MIL Email Publisher – Foreign Submissions

September 15 2025 – The Federal Reserve stands at a pivotal crossroads this week. If policymakers deliver only a quarter-point rate reduction at next week's meeting, they risk allowing economic conditions to deteriorate before policy can catch up, deVere Group cautions.

The global financial advisory giant is calling for a half-percentage-point cut while acknowledging that markets still expect a smaller move.

“The US central bank has little room for hesitation,” says Nigel Green, CEO of deVere Group.

“The labor market is losing momentum, unemployment is at a four-year high, and wage growth is easing. A 25-basis-point trim would leave policy trailing the reality on the ground.”

August payroll data underscored the slowdown. Nonfarm job growth came in well below forecasts and the unemployment rate jumped to 4.3%, the highest since late 2021.

Average hourly earnings also cooled. Futures tracked by the CME FedWatch tool show investors pricing roughly a 90% chance of a quarter-point cut and only a small probability of a larger move.

“Markets are conditioned for caution, but the economy demands something bolder,” Nigel Green continues.

“A half-point cut would reinforce consumer confidence and business investment at a time when trade frictions and rising input costs are already weighing on activity.”

Trade tensions are adding complexity. President Trump's extensive tariff program is pushing up import costs from electronics to industrial metals, while energy prices have climbed through late summer.

Core inflation remains close to the Fed's 2% goal, but forward-looking indicators of hiring and output point to a broader slowdown.

“Inflation is no longer the overriding threat,” notes the deVere chief executive.

“The greater risk is a loss of growth momentum. The Fed's dual mandate—price stability and maximum employment—requires decisive action when one side of the equation weakens.”

Nigel Green points to the Fed's recent history as a cautionary tale.

“In 2021, the central bank misread the persistence of inflation, holding rates near zero while prices surged.

“Policymakers assured the public it was 'transitory,' only to scramble with aggressive hikes later. That delayed response forced steeper tightening and rattled both markets and households.

“History teaches us that waiting for perfect data can be costly.”

Global markets are already positioning for easier policy. Treasury yields have fallen to three-month lows, the dollar has softened against risk-sensitive currencies, and US equities are approaching record highs as traders bet on lower borrowing costs.

“The Fed has an opportunity to demonstrate leadership,” Nigel Green adds. “A half-point cut now would not be reckless. It would be a strategic step to protect growth and safeguard jobs.”

deVere expects the central bank to deliver at least 75 basis points of total easing by year-end if the labor market continues to weaken, with a quarter-point this month followed by additional reductions later in the year.

“Investors and the broader economy need reassurance that the Federal Reserve is prepared to move with the pace of change.

“A larger cut this week would send that signal and help secure the expansion,” concludes the deVere Group CEO.

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.

Gizo Primary School in the Western Province on September 8, 2025, joined schools nationally and internationally to commemorate International Literacy Day (ILD) with a vibrant celebration centered on the theme: Promoting Literacy in the Digital Era.

The event aimed to highlight the importance of fostering literacy skills and learning among students in today’s rapidly evolving digital age.

The program featured a variety of engaging activities staged by students, including student-led skits, singing and action performances, and speeches that reflected the significance of literacy in modern times.

Representing Western Education Provider at the event as guest of honour was Liliati Pitakija, ECE Coordinator.

“Today, as we gather to celebrate International Literacy Day, we are reminded that literacy is not just the ability to read and write, but it is the foundation of opportunity, empowerment, and lifelong learning,” Ms. Pitakija said when delivering her keynote address.

She added that in this digital era, literacy has taken on new dimensions, offering both exciting opportunities and pressing challenges.

“In the past, literacy meant mastering the printed word. Today, it means navigating a world of screens, apps, and online platforms. Digital literacy is now essential — our children must learn not only to read books but also to interpret information online, communicate responsibly, and think critically in a fast-changing digital landscape,” she emphasized.

“…We recognize the importance of bridging traditional literacy with digital fluency. Whether it is through using tablets in the classroom, accessing e-books, or exploring educational games, technology can be a powerful tool to ignite curiosity and deepen understanding,” Ms. Pitakija said.

Meanwhile, on accessibility, she admitted that many communities in the province face barriers like limited internet, lack of devices, and insufficient training, adding that this is why the Western Education Provider is committed to supporting schools like Gizo Primary with resources, teacher development, and community partnerships. “We believe every child, regardless of where they live, deserves the chance to thrive in the digital age.”

While recognizing educators who are embracing new methods, integrating digital tools, and guiding students with wisdom and care, Ms. Pitakija called on families to be partners in this journey by encouraging reading at home, exploring digital content together, and nurturing a love for learning.

“Let us invest in our children’s minds, equip them with the skills they need, and ensure that literacy — both traditional and digital — is a right, not a privilege. And on this International Literacy Day, let us reaffirm our commitment to empower, educate, and elevate. Because when we promote literacy in the digital era, we are not just teaching children to read — we are teaching them to lead,” Ms. Pitakija underscored.

Emphasizing this year’s ILD theme, Gizo Primary School Principal Dickson Nathan reminded everyone that while technology brings new ways to learn and connect, literacy remains the key to unlocking these opportunities.

“Our role as educators, parents, and community members is to ensure every child has the skills and access needed to thrive in this changing world.

“Today, we celebrate not only the joy of reading and writing but also the power of literacy to shape brighter futures for our children. Together, let us continue to promote literacy as a bridge to knowledge and opportunity,” Mr. Nathan said.

The celebration concluded with the presentation of prizes to the classes that demonstrated exceptional organization and delivered outstanding performances.

Teachers, students, parents, and guardians attended the program.

The Gizo school management expressed profound gratitude to parents, students, and everyone whose participation and contributions made the event a success.

Gizo Primary School remains committed to nurturing literacy skills that empower students for the future. This celebration underscored the collective effort needed to achieve this vital goal.

Source: Amnesty International

As Amnesty International and six other international human rights organizations released a joint statement calling on the Government of India to immediately release human rights defender and student activist Umar Khalid, ahead of the five-year anniversary of his continued unjust detention without trial, Amnesty India’s Chair of the board, Aakar Patel said:

“The Government of India must immediately and unconditionally release human rights defender and student activist Umar Khalid who has been incarcerated for five long years without trial on politically motivated charges. Starved of justice, Khalid’s prolonged persecution exemplifies the derailment of justice in India as it makes a mockery of international human rights principles. The repeated bail denials combined with persistent delays, and the continued absence of trial proceedings, amount to a violation of Khalid’s right to a fair and speedy trial, guaranteed under the International Covenant on Civil and Political Rights (ICCPR), to which India is a state party, as well as under the Constitution of India. 

“In India, the overbroad Unlawful Activities (Prevention) Act (UAPA) is routinely and selectively used against human rights defenders including journalists, civil society activists and students who remain imprisoned without trial such as Khalid. The application of bail standards in such cases is also discriminatory as similarly situated accused have been granted bail while Khalid continues to be repeatedly denied relief. All this really demonstrates India’s deep fear of human rights defenders like Umar Khalid who dare to dissent.

“Khalid’s detention is not an isolated case and is emblematic of a broader pattern of repression faced by those who dare to exercise their rights to freedom of expression, association and peaceful assembly. Other students and human rights activists, including Gulfisha Fatima, Sharjeel Imam, Khalid Saifi, Shifa-ur-Rehman and Meeran Haider, also remain in detention for their peaceful opposition to CAA, while police officials and political leaders responsible for incitement or complicity in violence that followed the anti-CAA protests in 2020 continue to enjoy impunity. These are clear cases of selective prosecution aimed at criminalizing and chilling dissent in India.”

Joint Statement:

India: Free Umar Khalid – Stop Invoking Counter-Terrorism Law to Silence Dissent

The undersigned organisations call for the immediate and unconditional release of human rights defender and student activist Umar Khalid, who was arrested on 13 September 2020 on politically motivated and spurious charges, including for alleged terrorism-related offences, and who remains in detention without trial five years later.

In December 2019, the Bharatiya Janata Party (BJP)-led government introduced the Citizenship Amendment Act (CAA). The law discriminates on the basis of religion by explicitly excluding Muslims from expedited access to citizenship and from legislative protection against deportation and imprisonment. The passage of the CAA, alongside the proposed National Population Register, prompted nationwide peaceful protests over fears that millions of Muslims could be excluded in their access to citizenship. These concerns were reinforced by the precedent of a similar exercise previously undertaken in Assam under a BJP-led state government. Khalid had actively voiced his protest against the CAA on X (formerly Twitter) and through his speeches in Delhi, Mumbai and Bihar amongst others.

In February 2020, following legislative assembly elections in Delhi, communal violence erupted in the context of the protests, leaving 53 people dead – 38 of them Muslims – and hundreds injured. The Delhi Police failed to conduct effective investigations and bring perpetrators to justice, thereby fostering impunity. Instead, they arrested peaceful protesters, including at least 18 students and activists, the majority of them Muslims, including Khalid. Authorities accused them of instigating violence and conspiring to defame the Indian government.

Khalid was arrested on 13 September 2020 and subsequently charged under the Indian Penal Code (since replaced by Bharatiya Nyaya Sanhita) with offences including sedition, murder, promoting enmity between religious groups, unlawful assembly, and rioting amongst others. He has also been charged under the Unlawful Activities (Prevention) Act (UAPA) for alleged unlawful and terrorist activities and conspiracy, and under the Prevention of Damage to Property Act and the Arms Act. In December 2022, a Delhi court acquitted Khalid in the case involving rioting, property damage, and vandalism. However, he has remained arbitrarily detained – and continues to be detained in Delhi’s Tihar Jail – in connection with the broader conspiracy case under the UAPA, in which eight other activists have also been charged and remain behind bars after having their own bail applications rejected.

The Unlawful Activities (Prevention) Act, with its overbroad definition of “terrorist act” coupled with stringent bail provisions and lengthy investigation, contributes to prolonged, and in many cases, indefinite detention, contravening international human rights law guaranteed the right to liberty, including on presumption of innocence and the right to a fair trial. The legislation is rampantly and selectively used against human rights defenders including journalists, civil society activists and students who remain imprisoned without trial such as Khalid. In 2024, the Financial Action Task Force in India’s Mutual Evaluation Report highlighted that the delays in prosecutions under the UAPA are “resulting in a high number of pending cases and accused persons in judicial custody waiting for cases to be tried and concluded.” The Office of the United Nations High Commissioner for Human Rights and several independent experts of the United Nations Human Rights Council (special procedures) have consistentlyraised concerns about the vague and overly broad provisions of the UAPA and its use to criminalise legitimate human rights work in India. They have repeatedly called on the Government of India to end the use of the UAPA to curtail human rights and fundamental freedoms. Amnesty International has also echoed these concerns, noting the poor conviction rate under the UAPA and the prolonged detentions, which illustrate how the process itself has become a form of punishment, and has therefore called for its repeal. However, the Indian authorities have not responded to these calls.

In Khalid’s case, the prosecution has primarily rested the invocation of India’s counter-terrorism law on his speech in the Amravati town of Maharashtra state in India on 17 February 2020 that referred to phrases like ‘inquilabli salam’ (revolutionary salute) and ‘krantikari istiqbal’ (revolutionary welcome). While referring to these phrases, Khalid praised the attendees of the event for daring to peacefully dissent against the discriminatory law in the prevailing political context. This did not constitute incitement to violence in any way and instead showed Khalid exercising his right to freedom of expression and of peaceful assembly.

However, over the past five years, his bail applications have been denied at least four times by trial and appellate courts, most recently on 2 September 2025. His petition before the Supreme Court of India was adjourned at least 14 times in eleven months due to requests for adjournment by the state, scheduling delays, and judicial recusals, ultimately leading Khalid to withdraw his petition. In the latest order denying bail, the Delhi High Court described five years of his pre-trial detention as the “natural pace” of proceedings, despite the fact that the trial has yet to begin and the evidence has not been substantively examined. The Court further characterized Khalid’s speeches, mere membership in WhatsApp groups and his role in mobilising protests as part of a “well-orchestrated conspiracy” without demonstrating substantial links to the incitement of violence. These repeated bail denials combined with persistent delays, and the continued absence of trial proceedings, amount to a violation of his right to a fair trial, including speedy trial, guaranteed under the International Covenant on Civil and Political Rights (ICCPR), to which India is a state party, as well as under the Constitution of India.

We are further concerned about the discriminatory application of bail standards in cases arising from the violence surrounding the CAA protests and more broadly in cases involving the UAPA. While similarly situated accused have been granted bail, Khalid continues to be denied relief. Such unequal treatment violates the principle of equality before the law and sets a deeply troubling precedent.

Independent investigations, including by Amnesty International India, Human Rights Watch and Delhi Minorities Commission, have documented the role of the Delhi Police in human rights violations during the CAA protests and the ensuing violence. Police officers were recorded engaging in beatings, torture and other ill-treatment, and arbitrary arrests, and in some cases standing by as mobs attacked protesters. Courts in India have repeatedly criticised the quality of the police investigations, describing them as “very poor,” “callous,” and “fraught with multiple flaws,” and have noted instances of fabricated cases and manipulated records. At the same time, senior political leaders employed inflammatory hate speech, branding protesters as “traitors” or “anti-national” and openly incited violence. Despite the existence of video and documentary evidence, no meaningful accountability measures have been taken against implicated political figures or police officials.

Khalid’s detention is not an isolated case; it is emblematic of a broader pattern of repression faced by those who dare to exercise their rights to freedom of expression and association. Other students and human rights activists, including Gulfisha Fatima, Sharjeel Imam, Khalid Saifi, Shifa-ur-Rehman and Meeran Haider, also remain in detention for their peaceful opposition to the CAA, while police officials and political leaders responsible for incitement or complicity in violence continue to enjoy impunity. This selective prosecution erodes public trust in the justice system, entrenches impunity for state actors, and criminalises free expression.

Therefore, we urge the Government of India to:

• Immediately and unconditionally release Umar Khalid and all others detained solely for exercising their rights to peaceful assembly and freedom of expression;
• Ensure equality in the application of bail standards and end the discriminatory treatment of human rights defenders;
• Hold accountable police officials and political leaders against whom there is credible evidence of incitement of and complicity in violence;
• Repeal the UAPA or amend it to bring it into full conformity with international human rights law;
• Respect, protect, and promote the rights to liberty, fair trial, freedom of expression and peaceful assembly.

SIGNED BY: 

Amnesty International

CIVICUS: World Alliance for Citizen Participation

FORUM-ASIA

Front Line Defenders 

International Commission for Jurists 

International Federation for Human Rights (FIDH), within the framework of the Observatory for the Protection of Human Rights Defenders

World Organisation Against Torture (OMCT), within the framework of the Observatory for the Protection of Human Rights Defenders

Migrant and refugee settlement agency AMES Australia has welcomed the release of the federal government’s national response to Islamophobia report today.

The report says Islamophobia has been on the rise in Australia over the two decades since the September 11 terror attacks and has skyrocketed since the October 7, 2023, terror attack in Israel.

The ‘National Response to Islamophobia: A Strategic Framework for Inclusion, Safety and Prosperity’ report contains 54 recommendations across every government agency.

AMES CEO Melinda Collinson said the report was welcome and would be a step towards greater social cohesion.

“We work with Islamic communities, and we see the damage islamophobia can do to individuals and communities. So, the recommendations are very welcome and will go some way to assuaging the worries some people and communities face,” Ms Collinson said.

“More than that, it sends a message that Australia values these communities, and we want to connect with them as a society and empower them to take a full place in our multicultural landscape,” she said.

Handing down his report in Canberra, Multicultural Envoy Aftab Malik said Islamophobia had been “persistent” and “never fully addressed”.

He said the report “proposes a way forward for the religious protection of all religious communities who have not been afforded this to date”.

“Islamophobia is a deeply ingrained societal challenge,” Mr Malik said.

The recommendations encompass the inclusion of religion – and particularly Islam – in anti-discrimination laws, reviewing anti-terror laws to determine if they target Muslims and support for capacity building of communities and mechanisms for reporting Islamophobia.

One focus of the report is Muslim women, who comprise the majority of targets of reported incidents of everyday Islamophobia because of their visibility.

It says many have been “subjected to foul, disgusting and degrading behaviour”.

12 September 2025: Gaza City is facing a humanitarian catastrophe as Israel’s latest military assault escalates, pushing people to the brink and threatening the survival of what remains of the health system. 

September 11 2025 – Stock indices across the world are smashing through new peaks, yet the very momentum powering this rally could become its greatest threat, warns a global financial advisory giant deVere Group.

The MSCI All Country World Index has climbed to successive records, lifted by resilient earnings and a softer inflation pulse.

In the US, the S&P 500 has pushed to fresh highs alongside technology bellwethers, while Japan's Nikkei 225 and South Korea's Kospi have logged unprecedented gains.

Investors are celebrating a cooling producer price reading and betting on a string of US interest-rate cuts through the final months of the year.

However, the euphoria carries risk.

“Markets are racing ahead of fundamentals,” warns Nigel Green, chief executive of deVere Group.

“The combination of weakening labor market signals, heavy bets on multiple rate reductions and escalating tariffs under President Trump is a combustible mix. Investors must not confuse policy hopes with economic reality.”

Fresh data show US wholesale prices unexpectedly declined 0.1% in August, far below consensus forecasts.

Traders now price in a quarter-point Federal Reserve cut at its September meeting with near-certainty, and many expect two more moves before year-end.

Meanwhile, headline consumer inflation currently remains near 3%, the highest since January, reflecting tariff-driven costs feeding through supply chains.

“Cheaper money is a tailwind for equities, yet it is not a panacea,” Nigel Green adds.

“If consumer prices remain sticky or tariffs bite deeper into margins, corporate earnings will face pressure just as valuations look stretched.”

Tech shares exemplify the exuberance. Oracle's blow-out forecast for artificial-intelligence revenue ignited its best session in decades and added more than $240 billion to its market value, underscoring investors' willingness to pay almost any price for perceived AI leadership.

Similar enthusiasm has propelled the Nasdaq to levels last seen during the late-1990s tech boom.

“This cycle is being driven by innovation and liquidity, but history shows liquidity can reverse quickly,” comments the deVere CEO.

“Investors chasing the rally need to diversify across geographies and asset classes. Holding only mega-cap tech at these valuations invites serious downside risk if expectations are missed.”

Global dynamics add complexity. Europe's major benchmarks are riding the wave, yet growth indicators remain tepid.

China's manufacturing rebound is uneven, and fresh US tariffs introduced in August are only beginning to filter through to Asian exporters.

Currency markets reflect these cross-currents: the dollar has softened on rate-cut wagers, but any hawkish shift from the Fed or escalation in trade disputes could jolt it higher and unsettle risk assets.

“The dollar's trajectory is pivotal,” Nigel Green notes. “A sudden strengthening would tighten financial conditions worldwide and squeeze emerging markets that have benefited from easier funding this year.”

He stresses that disciplined portfolio construction is essential—and that few investors should attempt it alone.

“Volatile conditions and fast-moving macro data demand more than instinct,” Nigel Green explains.

“This is the time to engage experienced, independent advisers who can stress-test portfolios, identify hidden concentrations of risk and ensure strategies remain aligned with long-term goals.”

Despite the warnings, he remains optimistic.

“Opportunities remain abundant for those who approach this rally with a clear strategy and rigorous risk management.

“High-quality companies with strong cash flow, sound balance sheets and global revenue streams will continue to reward patient investors.”

The message from deVere's chief is unambiguous in that extraordinary market highs demand extraordinary discipline.

“This is a moment to be fully engaged, not complacent. Prudent positioning and professional guidance today will determine who prospers,” Nigel Green concludes.

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.

Overall consumer spending momentum remained solid across Australia, while Sydney’s wettest August in decades dampened the rise in spending in the harbour city.

11 September 2025 – The CommBank Household Spending Insights (HSI) Index recorded another month of gains in August, extending six consecutive months of better growth as household spending returns to a more stable footing.

The CommBank HSI Index rose 0.3 per cent in the month, following a 0.7 per cent lift in July and 0.5 per cent rises in both May and June.

Nine of the 12 categories rose in August, led by Utilities (+2.9 per cent), Communications and Digital (+1.0 per cent), Recreation (+0.6 per cent), Education (+0.6 per cent) and Household Services (+0.5 per cent). Modest increases were also seen in Motor vehicles, Health, Transport and Hospitality.

Insurance (-0.1 per cent) posted its first monthly fall since January 2024, while Household Goods (-0.3 per cent) and Food & Beverage Goods (-0.1 per cent) edged lower following strong mid-year activity.

“We’ve now seen six months of solid growth, reinforcing our view that a consumer recovery is underway after a series of false starts last year and early into 2025. The combination of growing incomes, a solid labour market and lower interest rates is helping improve household sentiment as consumers are able to both spend and save again,” Head of Australian Economics Belinda Allen said.

“Utilities was the top spending category in August, that uptick is largely driven by general volatility in energy bill payments, as well as the timing of energy price rebates. More interesting is the strong increase in spending on Communications and Digital, which reflects the longer-running, structural shift in consumers favouring spending on experiences rather than goods.

“In particular, August’s spending increase is propelled by the surging popularity of online services like gaming and streaming, as well as the impact of weather. The wettest August in 27 years in Sydney likely had a hand in higher spending on food delivery services and lower spending in cafes during the month.”

On an annual basis, household spending is now up 5 per cent, with the strongest gains seen in Communications and Digital (+10.6 per cent), Utilities (+9.4 per cent), Recreation (+8.3 per cent) and Hospitality (+7.7 per cent), while Transport remains in negative territory (-1.6 per cent) due to petrol price falls.

The broader economic backdrop remains supportive. The RBA has cut the cash rate three times in 2025 in a cautious easing cycle, with moderating inflation and last year’s tax cuts providing further support for households.

Recent GDP data showed the Australian economy picking up momentum more than expected, underpinned by a stronger-than-anticipated consumer sector.

Ms Allen said CommBank continues to expect only one further rate cut from the Reserve Bank of Australia this cycle.

“With the broader economy showing signs of resilience and the consumer returning to a more solid footing, we don’t see the need for the RBA to go much further. We continue to expect just one more cut in November, but no change at the RBA’s September meeting.

“As we look to 2026, we expect to see both consumer spending and the broader economy continue to improve back to around the rate of potential economic growth. “

The CommBank HSI Index tracks month-on-month data at a macro level and is based on de-identified payments data from approximately 7 million CBA customers, comprising roughly 30 per cent of all Australian consumer transactions.

Algiers, Algeria, 10 September 2025: – Shelter Afrique Development Bank (ShafDB) and African Export-Import Bank (Afreximbank) have signed a groundbreaking Joint Project Preparation Facility (JPPF) Framework Agreement. This strategic partnership aims to unlock a cumulative investment value of at least US$1 billion and is set to significantly transform housing and urban development across the continent and boost trade and investment.

Signed on the sidelines of the ongoing fourth Intra-African Trade Fair (IATF2025) by Mr. Thierno-Habib Hann, Managing Director and CEO, ShafDB, and  Ms. Oluranti Doherty, Managing Director, Export Development Afreximbank, the agreement aims to provide early-stage project preparation financing, propelling projects from concept to bankability efficiently and effectively.

The JPPF will primarily support priority sectors including building and construction, housing, healthcare, hospitality and tourism, industrial, manufacturing of building materials, commercial and residential infrastructure, and logistical platforms such as industrial zones and special economic zones.

In addition to financing, the JPPF also incorporates a robust capacity-building programme aimed at enhancing the project preparation skills of ShafDB staff, empowering them with essential skills to develop bankable and impactful projects.

Commenting on the partnership, Ms. Doherty, stated: “We are thrilled to collaborate with Shelter Afrique Development Bank to accelerate sustainable urban development across Africa. This partnership aligns with our shared vision of promoting economic growth and enhancing the quality of projects on the continent. By combining ShafDB's expertise in housing and urban development and Afreximbank's extensive experience in project preparation, we are poised to unlock new opportunities and deliver transformative projects in critical sectors that will amongst other benefits establish economic hubs and platforms that will promote trade and tradable services. The JPPF will act as a catalyst for private sector investment, leading to substantial socio-economic development across the continent. Furthermore, our capacity-building programme will equip ShafDB staff with essential project preparation skills, ensuring sustainable project pipelines in the years to come.”

Commenting on the signing, Mr. Thierno-Habib Hann, Managing Director, ShafDB said: “Our sector faces two major structural challenges: the lack of reliable data and the insufficient preparation of projects. At ShafDB, we have already taken bold steps to address the first challenge through our VIRAL model — a data-driven framework designed to provide actionable insights and support evidence-based decision-making in housing and urban development. Today, we are proud to tackle the second challenge through this strategic partnership with Afreximbank. The Joint Project Preparation Facility will enable us to move projects from concept to bankability with speed and precision, unlocking over US$1 billion in investments. This is a transformative step toward building resilient, inclusive, and sustainable cities across Africa.”

Both Afreximbank and ShafDB are members of the Alliance of African Multilateral Financial Institutions (AAMFI), underscoring their commitment to collaboration and innovation in fostering economic development and growth across the continent.

IATF2025, which is being held from 4 to 10 September, is projected to result in the conclusion of trade and investment deals valued at over US$44 billion.

Notes

About Shelter Afrique Development Bank (ShafDB)

Established in 1981 in Lusaka, Zambia, Shelter Afrique Development Bank (ShafDB) is a Pan-African Multilateral Development Bank (MDB) dedicated to promoting and financing sustainable green housing, urban development and related infrastructure. It operates through a shareholding of 44 African governments and two institutional shareholders: African Development Bank (AfDB) and African Reinsurance Corporation (Africa-Re).

The institution is involved in financing housing and related infrastructure across the value chain, both on the demand and supply sides, through its four (4) business lines: Financial Institutions Group (FIG), the Project Finance Group (PFG), the Sovereign and Public-Private partnerships (PPP) Group, and the Fund Management Group (FMG).

For more information, visit: https://www.shelterafrique.org/

About Afreximbank

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.  For more information, visit: www.afreximbank.com

About the Intra-African Trade Fair

Organised by African Export-Import Bank (Afreximbank), African Union Commission (AUC) and African Continental Free Trade Area (AfCFTA) Secretariat, the Intra-African Trade Fair (IATF) is intended to provide a unique platform for facilitating trade and investment information exchange in support of increased intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Agreement (AfCFTA). IATF brings together continental and global players to showcase and exhibit their goods and services and to explore business and investment opportunities in the continent. It also provides a platform to share trade, investment and market information with stakeholders and allows participants to discuss and identify solutions to the challenges confronting intra-African trade and investment. In addition to African participants, the Trade Fair is also open to businesses and investors from non-African countries interested in doing business in Africa and in supporting the continent's transformation through industrialisation and export development.

The Coincident and Leading Barometers rise in September for the fourth consecutive month, mainly due to slightly more favourable assessments and clearly brighter expectations in the Asia, Pacific & Africa region.

In September, the Global Economic Coincident Barometer rises by 0.3 points to 98.6 points, while the Leading Barometer increases by 1.6 points to 102.4 points. Both indicators reach their highest levels since February of this year. The regional components of both Barometers remain relatively stable during the month, except for the Leading indicators from the Asia, Pacific & Africa region, which record a marked rise in September.

“Both the coincident and leading global barometers have now fully recovered from the impact of Liberation Day. The US tariff announcements made in early August do not appear to have had a significant impact. While the leading indicator has remained slightly above average for two consecutive months, the coincident indicator appears to be steadily approaching its long-term average. This is generally positive, as it suggests that the world economy is on a steady path to recovery, despite ongoing geopolitical turmoil”, comments KOF Director Jan-Egbert Sturm the latest results.

Coincident Barometer – regions and sectors

The slight 0.3-point increase in the Coincident Barometer in September results from positive contributions of 0.2 and 0.1 points from the Asia, Pacific & Africa and Western Hemisphere regions, respectively. The Europe indicator remains stable during the month, suggesting a pause after rising between June and August. All three indicators stabilize near the neutral 100-point level.

Among the coincident sectoral indicators, results are mixed, with Industry and Services rising, while the other sectors move in the opposite direction.

Leading Barometer – regions and sectors

The 1.6-point increase in the Global Leading Barometer in September results from a positive contribution of 1.8 points from the Asia, Pacific & Africa region, a negative contribution of 0.2 points from the Western Hemisphere, and stability in the Europe region. All three regional indicators remain above the 100-point level, with the Western Hemisphere showing signs of stabilization after recent increases.The Leading Global Barometer leads the world economic growth rate cycle by three to six months on average.

All leading sectoral indicators rise in September, except for Construction, which continues to show some volatility since June of this year. Notably, the Economy indicator (which is based on variables representing overall business and consumer evaluations) reaches its highest level since February 2022 (107.8 points).