MIL Email Publisher – Foreign Submissions

Source: Messe Essen GmbH

Essen, 15 September 2026

Leading Trade Fair for Security

Exhibitors present security concepts in Halls 5 to 8

Sabotage, cyberattacks and hybrid threats are placing an increasing focus on the protection of critical infrastructure. At the same time, new legal requirements are presenting operators with additional challenges. Against this backdrop, Security Essen, taking place from 22 to 25 September 2026 at Messe Essen, addresses a highly topical issue. As the leading trade fair for security, it brings together around 500 exhibitors from 43 nations and demonstrates how energy and water supplies, transport, communications and other essential facilities can be effectively protected.

The broad range of solutions for protecting critical infrastructure is highlighted by numerous exhibitors in Halls 5 to 8. They will showcase technologies, products and services for various areas of critical infrastructure security – from site and perimeter protection, secure access and identity solutions, and detection and monitoring to situational awareness and control centres. Other key areas include cyber and OT security, alarm systems and crisis management, as well as resilience and consulting.

Strong partners for the protection of critical infrastructure

Companies with relevant expertise include Advancis Software & Services, Axis Communications, Johnson Controls, Salto Systems, Senstar, SySS, Telenot Electronic, Verkada and VdS Schadenverhütung. Visitors can use the opportunity to learn about different security approaches and compare them directly on site.

Thomas Taferner, Head of Sales and Marketing at Telenot Electronic, highlights the importance of Security Essen for the industry: “TELENOT is the perfect solutions partner for the physical security of critical infrastructure and similar facilities – and Security Essen, in turn, is the ideal platform for demonstrating this to operators and specialist companies. Our products and systems meet the required ‘state of the art’ standards for these sites, based on currently applicable guidelines and standards. As a leading German manufacturer of intrusion detection, fire detection and access control systems, we stand for the best possible protection of people and buildings – without compromise.”

The accompanying conference programme also addresses the current challenges. The KRITIS Forum on 25 September in Hall 5 will bring together operators of critical infrastructure and solution providers. The focus will be on how physical security, cybersecurity and operational technology can be combined into an integrated, holistic protection concept. The programme will cover a wide range of topics, from the current status of the KRITIS Umbrella Act and the obligations arising from it, to experience from ongoing operations and technological developments. Experts will discuss topics including resilience orchestration, intelligent perimeter protection, and the use of AI and video analytics in security control centres.

Resilience from the operator’s perspective

Maik Rimmasch from Stadtwerke Essen will provide insights from an operator’s perspective with his presentation, “Resilience Begins in Operations.” The IT security officer explains: “Resilience is not something that only matters when a crisis occurs; it is determined by day-to-day operations. For operators of critical infrastructure, the key is to identify risks at an early stage and to intelligently combine technical and organisational measures. The exchange at Security Essen is particularly valuable because it brings together operators, experts and solution providers.”

Additional impetus will come from the Euro Defence Expo (EUDEX), which is taking place in parallel for the first time. With more than 350 exhibitors from 28 countries, the new trade fair for the defence industry will bring together international industry players in Essen. Holding both events at the same time creates valuable synergies between the civilian security industry and the defence sector. This is particularly relevant to the protection of critical infrastructure, civil protection, crisis preparedness and resilient security concepts, where the two trade fairs complement each other.

Tickets and admission at a glance

Tickets for Security Essen and the Euro Defence Expo are available via the ticket shops at www.security-essen.de and www.eurodefenceexpo.de. The EUDEX ticket also grants access to Security Essen. However, anyone wishing to visit the Euro Defence Expo must register in advance and in good time before the start of the trade fair. A Security Essen ticket alone does not grant access to EUDEX.

Source: deVere Group

September 15 2026

A violent sell-off in US government debt that has pushed the 10-year Treasury yield to its highest level since 2007 should be treated as a flashing warning light for investors everywhere, warns the CEO of deVere Group, one of the world's largest independent financial advisory organisations, as markets brace for the Federal Reserve's interest-rate decision.

The warnings from Nigel Green come as the benchmark 10-year yield jumped past 5.02%, the 30-year bond climbed above 5.38%, and the 2-year note pushed toward 4.68%.

Traders are now pricing a more than 92% probability that the Fed will raise rates by 25 basis points, a move that seemed almost unthinkable even a few months ago.

He says: “What we're watching right now goes well beyond a routine wobble in bond markets.

“It's a major repricing of risk, and it's happening at a speed that should worry anyone with exposure to stocks, property, or long-duration debt.”

Behind the move sits an unusually tight relationship between oil and Treasurys. The one-month correlation between crude prices and the 10-year yield has climbed to 0.96, an extraordinarily high reading that reflects how directly energy costs are now feeding into inflation expectations.

The deVere CEO comments: “Oil and bonds are moving almost in lockstep, and that tells you everything you need to know about where the inflation risk is coming from.

“When crude climbs, yields climb with it, and that pressure doesn't stay contained to the bond market. It spreads into mortgage rates, corporate borrowing costs, and eventually into equity valuations.”

He warns that a rate hike, rather than the cut many investors spent much of the year expecting, would mark a genuine turning point.

“A hike here would confirm the inflation fight is far from over,” he says.

“Anyone who built a portfolio around the assumption that rates are only moving in one direction from here needs to revisit that assumption immediately.

“The speed of the move matters as much as the level.”

“Yields didn't drift up towards 5%. They surged there in a matter of sessions.

“A jump like that tends to break something, whether it's a leveraged trade, a stretched valuation, or a borrower who assumed cheap financing was permanent.”

He also points to the geopolitical dimension of the oil price pressure. “The drivers behind crude right now are geopolitical as much as economic, and that combination makes this inflation shock harder to forecast and harder for central banks to talk down.”

Asked what investors should be doing in response, Nigel Green frames it as a moment for discipline rather than panic.

“Can a portfolio withstand yields moving meaningfully higher from here? It's the question every investor should be asking themselves this week. Duration, leverage, and concentration are the three things I'd want anyone to examine closely right now.”

He continues: “Too many portfolios were built for a world of falling rates and cheap money, and this world looks a lot less certain than it did even a few months ago. Repositioning after the fact is always more painful than preparing in advance.”

He adds that the Fed's decision will reverberate well beyond the United States.

“Higher US yields pull capital out of emerging markets, pressure currencies, and raise the cost of dollar-denominated debt everywhere.

Nigel Green concludes: “Bond markets are screaming right now, and too many portfolios are still built for a world of cheap money that's disappearing fast. Repricing on this scale doesn't happen quietly, and it doesn't reverse on its own. Investors who wait for calm before they act are choosing the worst possible moment to move.”

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.

Source: Moody's Corporation

NEW YORK – Moody's Corporation (NYSE:MCO) today announced that it has agreed to acquire a minority stake in Philippine Rating Services Corporation (PhilRatings), a leading domestic credit rating agency in the Philippines.

Headquartered in Manila, PhilRatings plays an important role in supporting the development of the Philippine debt capital markets.

“Strong domestic debt markets are essential to supporting sustainable economic growth,” said Wendy Cheong, Managing Director and Regional Head of Asia Pacific, Moody's Ratings. “PhilRatings has built deep insight into the local market, and its ratings serve as a strong complement to Moody's global views on credit for investors in the Philippines.”

Domestic corporate bonds outstanding in the ASEAN region are more than twice the size of cross-border holdings, and the more than US$100 billion of planned infrastructure investment in the Philippines over the next three years highlights the market's potential. As the Philippines' domestic bond market continues to develop, credit ratings and research will play a meaningful role in helping issuers access new sources of capital, develop funding strategies, and signal transparency to support investor confidence.

“Moody's Ratings' global standards, best practices and technical support will help us advance our mission to strengthen the credit market infrastructure in the Philippines,” said Angelica B. Viloria, President of PhilRatings. “Moody's role as a minority stakeholder reinforces our commitment to trust, credibility, and best‑in‑class credit ratings and research for the Philippine market.”

Following Moody's investment, PhilRatings will continue to operate independently with its own management, governance and credit rating processes.

Moody's Ratings is the first global credit rating agency to invest in a domestic credit rating agency in the Philippines. The investment in PhilRatings expands Moody's Asia-Pacific network of domestic rating agency affiliates.

The terms of the transaction were not disclosed.

About Moody's Corporation

In a world shaped by increasingly interconnected risks, Moody's (NYSE:MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody's gives customers the comprehensive perspective needed to act with confidence and thrive.

“Safe harbor” statement under the Private Securities Litigation Reform Act of 1995

Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody's business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody's undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. Factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody's annual report on Form 10-K for the year ended December 31, 2025, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company's business, results of operations and financial condition.

Source: International Institute for Democracy and Electoral Assistance

Democratic Deterioration Increases Risk of Violent Conflict

BRUSSELS/STOCKHOLM – Global deterioration in the Rule of Law and record declines in the United States are worsening prospects for democracy around the world, according to a report by the International Institute for Democracy and Electoral Assistance (International IDEA).

Major indicators of US democracy from press freedom to judicial independence hit their lowest levels in 50 years, and this is reverberating worldwide. Washington's retreat from the rules-based international order has weakened confidence in multilateralism and emboldened authoritarian leaders and populists.

The report, “The Global State of Democracy 2026: Democracy in an Age of Conflict,” warns that democratic regression is expanding the conditions for domestic and international conflict. Politically fragile countries that face further declines are especially vulnerable to this risk.

“For decades, the rule of law both domestically and in the international order has underpinned the resilience of democracies,” International IDEA's Secretary-General Kevin Casas-Zamora said. “Now, the rapid decline of democracy in the USA is weakening judicial independence and fragmenting the international system

Source: Commonwealth Bank of Australia

The Sunshine State has overtaken WA to become the nation’s top performing economy, ahead of surprise mover South Australia, the latest CommBank State of the States shows.

15 September 2026

Key points

• Queensland ranks first in the latest CommBank State of the States, rising one place over the quarter.
• South Australia was the biggest quarterly improver, moving up two spots to second place.
• Western Australia surrendered top spot moving to third place, while New South Wales slipped to fourth position.
• The data centre boom is emerging as a major new force in Australia’s investment landscape, led by NSW and Victoria.

Queensland has overtaken leader Western Australia to take top spot in CommBank’s State of the States report, with investment strength propelling the Sunshine State to pole position and reshuffling the nation’s economic leaderboard.

Returning in revised form with updated data and methodology, the quarterly CommBank State of the States index ranks the relative performance of the economies of Australia’s eight states and territories across six key indicators:

• household consumption,
• business investment,
• dwelling investment,
• public demand,
• unemployment rate and
• wage price index.

Results from the six key indicators are combined into a single composite score, with the highest scoring state ranked first.

Queensland takes the lead

Queensland ranked first in the June quarter of 2026, moving up one place over the quarter and three places over the year.

Its top result reflects broad-based strength, with Queensland ranking in the top three nationally on five of the six indicators. Dwelling investment was the standout, rising 16.8 per cent over the year – the strongest growth in the country – while business investment increased 9.0 per cent.

CommBank economist Harry Ottley said Queensland’s economic expansion had increasingly shifted towards investment.

“Queensland’s rise to No.1 is about consistency rather than one single standout result, with dwelling and business investment now doing more of the heavy lifting,” Ottley said.

South Australia jumps, WA slips

South Australia was the big mover over the June quarter, jumping two places to take out second spot.

South Australia’s public demand (which includes government spending from all levels of government), increased 5.6 per cent over the year, the strongest result nationally, while annual wage growth of 3.6 per cent was also the highest in the country. But SA ranked sixth on household consumption, and dwelling investment in the state fell 1.8 per cent over the year.

Western Australia moved down two places to third after holding the top position in four of the previous six quarters.

Even so, WA continues to have the most balanced economic profile of any state or territory, ranking between second and fifth on every indicator. Household consumption rose 2.4 per cent over the year, dwelling investment increased 7.4 per cent and business investment grew 6.6 per cent.

“South Australia’s second-place ranking is being driven by public demand and the fastest wage growth in the country, while WA remains a broadly strong performer even though it has surrendered the top spot,” Ottley said.

Business lifts NSW as consumers remain cautious

New South Wales ranked fourth, down one place over the quarter but two places higher than a year ago.

Business investment surged 19.4 per cent over the year, the strongest result nationally, with machinery and equipment investment rising 35.1 per cent and non-dwelling construction up 14.3 per cent.

At the same time, household consumption increased just 1.6 per cent, the weakest result in the country. Sydney’s high housing costs are weighing on household budgets, with a dual-income household buying a median-priced home spending around 31 per cent of its pre-tax income on the mortgage, the highest share of any capital city.

Victoria came in at sixth position. Government and business investment were relative strengths, but household consumption growth of 1.6 per cent was the second weakest nationally and the Victorian unemployment rate rose to 4.9 per cent, the second highest in the country.

“NSW shows just how different the picture can be within a state economy. Business investment is growing at the fastest pace in the country supported by data centre investment, while household consumption is the weakest,” Ottley said.

“In Victoria, investment and public demand are providing support, but the household side remains soft and the unemployment rate has moved higher.”

The Australian Capital Territory ranked fifth, unchanged over the quarter. The ACT has the lowest unemployment rate in the country, with household consumption and wage growth both ranked third nationally.

“The ACT has one of the more mixed economic pictures in the country. It has low unemployment and solid household spending, but construction is moving in the opposite direction, with dwelling investment falling sharply after a period of strength,” Ottley said.

At the other end of the rankings, the Northern Territory remained seventh, combining the country’s strongest household consumption growth and second-strongest dwelling investment with the weakest business investment and wage growth.

Tasmania ranked eighth after recording the largest annual fall in the standings, with public demand declining 5.7 per cent over the year, however this is largely due a base effect following a recent surge after the Government purchased Spirit of Tasmania ferries. The Tasmanian unemployment rate has risen to 5.1 per cent, the highest in the country, although household consumption remains comparatively resilient.

Data centre investment gives NSW and Vic a push

The data centre boom is emerging as a major new force in Australia’s investment landscape, led by NSW and Victoria but increasingly spreading to other states.

“Data centres are becoming an increasingly important part of the investment story, particularly in NSW and Victoria,” Mr Ottley said.

“The June quarter showed that activity is shifting from equipment and fit-out towards construction, while interest is also spreading beyond the two largest states.”

Outside NSW and Victoria, private non-dwelling construction rose over the year in Western Australia, Queensland, South Australia and Tasmania, while machinery and equipment investment was particularly strong in WA and Queensland.

About the CommBank State of the States report

The headline index compares economic performance across Australia’s eight states and territories using six equally weighted indicators. Each quarter, every jurisdiction’s result is measured against the eight-state median and scaled against historical state-to-state variation, allowing different indicators to be compared on a common basis.

Higher scores indicate stronger performance, except for unemployment, where a lower rate is better. The six indicator scores are averaged to produce a composite score and ranking from 1, strongest, to 8, weakest. A score of zero indicates performance in line with the national state-and-territory median, while positive and negative scores indicate relative outperformance or underperformance.

The index uses official ABS data, based on real, seasonally adjusted measures. Individual indicator scores are capped at their historical 10th and 90th percentiles to prevent unusually volatile results from disproportionately affecting the rankings.

Commonwealth Bank of Australia | 259/2026

Source release: CommBank Newsroom

Things you should know

Global Economic & Markets Research (GEMR) has prepared this report. GEMR is a business unit of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (the Bank). References to the “Group” are to the Bank and its subsidiaries (including the directors, employees and representatives of the Bank and its subsidiaries).

This report is not investment research and nor does it purport to make any recommendations. Rather, this report is for informational purposes only and is not to be relied upon for any investment purposes.

This report has been prepared without taking into account your objectives, financial situation (including your capacity to bear loss), knowledge, experience or needs. This report is not to be construed as an act of solicitation, or an offer, to buy or sell any financial products, or as a recommendation and/or investment advice. You should not act on the information contained in this report. To the extent that you choose to make any investment decision after having read this report you should not rely on it but consider its appropriateness and suitability to your own objectives, financial situation and needs, and, if appropriate, seek independent professional or financial advice, including tax and legal advice.

Media releases are prepared without considering an individual reader’s objectives, financial situation or needs. Readers should consider the appropriateness to their circumstances. Visit Important Information to access Product Disclosure Statements or Terms and Conditions which are currently available electronically for products of the Commonwealth Bank Group, along with the relevant Financial Services Guide. Target Market Determinations are available here. Loan applications are subject to credit approval. Interest rates are correct at the time they are published and are subject to change. Fees and charges may apply.

Source: Morningstar DBRS

14 September 2026

Overview

Battery energy storage systems (BESS) have become one of the most important enabling technologies in the global energy transition. As renewable power generation increases across electricity systems, batteries provide flexibility, grid balancing, peak-shaving capabilities, and capacity support that help maintain reliability while reducing dependence on fossil fuels. Falling battery costs, improving technology performance, and supportive policy frameworks have accelerated deployment globally, which means battery storage has gone from a niche technology into a core element of power system infrastructure.

In our view, the sector presents both strong growth prospects and evolving risks stemming from rapid technological development, significant capital requirements, exposure to commodity supply chains, and increasing geopolitical considerations. Chinese manufacturers have established a dominant position across much of the battery value chain, while Western economies are implementing industrial policies aimed at reducing supply chain dependence and boosting domestic manufacturing capabilities. These dynamics are likely to shape the industry’s competitive landscape over the coming decade.

Key Highlights

• Battery sector growth is supported by renewable deployment, decentralized power generation, and grid modernization.
• China remains the dominant supply chain player, while North America and Europe are growing markets because of localization, recycling investment, and energy-security policies.
• High capital requirements are driving diverse financing solutions, including corporate debt, government support, strategic partnerships, and project-finance structures for storage assets.

Global Battery Storage Market and Supply Chain

The global battery storage market is expanding rapidly as electricity systems integrate increasing volumes of renewable generation, with yearly new capacity installations increasing to 108 gigawatts (GW) in 2025 from 5 GW in 2020 (Exhibit 1).

Exhibit 1: Global BESS Capacity Yearly Additions. Source: IEA.

China is the largest battery storage market in the world, with leading positions in battery storage deployment, cell production, material processing, and equipment manufacturing. The United States, meanwhile, is the fastest-growing major storage market outside China, supported by renewable energy expansion, grid modernization requirements, and policy incentives designed to encourage domestic manufacturing and deployment. Europe continues to experience strong growth as countries pursue decarbonization objectives and integrate expanding renewable generation capacity, while Australia, the Middle East, India, and parts of Southeast Asia are becoming increasingly important growth markets.

The battery supply chain is complex. Upstream mineral production is concentrated among a few countries: Australia, Chile, and Argentina are major sources of lithium, while the Democratic Republic of Congo accounts for a substantial share of global cobalt production. Graphite, another critical battery input, is heavily concentrated in China. The intermediate processing stage is one of the most significant areas of Chinese dominance. China has established leading positions in refining lithium and cobalt, processing graphite, and manufacturing key battery materials such as cathodes and anodes. This control over midstream processing has enabled Chinese firms to achieve substantial economies of scale and cost advantages.

We view large, integrated manufacturers as benefiting from scale and supply security that comes from supply chain concentration, while dependence on a limited number of critical mineral sources exposes the industry to commodity price volatility, geopolitical tensions, and trade restrictions. We anticipate that the ability to secure raw materials and maintain cost competitiveness will remain a key determinant of credit quality across the sector.

Business Models and Financing Structures

Battery storage projects depend on a variety of revenue streams. In regulated markets, storage assets often generate revenues through long-term contracts with utilities or grid operators. These arrangements may include capacity payments, availability payments, or contracted ancillary services revenues, providing relatively stable and predictable cash flows. In more liberalized electricity markets, however, battery storage projects increasingly rely on merchant business models. Revenue sources may include energy arbitrage, whereby electricity is purchased during low-price periods and sold during periods of higher demand, as well as participation in ancillary services markets such as frequency regulation and reserve capacity. While merchant exposure can offer attractive returns, it also introduces greater earnings volatility and increases sensitivity to electricity market conditions.

Early market applications for battery storage tend to be focused more on ancillary services and frequency regulation applications because of the initial limited battery capacity penetration. As the market evolves, revenue gradually becomes dominated by energy arbitrage applications (Exhibit 2). Moreover, hybrid renewable projects that combine solar or wind generation with battery storage are becoming an increasingly important sector of the market, as they enhance renewable asset utilization, improve dispatchability, and increase revenue stability by shifting energy delivery toward higher-value periods. As renewable penetration rises, co-located storage is expected to become a standard feature of many new renewable developments.

Exhibit 2: Global Deployed BESS Capacity by Application. Source: IEA.

Unsurprisingly, financing structures have evolved alongside the growth of the asset class. Early deployments were often financed through corporate balance sheets, primarily by utilities or large energy companies. Now that the technology has matured, project finance structures have become increasingly common, particularly for assets supported by contracted revenues. Infrastructure funds, pension funds, and sovereign wealth funds have also become active participants, attracted by the sector’s long-term growth prospects and infrastructure characteristics. In the United States, tax incentives and tax-equity financing mechanisms have further supported investment activity, while green bonds and sustainability-linked financing instruments have become common funding tools globally. Key analytical considerations increasingly include revenue visibility, contract duration, counterparty strength, battery degradation assumptions, warranty structures, and the long-term competitiveness of the underlying technology.

Projects with stable contracted revenues generally exhibit stronger credit characteristics than those relying heavily on merchant market exposure. Capacity-based contracts, where a project is compensated for being available to be dispatched as required, are generally the most creditworthy form of contract but may limit the upside revenue potential often sought by equity investors. Contracts that depend on dispatch or merchant revenues offer more upside potential but require a thorough understanding of the power dynamics of the region where the battery project is installed. We discuss drivers of credit quality and revenue composition mix in our commentary Bankability of Battery Storage Assets: Financing and Credit Considerations.

Competitive Landscape: Major Players and Technology Approaches

The battery industry remains highly concentrated, particularly at the cell-manufacturing level. Chinese manufacturer Contemporary Amperex Technology Co., Limited (CATL) is the global market leader, with a diversified technology portfolio that includes lithium iron phosphate (LFP), nickel-based chemistries, and emerging sodium-ion technologies. BYD Company Limited (BYD) has established itself as the second-largest battery manufacturer off the back of its vertically integrated business model that includes battery production, electric vehicles, and energy storage systems. LG Energy Solution Ltd. (LG Energy Solution); Samsung SDI Co, Ltd. (Samsung SDI); and Panasonic Holdings Corporation (Panasonic) remain important participants, particularly in premium and automotive-focused applications, while Chinese firms such as CALB Group Co., Ltd. (CALB); Gotion High-Tech Co., Ltd. (Gotion); EVE Energy Co., Ltd; and SVOLT Energy Technology Co., Ltd. continue to gain market share.

Major Battery Manufacturers

Company	Approximate Global Position	Technology Focus
CATL	Global leader (~35% to 40% EV battery market share)	LFP, NMC, sodium-ion
BYD	Number 2 globally (~15% to 20%)	Blade Battery, LFP
LG Energy Solution	Top 3	NMC and advanced chemistries
CALB	Growing Chinese player	LFP/NMC
Gotion	Expanding globally	LFP-focused
Samsung SDI	Premium applications	High-energy density
Panasonic	Automotive focused	High-performance cells

Source: International Energy Agency (IEA), Global EV Outlook (2024, 2025, 2026); IEA, Status of Battery Demand and Supply (2024); McKinsey & Company, Battery Insights; company annual reports and investor presentations from CATL, BYD, LG Energy Solution, Samsung SDI, Panasonic Energy, CALB, and Gotion.

The market for BESS integration is similarly becoming concentrated among a handful of global leaders. Chinese companies once again have rapidly expanded their market positions, benefiting from access to low-cost cells and integrated supply chains. BYD and Tesla Energy Operations, Inc. (Tesla Energy) are among the largest global system integrators, while Sungrow Power Supply Co., Ltd. (Sungrow), CATL, CRRC Zhuzhou, and Huawei Technologies Co., Ltd. (Huawei) have established meaningful market shares. Fluence Energy, Inc. (Fluence) remains one of the few significant Western storage integrators with global reach.

Major BESS Integrators

Company	Estimated Global Market Share	Market Position	Key Strength
BYD	~13%	Global leader	Vertically integrated battery manufacturing and storage systems
Tesla Energy	~10%	Leading utility-scale storage provider	Megapack platform, software integration, project execution
Sungrow	~9%	Top global supplier	Inverters, PCS technology, integrated BESS solutions
CATL	~6%	Major battery-led storage player	Manufacturing scale, cell technology leadership
CRRC Zhuzhou	~6%	Leading Chinese utility-scale integrator	Grid-scale project expertise and domestic market presence
Fluence	~4%	Leading independent integrator	Energy management software and utility-scale project delivery

Source: Wood Mackenzie global BESS integrator rankings; BloombergNEF energy storage market reviews; S&P Global Commodity Insights; International Energy Agency (IEA), Batteries and Secure Energy Transitions (2024); International Renewable Energy Agency (IRENA), Energy Storage Overview; company annual reports and investor presentations.

Technologically, the industry is increasingly converging around LFP chemistry for stationary storage applications because of its cost advantage and safety characteristics. Nickel manganese cobalt (NMC) batteries remain relevant in applications where higher energy density is required, particularly in certain automotive segments. Looking ahead, sodium-ion batteries may offer a lower-cost alternative that reduces dependence on critical minerals such as lithium and cobalt, while solid-state technologies have the potential to improve safety and energy density, although commercial deployment remains some distance away. In our view, technological disruption remains a long-term credit consideration, but lithium-ion technology is likely to maintain its dominant position through the medium term.

China’s Industrial Policy and Strategic Positioning

China’s leadership in battery manufacturing and supply chains is the result of a sustained and coordinated industrial strategy implemented over more than two decades. Government support has included direct subsidies, preferential financing, support for electric vehicle adoption, incentives for domestic manufacturing, and strategic investments across the entire value chain. Rather than focusing solely on battery production, policymakers have targeted the complete ecosystem, including mining, refining, materials processing, cell production and downstream applications. More recently, energy storage has been promoted as a key enabler of renewable energy and power system flexibility, with both national and provincial governments supporting investment and adoption.

However, China’s success has prompted policy responses from other major economies. In the United States, government programs seek to encourage domestic battery production and reduce dependence on foreign supply chains. Europe has pursued similar objectives through initiatives aimed at promoting local manufacturing capacity, strategic autonomy, and critical mineral diversification. While these policies may stimulate investment, they are also likely to increase industry capital expenditures and potentially lead to excess capacity in some segments of the value chain.

In our view, China’s dominance presents a mixed picture. Large Chinese manufacturers benefit from scale, integrated supply chains and strong competitive positions. However, rapid capacity expansion has intensified competition across parts of the battery value chain, contributing to falling prices and margin pressure for some producers. Increasing geopolitical tensions, trade restrictions, localization requirements, and tariff measures may create uncertainty regarding future market access. At the same time, Western manufacturers face the challenge of achieving comparable scale and cost competitiveness while building alternative supply chains. As a result, the industry is likely to experience a degree of regionalization, with parallel supply chains emerging across different geopolitical blocs.

Conclusion

BESS has become a foundational technology for the global energy transition. Strong demand growth looks set to continue as renewable energy deployment accelerates and electricity systems require greater flexibility and resilience. However, the sector’s competitive structure remains heavily influenced by China’s dominant position across manufacturing and supply chains.

We view supply-chain concentration, technology evolution, revenue stability, and geopolitical risk as key credit considerations across the industry. Companies with scale, vertical integration, access to secure raw material supplies, and exposure to contracted revenue streams are best positioned to benefit from sector growth. Conversely, businesses exposed to merchant market volatility, technological disruption, or fragmented supply chains may face increasing credit pressures as the industry matures. We expect the interaction between industrial policy, technological development, and global trade to remain central to the sector’s long-term credit outlook.

Issuer Types: Key Opportunities and Risks

Issuer Type	Key Opportunities	Key Risks
Mining/Materials Suppliers	Demand growth, strategic pricing power	Commodity price cyclicality
Battery Manufacturers	Volume growth, scale benefits	Overcapacity, margin compression, capex burden
Utilities	Grid flexibility, rate-base growth	Technology obsolescence, execution risks
IPPs/Renewable Developers	Better project economics, better dispatchability	Revenue volatility, merchant exposure
BESS Integrators	Expanding addressable market	Performance liabilities

Source: Morningstar DBRS Analysis.

About Morningstar DBRS

Morningstar DBRS is a leading provider of independent credit rating services and opinions for corporate and sovereign entities, financial institutions, and project and structured finance instruments globally. Rating more than 4,500 issuers and 68,000 securities, we are one of the top four credit rating agencies in the world and a market leader in Canada, the U.S., and Europe in multiple asset classes.

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Source: deVere Group

September 14 2026

Calls to slow AI development exposes a concentration risk hiding in ordinary portfolios, says the CEO of financial advisory giant deVere Group (deVere Group).

Nigel Green says Monday’s sell-off across AI-linked and semiconductor stocks in Asia, Europe and the United States is being read the wrong way by most investors.

The sell-off followed a weekend essay from Anthropic CEO Dario Amodei calling for the industry to slow the pace of AI capability development. OpenAI CEO Sam Altman quickly echoed the call, and other prominent tech figures voiced support within hours.

Nigel Green says the backdrop matters. Days earlier, a prominent AI researcher resigned over safety concerns, and other voices inside the industry warned publicly about the risks of moving too fast.

Markets that had shown little appetite for caution suddenly had a reason to pay attention.

“Markets are treating this as straightforward bad news for anything tied to AI spending,” says Nigel Green. “It’s the wrong lens entirely.”

He argues that a slower pace of model development does not erase the earnings assumptions already baked into a large share of this market’s recent gains, wherever those gains sit inside an index or a fund.

“Amodei and Altman are debating the speed of the frontier. Investors should be asking a different question: how much of their expected growth was ever anything other than one theme, dressed up as diversification.

“Monday’s reaction is a reminder that an enormous amount of recent market growth runs through a single narrative. And that narrative just got a lot more uncertain.”

Nigel Green points out that a slower pace of frontier development does not mean falling demand for computing power itself. Even under a more cautious approach, running the AI systems already built still requires far more capacity than the industry can currently supply, a gap that has little to do with how fast new models are released.

“Slowing the race to build smarter models doesn’t slow demand for running the models already out there,” says Nigel Green. “Conflating the two is exactly how investors end up mispricing news like this.”

He adds that the exposure extends well beyond specialist tech funds. Years of strong returns tied to AI-driven earnings have pushed that exposure into mainstream index trackers, workplace pensions and multi-asset portfolios that were never marketed as a bet on a single technology theme.

“Somebody who has never bought a tech stock in their life can still be sitting on a concentrated AI position through their pension,” says Nigel Green.

Nigel Green says the parallel with previous market cycles, where a handful of dominant growth stories eventually forced a re-rating of an entire market, is impossible to ignore now that AI has become the primary driver of major equity indices.

The difference this time, he says, is how directly ordinary savers are exposed, through the pension funds and workplace schemes that quietly rode the same rally.

“AI isn’t going anywhere, and neither is the demand behind it,” says Nigel Green. “But a portfolio that turned into a concentrated AI bet by accident needs to be reassessed on purpose, not after the next Monday like this one.”

Nigel Green says the argument over how fast AI should advance will keep playing out among the people building it. For everyday investors, he argues, the more urgent task is working out exactly how exposed their own portfolio already is, and deciding on purpose whether that exposure still makes sense.

“Reviewing that exposure doesn’t require predicting where AI development goes from here,” says Nigel Green. “It requires an honest look at how a portfolio got built, and whether the concentration inside it was ever a deliberate decision.”

“Nobody needs to predict the next twist in this debate to do that work,” concludes Nigel Green. “They just need to look.”

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.

Source: IUCN Species Survival Commission and Colossal Foundation

September 14, 2026

DALLAS, TX – IUCN Species Survival Commission (SSC) and the Colossal Foundation, the 501(c)(3) nonprofit arm of Colossal Biosciences, today announced a four-year, $4 million partnership to expand the responsible use of advanced technologies in global species conservation. The initiative will bring cutting edge technology to conservation including to bolster Red List assessments, establish a grants program for overlooked species, strengthen the IUCN SSC’s global network and build public understanding of species conservation. The partnership brings together more than 11,000 IUCN SSC experts working through 210 groups in 186 countries with scientific and technological capabilities from across the Colossal ecosystem. The organizations will develop and evaluate tools that help conservation experts gather, organize and analyze evidence more efficiently, while preserving IUCN SSC’s scientific independence and established Red List standards.

“IUCN Species Survival Commission has spent more than seventy years building the scientific foundation the world relies on to understand which species are in trouble and why,” said Vivek Menon, Chair, IUCN Species Survival Commission. “What we have often lacked is the capacity to move at the scale the crisis demands. This partnership with the Colossal Foundation gives our network access to tools and resources that can help us direct this knowledge to threatened species and slow down the threat of extinction.”

MODERNIZING ASSESSMENTS AND ACCELERATING ACTION

IUCN Red List of Threatened Species™ is the world's most comprehensive source of information on the global conservation status of species. IUCN currently reports more than 175,900 assessed species, and more than 49,500 threatened with extinction, representing 28% of those assessed. Yet the vast share of the world's biodiversity has not been evaluated, and keeping assessments current requires sustained scientific capacity and the help of technology to achieve scale.

Conservation attention and funding remain uneven. Many fungi, plants, invertebrates, fishes and reptiles receive limited support despite being identified as urgent conservation priorities. The partnership’s new grants program will direct resources toward these overlooked species, with eligibility criteria and a selection process to be announced.

At the same time, Colossal’s work in genome sequencing, gene editing, biobanking, AI and assisted reproductive technologies is generating new tools and insights with potential applications for species conservation. Through the partnership, IUCN SSC experts will evaluate how these and other emerging technologies can be applied responsibly and effectively, helping translate promising advances from the laboratory into practical tools for conservation teams in the field.

“Extinction prevention is a race against time, and the people closest to threatened species should have access to every responsible tool that can help them win that race,” said Matt James, Executive Director, The Colossal Foundation. “Partnering with IUCN SSC gives the Colossal Foundation a remarkable opportunity to expand what is possible for conservation. Together, we can accelerate assessments, equip frontline teams, invest in overlooked species and put powerful new technologies into the hands of experts working on the front lines. Our goal is not simply to respond to extinction, but to help prevent it—and to turn today’s most promising technologies into practical, widely available tools for species recovery.”

The Memorandum of Understanding marks the first step in a four-year collaboration and establishes the framework through which the organizations will work toward four shared goals:

• Modernizing Red List Assessments and Conservation Technology: The partners will develop, evaluate and deploy AI-enabled tools, large datasets and emerging technologies that support and expand the work of IUCN SSC network. Early priorities include forming an IUCN SSC Innovation Taskforce and convening experts to identify the technologies with the greatest potential conservation value.
• Support for Overlooked Species: The partners will establish a dedicated grants program for IUCN SSC groups focused on species that receive limited conservation attention or funding.
• Global Species-Survival Communications Campaign: The organizations will create a global campaign to strengthen informed public understanding of species conservation, restoration and biodiversity.
• Strengthening the IUCN SSC Network: The partnership provides direct support for the IUCN SSC Chair's Office and Steering Committee, including coordination, representation and core operational functions that enable the global network to assess, plan and act for species.

IUCN SSC’s scientific independence will guide every aspect of the partnership. Red List assessments, scientific evaluations and policy positions will continue to follow IUCN’s established standards and independent expert-review processes. In accordance with IUCN policy on Synthetic Biology in relation to Nature Conservation, IUCN SSC experts will evaluate emerging conservation biotechnologies—including their potential benefits, risks, uncertainties, safeguards and appropriate applications—and contribute independent scientific evidence to conservation, scientific and regulatory decision-making worldwide.

BUILDING ON YEARS OF SHARED WORK

The partnership strengthens a relationship that has developed over several years. The Colossal Foundation has supported Reverse the Red, an action partnership co-chaired by the IUCN SSC and the World Association of Zoos and Aquariums and has provided multi-year general support to the IUCN SSC Asian Elephant Specialist Group. The Foundation has also worked with the IUCN SSC Pigeon and Dove Specialist Group and the Samoa Conservation Society to locate and conserve the Manumea, or the Tooth-billed Pigeon Samoa's critically endangered national bird, combining field surveys with AI-assisted bioacoustics detection.

“There is no conservation network in the world with the depth of expertise, global reach and scientific credibility of the IUCN Species Survival Commission and partnering with its extraordinary network is both a privilege and a call to action,” said Ben Lamm, Co-Founder and CEO, Colossal Biosciences. “The future of conservation depends on getting powerful technologies out of the lab and into the hands of the people working closest to species at risk. Together, we can break down the barriers between scientific innovation and frontline conservation—putting powerful technologies into the hands of experts around the world and deploying them with the urgency, ambition and scale the extinction crisis demands.”

ABOUT THE COLOSSAL FOUNDATION

The Colossal Foundation is a 501(c)(3) dedicated to supporting the use of cutting-edge technologies for conservation efforts globally to help prevent extinction of keystone species. The organization deploys de-extinction technologies and support to empower partners in the field to reverse the extinction crisis. Learn more at https://www.colossalfoundation.org/.

ABOUT IUCN SPECIES SURVIVAL COMMISSION

With over 11,000 members in 186 territories, the Species Survival Commission (SSC) is the largest of the seven expert Commissions of IUCN and enables it to influence, encourage and assist societies to conserve biodiversity by building knowledge on the status and threats to species, providing advice, developing policies and guidelines, facilitating conservation planning, and catalysing conservation action. The SSC has been recognised as “the world's largest volunteer conservation-science network” by Guinness World Records®. Learn more at https://www.iucn.org/ssc.

Source: Médecins Sans Frontières/Doctors Without Borders

MSF sees over 60 patients admitted in mass casualty incident

14 September 2026 – Three Russian drones struck a busy shopping mall in Pavlohrad, Dnipropetrovsk region, on 10 September 2026, killing and wounding people who were simply shopping or having coffee. Médecins Sans Frontières/Doctors Without Borders (MSF) teams worked alongside local medical staff to treat 67 people in a major mass casualty event.

The attack took place in the afternoon in a residential area, close to a children's playground, a public transport stop and a café. Among those injured were elderly people and children. According to local authorities, five people were killed. An MSF nurse working in one of the main hospitals in Pavlohrad helped with the immediate triage of patients, while MSF urgently brought in anaesthetists, experienced doctors and paramedics from other locations to help as the scale of the carnage became clear.

“Our teams were working across several departments. While we were providing critical care in the intensive care unit, new patients were still arriving in the emergency department,” says an MSF nurse Oksana*. “I was working with two women who had moderate injuries – and then I had to switch to a 29-year-old man in critical condition with a penetrating abdominal injury.”

“Unfortunately, one patient had already died from their injuries by the time they were brought to the hospital. Another patient died in the intensive care unit from injuries that were incompatible with life,” says Mariia Khvalbota, an MSF anaesthetist. “There were many patients with complex injuries, including burns, internal organ damage, severe bleeding and head and traumatic brain injuries. Eight children were urgently referred to hospitals in Dnipro city, together with local medical teams, for specialised care.”

Since the beginning of August, Russian forces have struck at least six shopping centres in other cities of Ukraine where MSF teams are working – Dnipro, Sumy, Zaporizhzhia – as well as scores of food shops and home goods stores.

“This feels increasingly like a war waged against civilians,” says Robin Meldrum, Country Director for MSF in Ukraine. “People are being forced to live with the constant fear that the next target could be their home, their neighbourhood or their local shops. In many cities in Ukraine, people spend their time making life-or-death decisions about going to shelter or not, leaving their house, going shopping, commuting to and from work.”

*Name changed to protect anonymity

Notes

In July, MSF released the report, No Safe Place to Heal, documenting relentless attacks on healthcare and medical personnel in Ukraine. The findings show these attacks constitute a deliberate strategy to destroy the medical system and collectively punish people — rather than being an incidental product of Russia's invasion.

No Safe Place to Heal

MSF is an international, medical, humanitarian organisation that delivers medical care to people in need, regardless of their origin, religion, or political affiliation. MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. Every year more than 120 Australians and New Zealanders go on assignment with Médecins Sans Frontières working as: doctors, midwives, psychologists, laboratory technicians, human resource/finance coordinators, pharmacists, mental health specialists and logisticians. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au.