on the Gold Coast – including cutting-edge technology and traditional strategies – and reveals that a combination of strategies is most effective at reducing the likelihood of shark bites.

“Our analysis includes lethal options like traditional nets and drumlines, and non-lethal real-time shark alerts withSMART drumlines, drones, and early warning systems alongside personal electronic deterrents, listening stations, amid many other measures says, Southern Shark Ecology Group Research Leader at Flinders University and study co-author, Professor Charlie Huveneers.

“It’s designed to be adaptable across various coastal environments, including murky, enclosed bays to clear, dynamic surf beaches and can accommodate new technologies or changing needs over time.

“Importantly, this approach recognises that no single solution is universally effective; instead, a combination of approaches—such as public education, and behavioural changes— equally shared between state governments and growing numbers of surfers and beachgoers is likely to be most successful in reducing shark-bite risk.”

Michelle Henriksen, lead author of the study, says public sentiment is shifting towards the deployment of non-lethal strategies, so experts want to gain knowledge about their effectiveness.

“Results reiterated the societal shift towards non-lethal measures and highlighted which mitigation measures, or performance criteria lacked information, helping to identify knowledge gaps and research needs.”

“By assessing the effectiveness of non-lethal mitigation, we’ve reflected community sentiment on the importance of introducing new methods that protect both sharks and beachgoers,” Ms Henriksen says.

Shark-bite prevention measures strengths and weaknesses:

• Physical Barriers: Effective in calm waters but impractical in surf zones like the Gold Coast.
• Drones: Widely supported for shark detection; cost-effective and efficient for beach monitoring.
• Personal electric Deterrents: Public education needed to improve acceptance.
• SMART Drumlines: Non-lethal but concerns about bait attraction and response times.
• Tagging: Requires sharks to be tagged and network of acoustic receivers but provide early warnings of shark presence
• Sonar: Low effectiveness due to limited coverage and detection accuracy; better suited for future use with tech improvements.
• Behavioural Interventions: Highly supported; focuses on education, personal responsibility, and safer ocean practices for people, instead of focusing on sharks.

CommBank releases its FY26-28 Elevate Reconciliation Action Plan (RAP) .

CommBank has announced its 2025 Next Chapter Innovation partners, maintaining the program’s focus on supporting innovative, community-led programs that address financial abuse in First Nations communities.  

This announcement coincides with the release of CommBank’s FY26-28 Elevate Reconciliation Action Plan (RAP) and reflects its ambition to be a trusted partner to First Nations peoples as they achieve their social, cultural and economic aspirations.

Over the next 18 months two First Nations-led organisations, Mudgin-gal Aboriginal Corporation(NSW) and Mookai Rosie-Bi-Bayan (QLD) will each receive access to grants of up to $200,000 plus tailored non-financial assistance, including, executive mentoring, and capability-building support from across CommBank.

Supporting solutions designed by the community, for the community

Now in its third year, CommBank’s Next Chapter Innovation program is part of the bank’s broader commitment to help address domestic and family violence (DFC) and financial abuse, to support victim-survivors on their path to long-term financial independence.  

Recent research by the Indigenous Consumer Assistance Network (ICAN) highlights that financial abuse can affect First Nations peoples in unique ways. The ICAN report explores how financial control within relationships and the exploitation of cultural obligations can create financial stress. It also emphasises the importance of culturally safe, community-led solutions to overcome barriers to seeking support.

The Next Chapter Innovation program is investing in First Nations-led place-based initiatives that provide culturally informed, practical responses to financial abuse – creating safer pathways to financial security.

Introducing CommBank’s 2025 Next Chapter Innovation partners

This year’s partners were nominated by members of CommBank’s First Nations Employee Network and have been selected for their innovative, community-based approaches to supporting recovery in First Nations communities.

Mudgin-gal Aboriginal Corporation (NSW) – Mudgin-gal – meaning “Women’s Place”, has stood at the heart of Redfern as a sanctuary for Aboriginal women and families. Entirely led by Aboriginal women, the organisation has become a beacon of community strength, cultural healing, and early intervention in the fight against family violence. Mudgin-gal Aboriginal Corporation will deliver Sacred Circles – trauma-informed, healing-led sessions that blend cultural practice with practical financial education, supporting women’s recovery and financial empowerment.  
Mookai Rosie-Bi-Bayan (QLD) – With more than 35 years of experience providing healthcare and accommodation services to women and children of Queensland’s Cape York, NPA, and Torres Strait regions, Mookai Rosie-Bi-Bayan is continuing the legacy of their Aunties by establishing the ‘Building Futures, Building Communities’ program. The initiative will create a social enterprise that supports victim-survivor recovery and generates income by harnessing traditional knowledge of plants, to make medicinal healing products, empowering women with both cultural and economic strength.

CommBank will also continue to work with its 2024 Next Chapter Innovation partners, Strong Women Talking and the Council of Aboriginal Services Western Australia (CASWA).

Mitchell Heritage, CommBank Executive Manager looking after First Nations business banking and a member of CommBank’s Indigenous Leadership Team said: “CommBank’s Next Chapter Innovation program was established to help break the cycle of financial abuse and empower people to rebuild long-term financial independence. This year, we are pleased to support First Nations communities through the program by investing in innovative, culturally informed programs. We are proud to back community-led organisations that are delivering real change on the ground.”

For further details on CommBank’s Next Chapter support, visit: commbank.com.au/nextchapter

CommBank launches FY26-28 Elevate RAP

This announcement aligns with the delivery of the Bank’s eighth Reconciliation Action Plan. Through the FY26-28 RAP, CommBank has reaffirmed its commitment to deliver 12 reconciliation priorities that will strengthen the Bank’s engagement with First Nations people across four key areas – reconciliation and community, education and careers, business success and growth, and financial inclusion.

In endorsing the Bank’s latest RAP, Karen Mundine, CEO of Reconciliation Australia said: “Commonwealth Bank’s FY26-28 Elevate RAP sets out their priorities in further strengthening their engagement with First Nations peoples. It builds on the Bank’s previous reconciliation commitments; through listening to the voices and expertise of First Nations people and using that knowledge to continually expand their strategies, the Bank demonstrates a sustainable approach to their reconciliation program, now and into the future.”

 For further details on CommBank’s FY26-28 Elevate RAP, including the Bank’s FY26-28 RAP priorities, visit: commbank.com.au/reconciliation.

Anyone worried about their finances because of domestic or family violence or coercive control can contact the Next Chapter Team on 1800 222 387 for support – no matter who they bank with. 

If you or someone you know is experiencing domestic or family violence, call 1800RESPECT (1800 737 732) or visit www.1800RESPECT.org.au or 13 YARN (13 92 76 or www.13yarn.org.au).

In an emergency or if you’re not feeling safe, always call 000.

Further information: demonstrated impact of the Next Chapter Innovation program through independent evaluation

An independent evaluation of CommBank’s Next Chapter Innovation program conducted by UNSW found that the first cohort of partners delivered significant outcomes, with broad reach across communities and the sector.  

Key program results:  

Engagement with nearly 600 clients and service users.
Collaboration with more than 150 stakeholders through workshops and consultations.
The development of two new practice models and guidelines to strengthen responses to financial abuse.

Unique achievements of the individual partners include:

• Afghan Women on the Move worked with 500 Afghan and multicultural women to build financial skills, improve digital literacy, recognise financial abuse and explore employment and small business opportunities  
• YFS Ltd enhanced sector-wide knowledge of technology facilitated abuse, engaging 90 victims-survivors and 133 sector workers to improve safety, wellbeing and response capability. 
• EACH engaged 35 national stakeholders to co-design a service model addressing financial abuse in small business, intended for future implementation through a National Centre for Financial Abuse in Small Business. 
• Indian (Sub-Cont) Crisis Support Agency developed a framework for communities and practitioners to better identify and respond to dowry abuse in South Asian communities.

July 20 2025 – The UK Chancellor Rachel Reeves is reportedly contemplating a sale of the country's confiscated Bitcoin stash—some 61,000 BTC seized in a 2018 fraud bust—to alleviate an estimated £20 billion fiscal shortfall.

But while offloading crypto could offer short-term relief, Nigel Green, the CEO of global financial advisory giant deVere Group warns it may echo past errors and undermine long-term strategy.

“Turning these assets into instant cash is tempting, but it risks repeating historical errors,” he says, highlighting the lessons of previous government asset sales that have gone sour.

Bitcoin on Sunday surged past the $118,000 mark—its highest point since the $123,000 peak.

The proposal arrives amidst a wider pro-crypto pivot. The UK recently lifted restrictions on retail ETNs in June, aiming to become a fintech powerhouse. The surge in regulatory clarity, combined with rising institutional interest, has bolstered Bitcoin's legitimacy, with sovereign holdings under serious consideration globally.

Despite this backdrop, Nigel Green voices strong concern. “If we advocate crypto as strategic, then hastily disposing of seized Bitcoin is hypocritical—and harmful.”

“Fiscal pressure shouldn't drive poor asset decisions.”

He continues: “That's all the more pressing given restoration obligations—victims must be compensated, law enforcement gets its cut, and legal overheads pile up. Net receipts may shrink to 20–30% of gross proceeds—far less than headlines suggest.

“This isn't free money. Court battles and administrative fees will eat into what the Treasury actually sees.”

Economists often cite gold sales in the late 1990s as a cautionary tale. Sold at depressed prices, the assets were later criticized for heavy losses when bullion rose.

The deVere CEO draws a parallel: “They sold gold in a dip, only to regret it years later. We risk replaying that error with Bitcoin.”

Indeed, proper timing matters—”emergency fiscal relief is not always best served by fire-sale tactics.”

He has previously urged the UK to build a “strategic Bitcoin reserve,” akin to moves under consideration in the US.

His track record of bullish forecasts—Bitcoin nearing $125k—is rooted in believing digital assets will anchor future economic frameworks.

He reiterates: “If countries like the US, the world's largest economy, are seriously weighing Bitcoin as a reserve, why would the UK liquidate instead?”

Far from being a gamble, it's a bet on diversification and monetary education. As Nigel Green notes: “Bitcoin can act like digital gold—it's scarce, decentralized, and a hedge against inflation.”

The consequences extend beyond Pounds and pence—they speak to perception: “How the Chancellor handles this will shape market and public confidence. It's about whether we lead intelligently—or just chase headlines.”

Indeed, rushed asset sales project instability—it broadcasts that policy swings on crypto are driven by urgency, not strategy. This risks turning the UK from crypto innovator to cautionary tale.

The deVere chief executive concludes: “Is the UK a digital finance pioneer—or panic merchants liquidating seized assets? The choice will help define Rachel Reeves' and the government's economic legacy.

 “They should act less on timing, more on trajectory.”

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.

Responding to reports and Cambodian government announcements that a crackdown on scamming compounds in the country is under way, Amnesty International’s Regional Research Director Montse Ferrer said:

“A coordinated government response to Cambodia’s scamming crisis is long overdue. However, it is vital that authorities respect the human rights of individuals found in these locations, where we have documented slavery, torture and other abuses carried out by criminal gangs.

“Emerging reports and social media footage raise concerns that police may not be using a human rights-based approach to who is being detained and who is being treated as a victim of human trafficking. Victims must be properly identified and protected, and the government should share details about the detention centres where they may now be held.

“Finally, police should not only focus on the individuals carrying out scams, but on those controlling them. Any legitimate crackdown must include the investigation and questioning of compound landlords and managers, as well as the security guards and companies who have assisted them.”

Background

According to research published last month by Amnesty International, the Cambodian government has been deliberately ignoring a litany of human rights abuses including slavery, human trafficking, child labour and torture being carried out by criminal gangs on a vast scale in more than 50 scamming compounds located across the country.

Amnesty’s findings suggested there had been coordination and possibly collusion between Chinese compound bosses and the Cambodian police, who have failed to shut down compounds despite the slew of human rights abuses taking place inside.

Since the publication of the report, the Cambodian authorities appear to have undertaken a crackdown on scamming compounds. On Wednesday 16 July authorities said they had arrested more than 1,000 people in raids on compounds in at least five provinces. Reports of more raids have continued, with dramatic social media footage showing scenes of people running from compounds in the middle of the night with suitcases.

18 JULY 2025 – Dirk Elvermann, CFO and CDO of BASF, and Anders Opedal, President and CEO of Equinor, at the signing of the ten-year natural gas supply agreement.

Equinor will supply up to 23 terawatt hours of natural gas (around 2 billion cubic meters) annually to BASF.

BASF and Equinor have signed a long-term strategic agreement for the annual delivery of up to 23 terawatt hours of natural gas over a ten-year period. The contract secures a substantial share of BASF’s natural gas needs in Europe. Deliveries will start on October 1st, 2025.

“This agreement further strengthens our partnership with BASF. Natural gas not only provides energy security to Europe but also critical feedstock to European industries. I am very happy that our gas also supports BASF’s efforts to reduce their carbon footprint. Gas from Norway comes with the lowest emissions from production and transportation”, says Anders Opedal, president and chief executive officer, Equinor.

Natural gas is a key feedstock for European industries, especially in the production of chemicals and fertilisers. BASF uses natural gas both as an energy source and as a raw material in the production of basic chemicals. This long-term partnership will support the company’s strategy to diversify its energy and raw materials portfolio. The gas is sold on market terms.

“We are very happy to enter into this long-term partnership with Equinor for the reliable supply of low-carbon natural gas for BASF’s operations in Europe. Equinor is a trusted and valued partner. The supply agreement not only comes with competitive terms but also supports our sustainability targets”, says Dirk Elvermann, Chief Financial Officer and Chief Digital Officer, BASF SE.

BASF develops a broad portfolio of solutions that are essential components in the manufacturing of everyday consumer goods, such as car interiors, sportswear, personal care items, and agricultural solutions. Equinor has been supplying gas and liquids to BASF for several years.

About BASF

BASF is a company that creates chemistry for a sustainable future. Its ambition is to be the preferred chemical company to enable its customers’ green transformation. BASF combines economic success with environmental protection and social responsibility. Around 112,000 employees in the BASF Group contribute to the success of its customers across nearly all sectors and in almost every country in the world. BASF’s core businesses include the segments Chemicals, Materials, Industrial Solutions, and Nutrition & Care, while its standalone businesses are bundled in the segments Surface Technologies and Agricultural Solutions. In 2024, BASF generated sales of €65.3 billion. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the United States.

July 18 2025 – The US has passed its first major national cryptocurrency legislation—the Genius Act—signaling the most aggressive shift yet in Washington's approach to digital assets.

Backed by President Trump, the bill marks a landmark moment for the crypto sector and ignites what global financial advisory giant deVere Group calls a full-scale global digital arms race.

In response to the development, deVere today confirms it is doubling down on its $150,000 Bitcoin price prediction by the end of 2025, citing the legislation as a turning point in monetary and technological policy that will trigger rapid acceleration in adoption, capital flows, and international competition.

“This changes everything,” said Nigel Green, CEO of deVere Group.

“For the first time, the US government is not just 'tolerating' crypto—it's codifying it. The world's largest economy is laying down the legal foundations for digital assets to thrive.

“This s