Australia – Students warned: Fake job offers could put you at risk as employment scams more than double

Source: Commonwealth Bank of Australia (CBA)

Young Australians are increasingly targeted in scams through bogus employment offers to access their bank accounts.

13 February 2026 – New data shows the number of job and employment scams reported by Australians aged 24 and under more than doubled in 2025 compared to 2024 (132% increase), with most of those being contacted online (44%) and via texts (38%). More than $2.2 million was lost, with females disproportionately affected*.

CBA’s Executive General Manager Fraud and Scams, James Roberts, said scammers often look for opportunities that align with key moments in people’s lives – including when students and young Australians are actively looking for work.

“It’s a new year for students and a time many are looking for work. What we’re seeing is scammers posing as employers and offering flexible or casual roles, then asking young people to receive money or move funds as part of the job. Many don’t realise their bank account is being used without their knowledge to help move proceeds of crime,” Mr Roberts said.

Unlike traditional scams that involve an upfront request for payment, employment scams can unfold gradually. Many people believe they are completing legitimate tasks for an employer, unaware that their account is being used as part of criminal activity to disguise the movement of proceeds of crime which could include money from scams, extortion and drug trafficking.

The latest data1 shows scammers are also targeting this age group through dating and relationship scams.

In 2025, reports of dating and relationship scams affecting those aged 24 and under increased by 40% compared to the previous year. While males reported the most (85%), females accounted for close to three-quarters (74%) of total losses.

Consequences and the role of law enforcement

Mr Roberts said while many young Australians caught up in these scams are being targeted by criminals, there can still be serious consequences when a bank account is used to move the proceeds of crime.

“Even if someone doesn’t realise what’s happening at first, knowingly allowing your bank account to be used or moving money for someone else can lead to account restrictions or closure,” Mr Roberts said.

“Money laundering is a serious criminal offence. We report suspicious activity to the Australian Transaction Reports and Analysis Centre (AUSTRAC) and work closely with police and other authorities to help disrupt organised crime and protect customers.”

Mr Roberts said it was important to distinguish between those who are unknowingly manipulated by scammers and those who knowingly rent out or sell access to their bank accounts.

“People who are tricked into this are being targeted by scammers, and we want them to contact their bank as early as possible so we can help,” he said.

“But knowingly selling or renting out your bank account for so-called ‘money mule’ activity is a serious matter. It is not permitted under the bank’s terms and conditions and can result in accounts being closed and information being shared with law enforcement authorities”.

Mr Roberts said disrupting online marketplaces that facilitate the buying and selling of bank accounts was also critical.

“Stopping sites or pages on places like Facebook groups that offer to purchase or rent bank accounts is an important part of preventing this type of crime,” he said.

CommBank analysis identified 1,825 Facebook groups offering to rent or buy Australian bank accounts between 8 August and 7 October 2024. CommBank shared this information with Meta, via the Australian Financial Crime Exchange’s Anti-Scams Intelligence Loop.

What students and young Australians should do

CommBank is urging students and young Australians to stop and check before accepting job offers or requests that involve their bank account.

Red flags to watch for include:

Job offers that ask you to receive, move or pass on money
Requests to share bank details, login information or account access
Online relationships that involve financial help or money movement
Pressure to act urgently or keep requests secret

Mr Roberts said early action can make a significant difference.

“If something doesn’t feel right, stop and contact your bank straight away,” he said.

“The earlier we hear from you, the more we can do to help protect you and disrupt scam activity.”

CommBank encourages anyone who is unsure about a job offer, payment request or online relationship to seek advice from someone they know and trust before taking action.

* Source: https://www.nasc.gov.au/scam-statistics for those aged 24 and younger:

Jobs and employment statistics in 2025 Second top scam by loss ($2,209,756)
837 scam reports (vs. 361 in 2024)
Top contact methods were online (370), text message (315) and email (107)
Females lost $1,381,274 (63%) and males lost $826,892 (37%)

Dating and romance statistics in 2025 Fourth top scam by loss ($1,455,751)

323 scam reports (vs. 230 in 2024)
Top contact methods were online (248), text message (40) and phone call (17).
Females lost $1,073,841 and males lost $381,909.

Australia – Commonwealth Bank’s half year results announcement

Source: Commonwealth Bank of Australia
Commonwealth Bank Chief Executive Officer, Matt Comyn, has today updated the market on the bank’s HY26 results.

Financial results 1H26

Key news and analysis of the Commonwealth Bank of Australia's half-year 2026 financial results.CommBank CEO Matt Comyn:

CBA’s operating performance

“We have continued to execute our strategy with discipline, maintaining a strong focus on supporting customers while delivering sustainable outcomes for shareholders. A strong labour market and, until recently, easing interest rates, have provided some relief for borrowers, and our credit quality has improved.”

Focus on customers

“While conditions remain challenging for some customers, recent improvements in economic activity reinforce the resilience of the Australian economy. Customer outcomes remain central to our approach. We have continued to invest in technology and frontline teams to improve customer experiences.”

Balance sheet strength

“Our balance sheet settings remain resilient with strong levels of capital, deposit funding and provisioning given the economic backdrop and geopolitical issues. Our financial position enables us to support lending growth, continue investing to accelerate our technology modernisation agenda and enhance our GenAI capability, and help combat fraud, scams, cyber threats and financial crime.

We continue to watch the competitive intensity and its implications across the financial system. We are well placed to compete effectively and will continue to adjust our settings as appropriate.”

Delivering for shareholders

“Our history of long-term decision making has created a strong, resilient bank that supports our customers and communities and delivers for shareholders. This has allowed us to declare an interim dividend of $2.35 per share, fully franked.”

Outlook

“Economic growth strengthened during the half, driven by increases in consumer demand and rising investment in AI and energy infrastructure. Supply side constraints mean that the economy is struggling to meet this increased demand. As a result, inflation is now expected to remain above the Reserve Bank’s target band for some time, placing further upward pressure on interest rates. We will continue to seek to support our customers with their financial resilience. We are optimistic about the prospects for the economy and will play our part in building a brighter future for all.”

The Numbers:

Net profit after tax

Statutory NPAT
$5,412m
▲5% on 1H25
▲8% on 2H25

Cash NPAT
$5,445m
▲6% on 1H25
▲6% on 2H25

Net profit after tax (NPAT) was supported by lending and deposit volume growth in our core businesses. This was partly offset by lower margins and higher operating expenses primarily due to inflation and our continued investment in technology.

Dividend

$2.35 per share, fully franked
▲4% on 1H25

The interim dividend was $2.35 per share, fully franked. The dividend payout ratio is ~74% of cash NPAT on a normalised basis. The Dividend Reinvestment Plan continues to be offered to shareholders and is expected to be satisfied through the on-market purchase of shares.

Net interest margin

2.04%
▼4bpts on 1H25 (flat underlying basis)
▼4bpts on 2H25 (▼1bpts underlying basis)

Excluding growth in liquid assets and institutional reverse sale and repurchase agreements, which have broadly neutral impacts on net interest income, underlying net interest margin was slightly lower in the half. This was primarily due to competition in home lending and lower Treasury and Markets income, partly offset by higher earnings on the replicating portfolio and favourable funding mix from strong growth in at-call deposits.

Common Equity Tier 1 Capital ratio

APRA Level 2: 12.3%
Flat on Jun 25
▲10bpts on Dec 24

International: 18.3%

The Group maintained a strong capital position with a Common Equity Tier 1 (CET1) ratio of 12.3%, well above APRA’s minimum regulatory requirement of 10.25%. Our strong capital position and earnings resilience enable us to support customers, absorb losses and generate sustainable returns.

Funding and liquidity

79% Deposit funding ratio (78% Jun 25)
132% LCR (130% Jun 25
117% NSFR (115% Jun 25)

Deposit funding remained strong at 79% of total funding, underpinned by a significant proportion of our funding requirements being met through stable retail and business customer deposits. Long-term wholesale funding accounted for 68% of total wholesale funding and a portfolio weighted average maturity of 5.2 years remains conservatively positioned. Our liquidity and funding positions are appropriately managed with LCR and NSFR well above their minimum regulatory requirements.

Credit quality – loan impairment expense

$319m (Loan loss rate 6bpts)
Flat on 1H25
▼ 21% on 2H25

Loan impairment expense decreased reflecting improved credit quality, partly offset by elevated geopolitical tensions and global macroeconomic uncertainty. Home loan arrears decreased 7bpts in the half reflecting lower interest rates and seasonal tax refunds and 87% of home loan customers are now in advance of their scheduled repayments. Provision coverage remains strong at 1.55% of credit risk weighted assets. We now carry a ~$2.8 billion buffer relative to the losses expected under our central economic scenario.

Universities – Tree planting can combat urban heat, but some neighbourhoods are falling behind – UoS

Source: University of Sydney – UoS

Australia: Sydney communities may be missing out on crucial tree planting projects intended to combat urban heat, leaving western and eastern parts of Greater Sydney with less protection from extreme heat, a University of Sydney-led study has revealed.

In a surprising finding, researchers found that while Greater Sydney’s total tree canopy increased by 4.2 percent from 1.514 billion square metres to 1.578 billion square metres between 2016 and 2022, this growth was not evenly distributed.

When they examined the data at a street and neighbourhood level, patterns of increasing inequality in tree canopy distribution emerged.

Neighbourhood blocks in areas including Liverpool, Ku-ring-gai, Warringah, Manly and Fairfield received less tree canopy than would be expected under fair distribution benchmarks, according to the analysis.

As Sydney experiences more frequent and intense heatwaves, extreme urban heat is becoming an increasing concern for planners and councils. Heat resilience projects, such as tree planting, are widely used to keep streets and homes cooler during heatwaves.

The researchers say this could help explain why some neighbourhoods remain hotter than others, despite significant investment in sustainability and greening programs to reduce heat exposure.

The researchers analysed urban tree canopy data for Greater Sydney in 2016 and 2022, alongside heat vulnerability and vegetation data. The heat vulnerability index uses indicators of heat exposure, sensitivity to heat, and an area’s ability to adapt to extreme heat conditions.

The analysis was conducted using existing public data from the NSW Government, including the State NSW Department of Climate Change, Energy, the Environment and Water, and NSW Planning, Housing, and Instructure. This was combined with population data from the Australian Bureau of Statistics.

The combined dataset allowed the team to examine tree canopy distribution in high resolution. And run simulations on what would happen in with three scenarios: distributing trees evenly, prioritising the least green areas, and ensuring everyone reaches a minimum level of tree canopy.

This was then compared with the actual distribution of tree coverage in 2016 and 2022.

Tree coverage analysis on Greater Sydney at street level.  Red areas indicate streets or blocks that received fewer trees than expected, while green areas show streets or blocks that received more than expected. Source: Pakizeh et al.

The study, published in ‘Cities’ shows that well-intentioned urban greening projects can still increase inequality in communities, depending on how distributional justice (resource allocation) is defined, measured and implemented.

Lead author PhD student Amir Hossein Pakizeh from the Faculty of Engineering, said heat resilience projects led by governments and councils comes from a genuine interest in reducing heat exposure.

“There are sustainability and greening programs in place across NSW, but we uncovered many places that are accidentally being missed when analysing at street level,” said Mr Pakizeh, from the School of Project Management.  

“City-wide averages can hide these gaps, while closer local analysis shows that some areas remain consistently more exposed to extreme heat under different ideas of fairness.

“The issue is not simply how many trees are planted across the city, but where they end up. Different definitions of what counts as ‘fair’ in planning lead to very different outcomes on the ground, even when the total number of trees is the same.”

Associate Professor Nader Naderpajouh, head of School of Project Management, Faculty of Engineering, said the way we define and measure justice profoundly shapes the outcomes of heat resilience projects, and without clarity even well intended projects can end up widening existing injustices.

“Extreme heat is often called the ‘silent killer’ and is the leading cause of weather-related mortality in high income countries.

“The findings could help identify gaps and support councils, governments and city planners in designing more just and resilient heat adaptation strategies.

“There is an increasing policy focus on expanding and integrating green infrastructure across Greater Sydney, and we see outcomes change depending on whether decisions are made across Greater Sydney or by individual councils, and that coarse data can hide local injustices that only appear when you zoom in.”

Read the research here: https://doi.org/10.1016/j.cities.2025.106715

Declaration: The authors declared no potential conflicts of interest with respect to the authorship, and / or publication of the article.

Economy – Global Barometers continue to rise – KOF

Source: KOF Economic Institute

The Global Barometers continue to rise in February, moving slightly further above the medium-term average of 100 points. The results are mainly driven by the Asia, Pacific & Africa region. The slight global economic recovery continues.

In February, the Coincident and Leading Global Economic Barometers increase by 1.5 and 0.3 points respectively, reaching 102.9 and 101.7 points. Asia, Pacific & Africa is the main driver of both movements, while contributions across the other regions largely offset each other.

„Another month in which both the coincident and leading global barometers are above average and improving: the world economy continues to be in recovery mode and hold against the geopolitical tensions”, comments KOF Director Jan-Egbert Sturm.

Coincident Barometer – regions and sectors

The increase in the Coincident Barometer in February reflects a positive contribution of 1.5 point from Asia, Pacific & Africa, while the other regions offset each other: Europe contributes positively by 0.2 point, and the Western Hemisphere contributes negatively by 0.2 point. Therefore, the Western Hemisphere is now the sole region below the 100‑point level, while Asia, Pacific & Africa records its highest reading since February 2022, when it registered 108.7 points.

Among the coincident sector indicators, all sectors except Industry, record markedly rises in the month, with Services posting the strongest increase.

Leading Barometer – regions and sectors

The Leading Global Barometer rises by 0.3 point in February, with Asia, Pacific & Africa and the Western Hemisphere contributing with moderate positive contributions of 0.3 and 0.1 point, respectively. Europe, in turn, contributes with a slight decrease of 0.1 point. With this result, Asia, Pacific & Africa remains the region with the highest level, widening its gap this month. The Leading Global Barometer leads the world economic growth rate cycle by three to six months on average.

The leading sector indicators present heterogeneous dynamics in the month. Industry, Wholesale and Retail trade, and Services register increases, whereas Construction and Economy (Overall Economic Development), record declines.

Asia Pacific – Environmental decline and inequality threaten region’s development progress Launch of the Asia-Pacific SDG Progress Report 2026

Source: United Nations – ESCAP

Report Highlights:

  • At its current pace, Asia and the Pacific risks missing 88% of measurable SDG targets by 2030.
  • UN warns that gains in reducing poverty, improving health and well-being, and driving rapid industrialization are being overshadowed by widening inequality and severe environmental decline.    
  • While data availability for SDG indicators has improved, reaching an average of 55% in 2025, critical gaps remain.

The very engines of growth that once lifted millions out of poverty and fuelled rapid industrialization are now undermining the future of Asia and the Pacific. The region is on an unsustainable trajectory. Gains in several areas such as reducing poverty, good health and well-being, and industry, innovation and infrastructure are being overshadowed by widening inequality and severe environmental decline, particularly in climate action, biodiversity and the health of our cities. This imbalance threatens the most vulnerable and risks reversing decades of hard-won progress.

The upcoming Asia-Pacific SDG Progress Report 2026 calls for urgent efforts to embed climate action, environmental protection and resource efficiency into core development planning, alongside stronger action to reduce inequality and expand decent work opportunities.  

Key Speakers:

  Shombi Sharp
 Deputy Executive Secretary of ESCAP

  Rachael Beaven  
 Director of the Statistics Division, ESCAP

  Arman Bidarbakht Nia
 Head of Statistical Data Management Unit, ESCAP

NOTE:

Full programme: https://www.unescap.org/events/2026/launch-asia-and-pacific-sdg-progress-report-2026

The Economic and Social Commission for Asia and the Pacific (ESCAP) is the most inclusive intergovernmental platform in the Asia-Pacific region. The Commission promotes cooperation among its 53 member States and 9 associate members in pursuit of solutions to sustainable development challenges. ESCAP is one of the five regional commissions of the United Nations.
 

University Research – Scientists use sunlight and liquid metal to produce clean hydrogen from water – UoS

Source: University of Sydney (UoS)

Researchers have created a process using liquid metals, powered by sunlight, that can produce clean hydrogen from both freshwater and seawater.

The method allows researchers to ‘harvest’ hydrogen molecules from water while also avoiding many of the limits in current hydrogen production methods. It offers a new avenue of exploration for producing green hydrogen as a sustainable energy source.

Hydrogen as a green energy fuel has long been the focus of countless scientists and industries. Researchers have been on the hunt for decades to find the most economical method to produce green hydrogen reliably to power the energy, transport, and manufacturing and agriculture industries, transforming production across multiple sectors of the global economy.

“We now have a way of extracting sustainable hydrogen, using seawater, which is easily accessible while relying solely on light for green hydrogen production,” said lead author and PhD candidate Luis Campos.

Senior researcher Professor Kourosh Kalantar-Zadeh, from the School of Chemical and Biomolecular Engineering, says the study is a stunning showcase of how the natural chemistry of liquid metals can create hydrogen. His team produced hydrogen with a maximum efficiency of 12.9 percent, the team is currently working to improve the efficiency for commercialisation.

“For the first proof-of-concept, we consider the efficiency of this technology to be highly competitive. For instance, silicon based solar cells started with six percent in the 1950s and did not pass 10 percent till the1990s.”

“Hydrogen offers a clean energy solution for a sustainable future and could play a pivotal role in Australia’s international advantage in a hydrogen economy,” says project co-lead Dr. Francois Allioux.

At the technology’s heart is gallium, a metal with a low melting point, meaning it needs less energy to transition from a solid into a liquid. Professor Kalantar-Zadeh’s team has been pushing the chemical and technical boundaries of liquid metals to create new materials for years. Gallium particles’ ability to absorb light caught their attention.

The technology has particles of gallium suspended in either seawater or freshwater and activated under artificial light.

The result of this finding was a technology using a circular chemical process: particles of gallium are suspended in either seawater or freshwater and activated under sunlight or artificial light. The gallium reacts with the water to become gallium oxyhydroxide and releases hydrogen.

“After we extract hydrogen, the gallium oxyhydroxide can also be reduced back into gallium and reused for future hydrogen production – which we term a circular process,” says Professor Kalantar-Zadeh.

Gallium in liquid state is a fascinating element. At room temperature it looks like solid metal, but when heated to body temperature it transforms into liquid metallic puddles.

Mr Campos said the surface of liquid gallium is very chemically ‘non-sticky,’ and most materials will not attach to it under normal conditions. But when exposed to light in water, liquid gallium reacts at its surface, gradually oxidising and corroding. This reaction creates clean hydrogen and gallium oxyhydroxide on its surface.

“Gallium has not been explored before as a way to produce hydrogen at high rates when in contact with water – such a simple observation that was ignored previously,” says Professor Kalantar-Zadeh.

The University of Sydney led research was published in Nature Communications.

Why scientists are so keen on hydrogen molecules

Many industries and scientists believe hydrogen is the ideal candidate for a sustainable energy source, contributing significantly to reducing greenhouse gas emissions. ‘Green’ hydrogen, as its name suggests, is made using renewable sources.

Hydrogen is one of the most abundant elements on Earth and can be sourced from a large range of compounds as well, such as water (water has two hydrogen molecules). When hydrogen burns, it produces no pollutants, only water, but still can generate high levels of energy or power.

Efforts to produce green hydrogen have focused on ‘water splitting’: splitting atoms in water molecules to release hydrogen using methods including electrolysis, photocatalysis, and plasma (artificial lightning).

But the process required to separate hydrogen and oxygen atoms in water has faced multiple obstacles including the need to use purified water, incurring high cost or producing low yields of hydrogen.

The method Professor Kalantar-Zadeh’s team introduced with liquid gallium avoids many of those obstacles. The method can use both sea and fresh water and because the process is circular  gallium in the reaction can be re-used.

Professor Kalantar-Zadeh said: “There is a global need to commercialise a highly efficient method for producing green hydrogen. Our process is efficient and easy to scale up.”

The team are now working on increasing the efficiency of the technology and their next goal is to establish a mid-scale reactor to extract hydrogen.

Read the research here: https://doi.org/10.1038/s41467-026-68664-1

Declaration:

The University of Sydney has filed a patent application for the research. The work was supported by the Australian Research Council Discovery Project.

The research acknowledges the facilities and scientific and technical assistance of Sydney Analytical, a core research facility at The University of Sydney and Sydney Microscopy and Microanalysis, the University of Sydney node of Microscopy Australia.  

Professor Kourosh Kalantar-Zadeh – School of Chemical and Biomolecular Engineering, Faculty of Engineering, University of Sydney.

Economy – Japan vote propels stocks and yen to fresh highs as Takaichi trade returns – deVere Group

Source: deVere Group

February 9 2026 – Investors are championing Japan – and will continue to do so – following Sanae Takaichi's landslide election win in the country's snap general election, a result that has already reshaped global market sentiment and elevated Tokyo to the forefront of risk appetite across equity, currency, and debt markets.

The bullish analysis from Nigel Green, CEO of global financial giant deVere Group, comes following Takaichi's commanding victory delivered her Liberal Democratic Party a two-thirds supermajority in the Lower House, enabling her to advance her economic agenda with unprecedented political authority and clear policy direction.

Across Asia and beyond, markets have reacted with force. Tokyo's benchmark Nikkei 225 has surged to all-time highs, briefly topping 57,000, while the broader Topix index also hit new record levels.

Equities in key export and tech sectors showed particularly strong gains as global allocators re-weighted Japan into portfolios.

Nigel Green comments: “The scale of Japan's electoral outcome fundamentally alters the strategic calculus for international investors.

“Confidence has shifted from tentative to assertive as markets price in a government capable of executing large-scale economic initiatives without debilitating legislative friction.”

Ms Takaichi's platform, built around fiscal support, targeted tax relief and investment incentives in priority areas such as tech, defence, and infrastructure, has ignited renewed enthusiasm for what many are calling a revived “Japan opportunity.”

These dynamics are reinforced by fresh clarity around policy trajectory – a powerful antidote to the uncertainty that had weighed on asset allocators for much of the past year.

“With such a dominant mandate secured in an open-election environment, Japan stands as one of the few major advanced markets with clear strategic direction.

“That has prompted a redistribution of risk capital into Japanese equities and related assets. Now that policy risk is more knowable, investors are allocating with conviction,” says the deVere CEO.

The rally hasn't been confined to stocks alone. Shorter-dated Japanese government bond yields have lifted as expectations firm that fiscal initiatives will be accompanied by central bank adjustments; meanwhile, the yen has shown bouts of volatility as currency markets weigh both fiscal expansion and potential official intervention.

“What we're observing is a realignment of markets around a government with the authority to drive structural economic choices. Equities, yields, and the currency are all reflecting nuanced expectations for growth, inflation, and capital flows.”

International responses have been broad. Global indices opened strongly alongside Japan's advance, and cross-border capital flows into Asian equities have gained momentum.

Heightened interest in sectors tied to future growth themes – advanced manufacturing, semiconductors, and digital tech – aligns with Japan's announced priorities.

“The strength of the electorate's mandate has elevated Japan into a strategic role in global portfolios. Institutional investors are now assessing how this influences their broader Asia and global equity allocations,” notes Nigel Green.

Critically, the market's reaction has been immediate and substantial because the political backdrop is now a known quantity rather than a source of risk. This contrasts with several major democracies where political fragmentation and policy uncertainty continue to cloud investment horizons.

In contrast, Japan's electorate has delivered a clear result that enables decisive policy deployment.

“When the governing authority has both political legitimacy and control of legislative instruments, investors can construct risk assessments that factor in probability and timing with far greater precision.

“This underpins the breadth and depth of the capital inflows we are seeing into Japanese assets.”

Market data post-election illustrates the scale of the reaction. Japanese benchmarks have not merely climbed – they have reset valuation benchmarks, triggering what some analysts describe as a fresh structural leg in Japan's equity ascent. This performance is resonating with global allocators seeking growth exposures backed by economic policy conviction.

The deVere CEO concludes: “Japan's decisive electoral result changes its investment narrative. It gives markets a reference point around which to model growth, investment incentives, and fiscal policy impacts.

“This alignment of political capital and market expectations is rare among advanced economies today.

“As investors continue to assess the unfolding policy landscape, the strength of Japan's initial market reaction underscores their confidence in what lies ahead.”

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.

Economy – Starmer puts pound at risk: deVere CEO

Source: deVere Group

February 9 2026 – UK Prime Minister Keir Starmer is making the pound vulnerable, with political risk now being firmly embedded in sterling pricing, warns Nigel Green, CEO of financial advisory giant deVere Group.

Sterling weakness is no longer abstract. In recent sessions, the pound has slipped to multi-week lows against both major counterparts, trading around $1.35–$1.36 versus the dollar and €1.14–€1.15 against the euro, after earlier strength faded. Against the euro, sterling has fallen more than 0.5% in a single session.

The immediate trigger was monetary. The Bank of England's decision last week to hold interest rates at 3.75% was decided by a 5–4 vote, prompting traders to bring forward expectations for rate cuts later this year. UK front-end yields fell sharply, removing one of the pound's remaining supports.

Political developments then intensified the sell-off. The government's decision to appoint Peter Mandelson as ambassador to Washington reignited scrutiny of his past association with Jeffrey Epstein, an issue that quickly became a flashpoint inside Westminster.

The controversy escalated when Morgan McSweeney, the prime minister's chief of staff and a central figure in Labour's election campaign, resigned on Sunday amid growing internal backlash.

His departure exposed strains at the centre of government and sharpened questions over judgement and control.

Nigel Green says markets have responded to events rather than speculation.

“Currency markets are reacting directly to Keir Starmer's leadership being tested,” he notes.

“The Prime Minister has lost a Chief of Staff in the middle of a political crisis tied to a controversial appointment, investors are reassessing risk in real-time. Sterling reflects that reassessment.”

On the days surrounding the Bank of England vote and McSweeney's resignation, sterling underperformed both the euro and the dollar, even as broader global risk sentiment remained relatively stable.

The euro-sterling rate moved back toward £0.87, signalling pound weakness rather than euro strength.

Options markets reinforce the message. Hedge funds have increased demand for downside protection on sterling, a sign that investors are preparing for continued volatility rather than a rapid recovery.

“When funds pay for protection against further falls, they're responding to what they see in front of them,” Nigel Green says. “Keir Starmer's political difficulties have become a live variable in how the pound is traded.”

The narrow Bank of England vote also matters because it undermines confidence in the UK's rate outlook.

“A one-vote margin tells markets policy direction is finely balanced,” Nigel Green says.

“When that happens at the same time as political authority weakens under Keir Starmer, sterling loses support from both sides.”

Politics has therefore compounded the monetary shift. The Mandelson appointment and McSweeney's resignation have moved the focus onto leadership discipline and decision-making at the top of government.

“Currency markets price credibility,” Nigel Green says. “When investors question Keir Starmer's control over his own administration, they reduce exposure. The pound absorbs that loss of confidence quickly.”

The result is a pound trading increasingly as a political currency. Positive economic data has struggled to sustain rallies, while negative domestic headlines have triggered sharp selling.

This matters acutely for the UK because it depends on foreign capital inflows. Confidence in leadership plays a central role in maintaining demand for sterling-denominated assets.

“International investors are selective,” explains the deVere CEO. “As confidence in Keir Starmer weakens, they demand a higher premium or step aside. The currency is where that adjustment appears first.”

Looking ahead, the base case for the pound remains difficult while the current political situation persists.

“As long as Keir Starmer remains under sustained political leadership pressure, sterling stays exposed,” Nigel Green concludes.

“Until authority is clearly re-established, vulnerability is likely to define the pound's outlook.”

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.

Australia – NEW NSWALC LEADERSHIP ELECTED TO ALIGN WITH STRATEGIC DIRECTION AND FUTURE OF LAND RIGHTS IN NSW

Source: New South Wales Aboriginal Land Council (NSWALC)

The New South Wales Aboriginal Land Council (NSWALC) at its first Council meeting for the year, re-elected its Chairperson and appointed a new Deputy Chairperson, cementing the leadership of NSWALC to drive the strategic direction of the NSW Aboriginal Land Rights Network for 2026.

Councillor for the Sydney/Newcastle Region, Dr Raymond Kelly, has been re-elected as NSWALC’s Chairperson, with Councillor for the Wiradjuri Region, Cr Leeanne Hampton, elected as Deputy Chairperson. Both the Chairperson and Deputy Chairperson were elected uncontested.

Cr Hampton will step into the role following a decision by the outgoing Deputy Chairperson, Cr Ross Hampton, to not stand for re-election. Cr Ross Hampton will continue in his role as Councillor for the Western Region, a role he has held since 2019.

Chairperson Kelly thanked Cr Ross Hampton for his significant contribution as part of the leadership team of NSWALC and his ongoing passion for the Land Rights Network during his time as Deputy Chair.

“The Aboriginal Land Rights Network is at a pivotal moment in time. In recent years, we have taken deliberate, strategic steps to strengthen our organisation and the support we provide to Local Aboriginal Land Councils across New South Wales,” said Chairperson Kelly.

“Cr Hampton played a critical role in progressing our strategic priorities, and we thank him for his leadership and dedication to ensuring we have the capacity and resources to better support our LALCs moving forward.”

Incoming Deputy Chairperson of NSWLAC, Wiradjuri/Ngiyampaa woman from West Wyalong, Cr Leeanne Hampton, is a member of the NSW Government’s Aboriginal Cultural Heritage Advisory Committee and has been a serving Councillor for NSWLAC since 2019. Chairperson Kelly said Cr Hampton’s expertise will help advance NSWALC’s rights-based approach to Aboriginal Land Rights and our Cultural and Heritage.

“We are proud of the work we are undertaking across the Network and what it is doing to uphold our vision for Aboriginal Land Rights in this State – land acquisition and activation, building on the strengths of our communities, protecting and promoting our Culture and Heritage, and securing our futures.”

“With our leadership, we have an opportunity to strengthen our work and the support we provide to all our Local Aboriginal Land Councils (LALCs).”

“We are bringing a human rights approach back to Land Rights and are committed to working with all levels of Government and our communities to have better outcome-based programs and services.”

“There is still important work to be done in returning land to Aboriginal communities across NSW. We are deeply committed to working with all levels of government and our communities to deliver better outcomes. I look forward to working alongside Cr Hampton and all NSWALC Councillors to advocate for a system that operates efficiently and responds to our claims with urgency.”Cr Hampton is honoured to be elected as Deputy Chair.

“I’m very honoured to be elected as NSWALC Deputy Chairperson by my fellow Councillors,’’ said Cr Hampton.

“NSWALC is building on strong foundations to secure a stronger, more self-determined future for Aboriginal people across New South Wales. I am deeply committed to this work and take on the responsibility of serving as Deputy Chairperson.”

“I look forward to working alongside Chairperson Kelly to deliver meaningful and lasting outcomes for our communities, and thank Cr Hampton for all he has done in this role.”

Deputy Chairperson Hampton’s appointment reflects a broader shift across the NSW Aboriginal Land Rights Network, aligning the State peak-body to the 54 per cent of LALC Boards that currently have a women-majority Board structure in place. This momentum is echoed across NSWALC’s leadership, with Clare McHugh, the current CEO, Councillors (Cr. Anne Dennis AM, Cr Grace Toomey and Cr. Diane Randall), as well as a strong majority-female representation on NSWALC’s Youth Advisory Committee.

“I am incredibly proud to be joining the growing number of Aboriginal women in leadership positions across the Network,” said Deputy Chairperson Hampton.

“The strength and diversity in our leadership – including the role women and young people play – is shaping the future of Aboriginal Land Rights in New South Wales, and that is incredibly powerful.”

For more information on NSWALC, please visit https://alc.org.au/

About NSWALC

NSWALC is the State's peak representative body in Aboriginal Affairs and aims to protect the interests and further the aspirations of the 121 NSW Local Aboriginal Land Councils and the broader Aboriginal community. It was established in the 1970s to assist in the fight for land rights and was formally constituted as a statutory corporation under the New South Wales Aboriginal Land Rights Act in 1983. NSWALC is the largest member-based Aboriginal organisation in NSW.

Hong Kong: Jimmy Lai jail sentence a cold-blooded attack on freedom of expression – Amnesty International

Source: Amnesty International

Responding to the 20-year sentence handed to Hong Kong pro-democracy activist Jimmy Lai for ‘national security’ offences, Amnesty International's Deputy Regional Director Sarah Brooks said:

“This sentencing marks another grim milestone in Hong Kong’s transformation from a city governed by the rule of law to one ruled by fear. Imprisoning a 78-year-old man for doing nothing more than exercising his rights shows a complete disregard for human dignity. Every day he spends in behind bars is a grave injustice.  

“With this ruling we see yet again how Hong Kong’s National Security Law is being used to distort fundamental freedoms into criminal acts. Jimmy Lai’s imprisonment is a cold-blooded attack of freedom of expression that epitomizes the systematic dismantling of rights that once defined Hong Kong.

“Jimmy Lai is a prisoner of conscience who should never have spent a single day behind bars. The Hong Kong authorities must immediately and unconditionally release him.”

Background

Hong Kong’s High Court today sentenced pro-democracy activist Jimmy Lai to 20 years in prison for conspiracy to commit collusion with foreign forces and conspiracy to commit sedition. The sentence follows his conviction, in December 2025.

Lai was charged with “collusion with a foreign country or external elements” under the Beijing-imposed National Security Law (NSL) on 11 December 2020. He has been continuously detained since 31 December 2020. He was later charged with two more counts of “conspiracy to collude with a foreign country or external elements” under the NSL, and one more count of “conspiracy to publish seditious publications” under the Crimes Ordinance.

Hong Kong authorities said the charges related to the publication of articles in Apple Daily, a newspaper owned by Lai, that called on foreign countries to impose sanctions. Authorities also cited Lai’s meetings with US politicians and interviews with overseas media, his Twitter (now X) posts and his list of followers on the platform which included prominent foreign politicians and NGOs supportive of the pro-democracy movement in Hong Kong.

Lai, a British national, was denied bail in February 2021 when Hong Kong’s highest court ruled that national security cases were an exception to the presumption in favour of bail. Amnesty International research published in June 2025 found that this was the case in 89% of national security cases. The Hong Kong government also prohibited Lai’s British lawyer Timothy Owen from representing him.  

Jimmy Lai founded the outspoken Apple Daily in 1995. Shortly after the National Security Law was introduced on 30 June 2020, nearly 200 police raided the newspaper’s headquarters. It was the first time the law was invoked to search a media outlet’s premises, and Lai was arrested along with his two sons and several newspaper executives.

Apple Daily closed in June 2021 following another police raid and the freezing of its assets, in what Amnesty at the time called a “brazen attack on press freedom”.

Prior to today’s sentencing, Hong Kong courts have convicted Lai in four separate cases involving “unauthorized assemblies” and fraud and handed down prison sentences totalling over seven years.

In 2024, Amnesty International recognized Lai as a prisoner of conscience alongside human rights lawyers Chow Hang-tung and Ding Jiaxi.