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04 FEBRUARY 2026 – Equinor delivered an adjusted operating income* of USD 6.20 billion and USD 1.55 billion after tax* in the fourth quarter of 2025. Equinor reported a net operating income of USD 5.49 billion and a net income of USD 1.31 billion. Adjusted net income* was USD 2.04 billion, leading to adjusted earnings per share* of USD 0.81.

The fourth quarter and full year were characterised by:

• Strong production and operational performance, delivering 6% production growth in the quarter and 3.4% for the full year
• Continued high-grading of portfolio
• Cost and capital discipline

Taking action to strengthen competitiveness, cash flow and robustness

Strategic priorities guiding capital allocation

• Develop the NCS to maximise value
• Focused growth in international oil and gas
• Building an integrated power business

• Strengthening free cash flow* by reducing the organic capital expenditures* outlook for 2026/27 by USD 4 billion
• Reducing operating costs1 by 10% in 2026 through strong cost focus and portfolio high-grading
• Expecting around 3% oil and gas production growth in 2026
• Set to deliver return on average capital employed* of around 13% for 2026/27

Capital distribution

• Proposed increase of fourth quarter cash dividend to USD 0.39 per share
• Announced share buy-back of up to USD 1.5 billion for 2026

Anders Opedal, President and CEO of Equinor ASA:

“With new fields on stream and strong operations, we deliver record-high production and competitive returns in 2025.”

“We continue to allocate capital to further develop and maximise value from the Norwegian continental shelf. At the same time, we are delivering focused growth in our international oil and gas portfolio and building our integrated power business, now focusing on the execution of already‑sanctioned projects.”

“In 2026, we expect around 3 percent production growth, up from record levels in 2025. We are taking firm actions to strengthen free cash flow, remain robust towards lower prices and maintain competitive capital distribution.”

Strong production

Equinor had high production in the fourth quarter, with a total equity production of 2,198 mboe per day, up 6% from 2,072 mboe per day in the same quarter last year. For the full year, the production reached a record high of 2,137 mboe per day, a 3.4% increase from the year before.

On the Norwegian continental shelf (NCS), the production in the quarter was high with a 5% increase compared to the same quarter in 2024. New fields, such as Johan Castberg and Halten East, delivered substantial contributions, along with new wells. This offset impact from unplanned maintenance at Johan Castberg. For the full year, production was up by 2% in 2025 compared to 2024.

The acquisition of additional interests in US onshore gas assets in late 2024 and new wells on stream, resulted in strong production from the E&P USA segment in the fourth quarter and full year of 2025, compared to the year before.

The exits from Nigeria and Azerbaijan in 2024, along with a production stop and sale of a 40% operated interest in the Peregrino field in Brazil in the fourth quarter of 2025, resulted in lower production in E&P International in the quarter and full year of 2025. Production from new wells in Argentina and Angola contributed positively to the results. Other important contributions were the establishment of the Adura joint venture with Shell in the UK and the Bacalhau field in Brazil coming on stream.

The total power generation was 1.76 TWh in the quarter and 5.65 TWh for the full year. The renewable portfolio drove the increase through ramp-up of production from the offshore wind farm Dogger Bank A and higher onshore production. This led to a 42% increase in renewable generation for the fourth quarter and a 25% increase for the full year, compared to 2024.

Financial results

Equinor realised a European gas price of USD 10.6 per mmbtu and realised liquids prices were USD 58.6 per bbl in the fourth quarter of 2025.

Equinor delivered an adjusted operating income* of USD 6.20 billion and USD 1.55 billion after tax* in the fourth quarter. The results are affected by lower liquids prices, which were partially offset by higher production and higher gas prices in the US.

The reported net operating income of USD 5.49 billion is down from USD 8.74 billion in the same quarter last year. This was impacted by net impairments of USD 626 million in REN, E&P International and E&P Norway. Net impairments for the full year of 2025 amounted to USD 2,481 million, mainly impacted by reduced expected synergies from future offshore wind projects in the US and updated price assumptions.

The Marketing, Midstream and Processing results were strong, driven by gas trading and optimisation, and a favourable price review result.

Adjusted operating and administrative expenses* are higher compared to the same quarter last year. This is mainly due to higher transportation costs driven by market conditions and currency effects. This was partially offset by a reduction in the Gassled removal obligation and cost improvements in the renewable segment.

High production generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.55 billion for the fourth quarter.

Equinor paid three NCS tax instalments totalling USD 5.96 billion in the quarter.

Cash flow from operations after taxes paid* ended at USD 3.31 billion for the fourth quarter, bringing the cash flow from operations after taxes paid* to USD 18.0 billion for the year.

Organic capital expenditure* was USD 3.29 billion for the quarter and USD 13.1 billion for the full year.

The net debt to capital employed adjusted ratio* was 17.8% at the end of the fourth quarter, compared to 12.2% at the end of the third quarter of 2025.

Strategic progress

Equinor continued to develop the portfolio and deliver on its strategy in the quarter.

On the NCS, production started from the Verdande subsea field in the Norwegian Sea, adding volumes to and extending the field life of Norne beyond 2030.

2025 was a successful exploration year with 14 commercial discoveries on the NCS, of which seven were Equinor-operated. Three commercial discoveries were made during the quarter, contributing with volumes to meet the ambition of maintaining the production level from 2020 in 2035.

The international portfolio was significantly strengthened with the production start at Bacalhau, off the coast of Brazil, adding future production and cash flow. The operatorship of the Peregrino field was transferred to PRIO in the quarter.

Equinor and Shell officially launched Adura, which is expected to play a crucial role in securing the UK’s energy supply. Adura is fully self-funded and aims to distribute more than 50% of cash flow from operations from 2026.

A 10-year gas sale agreement was signed with gas and electricity company Pražská plynárenská, securing Norwegian gas to the Czech Republic until 2035.

The new business area Power was established in fourth quarter of 2025, integrating renewables with flexible power assets. Power is a reportable segment effective from 1 January 2026.

Equinor’s first hybrid power complex, combining solar and wind resources, was launched in Brazil. In Texas, US, Equinor’s first commercial battery storage system came online in the quarter.

At the end of the quarter, the Empire Wind project in the US received a second stop work order. Operations were resumed in January, following the grant of a preliminary injunction. Project execution is strong and the project is now over 60% complete.

The three-year average reserves replacement ratio (RRR) 2023-2025 was 100%, including both organic and inorganic replacements.

Equinor’s absolute scope 1 and 2 GHG emissions from operated production (100% basis) were 10.2 million tonnes CO₂e in 2025, a 33% reduction from 2015.

The positive twelve-month average serious incident frequency (SIF) trend continues, and was 0.21 in 2025, compared to 0.3 in 2024.

Competitive capital distribution

The board of directors proposes to the annual general meeting in 2026 a cash dividend of USD 0.39 per share for the fourth quarter of 2025. This is an increase of USD 0.02 per share from the third quarter of 2025 and in line with the previously announced ambition. The Equinor share will trade ex-dividend on Oslo Børs from and including 13 May and New York Stock Exchange from and including 15 May 2026.

The interim cash dividends for the first, second and third quarters of 2026 are expected to be at the same level as for the fourth quarter of 2025. This is to be decided by the board of directors on a quarterly basis and in line with the company's dividend policy, subject to existing and renewed authorisation from the annual general meeting.

The fourth tranche of the share buy-back programme for 2025 was completed on 29 January 2026 with a total value of USD 1,266 million. Following this, the total share buy-backs under the share buy-back programme for 2025 amounts to USD 5 billion.

The board of directors has decided to announce share buy-back for 2026 of up to USD 1.5 billion. The 2026 share buy-back programme will be subject to market outlook and balance sheet strength. The first tranche of up to USD 375 million of the 2026 share buy-back programme will commence on 5 February and end no later than 30 March 2026. Commencement of new share buy-back tranches after the first tranche will be decided by the board of directors on a quarterly basis in line with the company's dividend policy. It will be subject to existing and new board authorisations for share buy-back from the company's annual general meeting and agreement with the Norwegian State regarding share buy-back.

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

Strengthening competitiveness, cash flow and robustness

Key messages:

Strategic priorities guiding capital allocation
Equinor will continue to develop the NCS to maximise value and aims to maintain the production level from 2020 in 2035. Focused growth from the high-graded international oil and gas portfolio is expected to deliver strong production and cash flow growth2. In building the integrated power business, Equinor will be disciplined in execution and capital allocation. Trading provides value uplift across businesses.
Firm actions to strengthen free cash flow*
Equinor has taken firm actions to strengthen cash flow and robustness towards lower prices. The organic capex* outlook for 2026 and 2027 is reduced by USD 4 billion, mainly within power and low carbon. Cost improvement efforts continue with an aim to reduce operating cost1 with 10% in 2026, including the effects from portfolio high-grading. The investments of around USD 10 billion annually to oil and gas will be maintained. Reflecting changing markets and fewer value creating opportunities, the net carbon intensity ambition for 2030 and 2035 is updated to 5-15% and 15-30% respectively.
Delivering production growth
A production growth of around 3% is expected for oil and gas in 2026. Equinor has added attractive exploration acreage in Norway, Brazil and Angola, and around 30 exploration wells are planned for 2026. A reduction to USD 6 per boe unit production cost is aimed for in 2026. Equinor will continue the efforts to deliver a carbon efficient portfolio, and had a CO₂ upstream intensity of 6.3 kg/boe for Equinor operated assets in 2025.

Updated outlook for 2026:

Organic capital expenditures* are estimated at around USD 13 billion for 20263.
Oil & gas production for 2026 is estimated to grow around 3% compared to 2025 level.

This press release contains Forward Looking Statements. Please see the Forward Looking Statement disclaimer published on our web page: https://www.equinor.com/investors/4q2025-forward-looking-statements

1) Adjusted operating and administrative expenses* excluding royalties and transportation costs, over/underlift and a few selected one-offs. Including portfolio changes, equity accounting effects, and excluding held for sale assets.
2) All forward-looking financial numbers are based on Brent blend 65 USD/bbl, European gas price 9 USD/MMBtu and Henry Hub 3.5 USD/MMBtu.
3) USD/NOK exchange rate assumption of 10.
*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

 Source: Amnesty International

• Escapees tell of brutal system of arbitrary punishments for watching South Korean TV
• Wealthy can escape harshest penalties by bribing corrupt officials
• Children ‘forced to watch’ public executions as warning not to consume foreign media.

North Koreans caught watching South Korean television shows face public humiliation, years in labour camps or even execution – with the harshest punishments for those too poor to pay bribes, according to testimonies given to Amnesty International.

North Koreans who fled the country have told Amnesty of an arbitrary and corrupt system where secret consumption of South Korean TV is widespread but the penalties for violating vaguely worded “culture” laws banning foreign media are determined largely by wealth and connections. Many of those interviewed recounted living in constant fear of home raids and arbitrary detention, while some said they were forced to watch public executions as schoolchildren as part of their “ideological education”.

“These testimonies show how North Korea is enforcing dystopian laws that mean watching a South Korean TV show can cost you your life – unless you can afford to pay,” said Sarah Brooks, Amnesty International's Deputy Regional Director.

“The authorities criminalize access to information in violation of international law, then allow officials to profit off those fearing punishment. This is repression layered with corruption, and it most devastates those without wealth or connections.”

Laws criminalizing freedom of expression

Amnesty International conducted 25 in-depth individual interviews with North Korean escapees in 2025. The group included 11 individuals who fled North Korea between 2019 and 2020, with the most recent departure in June 2020. Most were aged between 15 and 25 at the time of their escape. Covid-19 border closures have made escapes extremely rare since 2020.

North Korea has long maintained one of the world's most restrictive information environments. Testimonies gathered by Amnesty International describe how accessing foreign culture or information was being actively punished, including by execution, at least before 2020. 

The introduction of the 2020 Anti-Reactionary Thought and Culture Act, which defines South Korean content as “rotten ideology that paralyzes the people's revolutionary sense”, enables such severe punishments to persist. The new law mandates between five and 15 years of forced labour for watching or possessing South Korean dramas, films or music and prescribes heavy sentences including the death penalty for the distribution of “large amounts” of content or for organizing group viewings. 

Despite the severe risks, interviewees described a society in which consumption of South Korean and other foreign media are widespread. Dramas and films are commonly smuggled in on USB drives from China, which young North Koreans watch on “notetels” – notebook computers with built-in televisions. 

‘People sell their houses to get out of camps’

North Koreans who fled the country between 2012 and 2020 told Amnesty International that people commonly watched South Korean TV knowing that they risked extreme punishment, but also that it was possible to escape the worst penalties if you were able to pay.

“People are caught for the same act, but punishment depends entirely on money,” said Choi Suvin, 39, who left North Korea in 2019. “People without money sell their houses to gather 5,000 or 10,000 USD to pay to get out of the re-education camps.” 

Kim Joonsik, 28, was caught watching South Korean dramas three times before leaving the country in 2019, but avoided punishment because his family had connections to officials.

“Usually when high school students are caught, if their family has money, they just get warnings,” he said. “I didn't receive legal punishment because we had connections.”

But he said three of his sisters’ high school friends received years-long sentences in labour camps in the late 2010s for watching South Korean dramas. Their families could not afford bribes. When Kim's own sister was arrested, the family paid USD 9,000 to secure her release before the case progressed to formal charges.

The bribes described by Choi and Kim – from between USD 5,000 to 10,000 – represent several years' worth of income for most North Korean families, making them unreachable for all but the wealthiest. 

‘Everyone knows everyone watches’

For decades, North Korea’s government has reportedly deployed a specialized law enforcement unit to crack down on foreign media consumption. Referred to as the “109 Group”, the unit conducts warrantless home and street searches of bags and mobile phones. Fifteen interviewees from different regions mentioned the 109 Group to Amnesty, indicating a nationwide, systematic approach to enforcement of these restrictive laws.

Interviewees said security officials actively solicit bribes from people arrested for consuming foreign media, and from their families. One escapee who had been caught watching foreign media quoted members of the 109 Group telling them: “We don't want to punish you harshly, but we need to bribe our bosses to save our own lives.”

The arbitrary and discriminatory enforcement of laws is systematic. Officials who most likely consume South Korean media themselves arrest and prosecute others for identical conduct. One interviewee described the open secret: “Workers watch it openly, party officials watch it proudly, security agents watch it secretly, and police watch it safely. Everyone knows everyone watches, including those who do the crackdowns.”

Nonetheless, it appears that periodic crackdowns have temporarily disrupted the usual operation of this system of bribery. Kim Gayoung, 32, who left North Korea in June 2020, described how North Korean leader Kim Jong Un began ordering 'intensive crackdown' campaigns in the late 2010s. During these periods, officials faced pressure to demonstrate enforcement results, making bribes less effective even for wealthy or well-connected families.

“My cousin worked at the People's Committee [the local government administrative body]. He said when someone was caught, no one would help them out. Even with bribes or connections, there was no guarantee of help because the crackdowns had become so severe,” she said.

‘Tens of thousands gathered to watch executions’

Interviewees described how North Korea uses public executions to terrorize entire communities into compliance. Choi Suvin witnessed a public execution in Sinuiju, North Pyongan Province “in 2017 or 2018” of someone accused of distributing foreign media. 

“Authorities told everyone to go, and tens of thousands of people from Sinuiju city gathered to watch,” she said. “They execute people to brainwash and educate us.”

Some interviewees described schools systematically forcing students to attend public executions as part of “ideological education”. Executions were carried out by firing squad – in one case witnessed, a squad of 10 people fired approximately 30 rounds at the condemned person. Authorities in some cases placed a substance in victims' mouths to prevent them from speaking before execution.  

“When we were 16, 17, in middle school, they took us to executions and showed us everything,” said Kim Eunju, 40, who fled in 2019. “People were executed for watching or distributing South Korean media. It's ideological education: if you watch, this happens to you too.”

An interviewee who left in 2017 described how “all” middle and high schools in Chongjin, North Hamgyong Province, were ordered to watch executions. “The message is: this is what happens [when you watch South Korean shows]. I saw two executions, both times in middle school.”

Schools also serve as sites for public humiliation. Kim Yerim, 26, who escaped in 2019, witnessed 10 high school seniors subjected to hours-long “public criticism” sessions for having watched foreign TV. 

“Authorities gathered elementary, middle and high school students to show what happens when you do wrong,” she said. “For several hours, officials from the Youth League and other Party organizations criticized the accused, saying 'your spirit is corrupted,' 'you lack ideological preparedness.'”

Schools conduct regular ideological education sessions on the dangers of foreign media. Kim Gayoung described weekly “ideological education” sessions where “teachers explain the laws and new rules”, while other sessions involve witnessing trials.

A system built on corruption and fear

Amnesty International is calling on the North Korean government to respect and protect freedom of expression, including the right to access information, and urgently repeal all laws that unjustly criminalize access to information, including the 2020 Anti-Reactionary Thought and Culture Act. It must abolish the death penalty for all offences, and as a first step urgently establish an official moratorium on all executions, including public executions. Children, in particular, must be protected from the cruel exposure to public executions. 

The government must also end the use of arbitrary detention and cease discriminatory treatment based on wealth or social status. Authorities must ensure equal application of the law and guarantee fair trial rights for all persons accused of crimes in line with international standards.

“This government's fear of information has effectively placed the entire population in an ideological cage, suffocating their access to the views and thoughts of other human beings. People who strive to learn more about the world outside North Korea, or seek simple entertainment from overseas, face the harshest of punishments,” Sarah Brooks said. 

“This completely arbitrary system, built on fear and corruption, violates fundamental principles of justice and internationally recognized human rights. It must be dismantled so that North Koreans can dare to enjoy the freedoms to which they are entitled.”

Background

Covid-19 border closures from 2020 to 2023 largely halted North Koreans leaving the country, with arrivals in South Korea plummeting from 1,047 in 2019 to 224 in 2025. The escape process itself typically takes months to years, during which individuals are at risk of human rights violations and abuses. This traumatic journey means escapees often need time before they can provide testimony. Upon arrival in South Korea, they must complete debriefing by South Korean authorities and resettlement programmes.

While Amnesty International publicly and regularly reports on the resort to public executions in North Korea, along with other alarming practices, due to severe restrictions on access to information the organization has been unable to independently verify the extensive use of the death penalty in North Korea. The adoption of the Reactionary Thought and Culture Law in 2020 signified a codification of some of these harsh penalties. 

The experiences shared by escapees who left North Korea before 2020 appear consistent with practices allowed for in North Korean laws and policies of more recent years. They also show internal consistency across different time periods and regions and align with findings from UN agencies, notably the UN Office of the High Commissioner for Human Rights.

Testimonies gathered by Amnesty International in 2025 indicate that the consumption of foreign media was criminalized, prosecuted and punished including by death before the 2020 law came into effect. Testimonies collected in separate research, and in media reports, have also indicated that extrajudicial executions have been carried out without any investigation, trial or sentencing. 

However, Amnesty International was unable to determine if other laws were used to convict people in these cases, and which ones, or whether the executions witnessed by interviewees were carried out extrajudicially. Amnesty International opposes the death penalty unconditionally, in any cases and under any circumstances. 

North Korea's laws and practices violate international human rights law, including the International Covenant on Civil and Political Rights, which it ratified in 1981. Systematically forcing children to witness public executions constitutes multiple grave violations and also violates children's rights under the Convention on the Rights of the Child, which North Korea ratified in 1990.  

Since the 1953 armistice that paused but did not formally end the Korean War, North and South Korea have remained technically at war, with the two countries remaining deeply divided.

Amnesty International wrote to the government of the Democratic People's Republic of Korea, sharing these research findings and inviting a response to the allegations documented. No response has yet been received.

*All names are pseudonyms to protect interviewees.

February 3 2026 – The FTSE 100 has punched to fresh record highs as investors flood into Britain's biggest companies in a decisive shift towards defence, durability and scale amid rising global volatility.

The analysis from the CEO of global financial advisory giant deVere Group comes as the index touched an intraday high of 10,362 points at the open, extending its advance to more than 4% this year.

Nigel Green comments: “Investors are embracing a clear risk-on tone while simultaneously seeking shelter in assets built to withstand economic and geopolitical pressure.

“This rally is not driven by speculative enthusiasm. It's being powered by capital moving deliberately into companies with global reach, diversified revenues and pricing power.

“In a world marked by uneven growth, currency swings and persistent uncertainty, investors are favoring strength over sensitivity.”

Mining giants are once again at the centre of the advance. Strong rallies in gold and silver prices are lifting the sector, reinforcing the FTSE's reputation as a market anchored in hard assets and global demand.

Precious metals strength is amplifying cash flows and balance-sheet resilience at a time when protection matters as much as upside.

Alongside commodities, currency dynamics are providing an additional layer of support. The dollar's recent strength is proving highly advantageous for the FTSE's multinational heavyweights, many of which generate a substantial share of revenues overseas.

The defensive appeal is being reinforced by currency dynamics.

The recent strengthening of the dollar is bolstering earnings for multinational London-listed firms, turning overseas exposure into a powerful buffer against domestic economic risk.

“This combination of currency support and international revenue streams is highly compelling.

“The FTSE 100 offers exposure to global growth while providing insulation through scale, diversification and real assets. Investors are positioning for resilience, and Britain's largest companies are built for exactly this environment,” says the deVere CEO.

He adds that the rally reflects a broader recalibration in how portfolios are being constructed in 2025.

“Volatility remains elevated across regions and asset classes.

“In response, investors are allocating to markets that can absorb shocks without sacrificing returns. The FTSE delivers that balance in a way few indices can.”

After years of being dismissed as slow-moving or outdated, the FTSE 100 is asserting itself as a defensive heavyweight.

“Its concentration in energy, materials, financials and consumer staples is proving increasingly attractive as investors prioritise earnings stability and global exposure.”

The index's renewed momentum also underlines how defensive assets are evolving.

Protection is no longer confined to low growth or low return strategies. Investors are demanding defence with performance, and the FTSE's advance shows that combination is firmly back in demand.

Nigel Green says the latest record should be viewed as a signal of intent from global capital.

“Investors are making purposeful choices,” he says. “The move into the FTSE reflects a preference for strength, reach and durability. This rally is rooted in fundamentals, not hope.”

He concludes that the index's breakout marks a turning point in how UK equities are viewed internationally.

“The FTSE 100 is being re-rated. In a volatile world, markets that can protect capital while delivering growth stand out. Britain's flagship index is doing exactly that.”

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.

February 3 2026 – Bitcoin has stabilized between $75,000 and $80,000 following a sharp weekend sell-off, signalling resilience rather than retreat as macro pressures briefly dominate market sentiment.

The analysis from Nigel Green, CEO of financial advisory giant deVere Group, comes as the US dollar index posts its strongest two-day gain in nine months, tightening financial conditions and slowing near-term risk appetite across digital assets.

“The dollar is flexing,” he says. “This always creates friction for Bitcoin in the short term. What matters is that prices are holding firm at elevated levels rather than unwinding.”

He adds that Bitcoin's ability to stabilize after a rapid sell-off highlights the depth of demand now embedded in the market.

“This behavior points to a market that is absorbing pressure, not buckling under it, which is, typically, how bases are built.”

The recent strength in the dollar has been driven by shifting expectations around US monetary policy leadership and upcoming labor market data, both of which are reinforcing the currency's momentum.

 A stronger dollar tends to cap immediate upside in Bitcoin by tightening global liquidity and drawing capital toward cash and short-duration assets.

Yet Nigel Green stresses that such dynamics have repeatedly proven temporary in past cycles.

“Dollar rallies have a history of interrupting Bitcoin's momentum, not reversing it,” he explains. “They, typically, slow the move, they don't cancel the destination.”

He points to Bitcoin's fundamentals as increasingly dominant over time. Supply remains structurally constrained, issuance is predictable, and long-term holders continue to accumulate during periods of consolidation.

At the same time, Bitcoin is now embedded within portfolio strategy discussions among asset managers, family offices and corporate treasuries, shifting it from a previously speculative trade toward a strategic allocation.

“This is a very different market from earlier cycles,” says Nigel Green. “Bitcoin is no longer reliant on retail enthusiasm alone. Structural demand is broader, steadier and more disciplined.”

He also highlights how macro uncertainty itself reinforces Bitcoin's longer-term appeal.

“Persistent currency debasement risks, rising sovereign debt burdens and geopolitical strain continue to strengthen the investment case for scarce digital assets.

“Those forces do not disappear because the dollar has a strong fortnight.”

Bitcoin's current range, he adds, should be viewed as a zone of construction rather than exhaustion.

“Periods of consolidation near highs are historically constructive,” says Nigel Green. “They allow leverage to reset, conviction to strengthen and long-term capital to establish positions.”

The deVere boss concludes that short-term macro pressure is unlikely to derail Bitcoin's broader trajectory.

“The dollar may be asserting itself today,” he says. “Bitcoin is, arguably, asserting something bigger. Scarcity, adoption and credibility are doing the work beneath the surface.”

Swinburne researchers have turned old, unwanted mattresses into safe and sustainable building insulation materials using fungi.

With their findings published in Nature's Scientific Reports Journal, the team grew a common fungus together with shredded mattress foam to create a new material that is solid and lightweight.  

Mattresses are one of the hardest household items to recycle, explains Swinburne authors Dr The Hong Phong (Peter) Nguyen, Associate Professor Mostafa Nikzad and Dr Huseyin Sumer.

“Mattresses are durable, bulky, and often end up in landfill,” says Swinburne engineering expert, Dr The Hong Phong (Peter) Nguyen.

“Through natural biological processes, we can give this waste a second life.”

The process involves fungal roots binding to the waste, forming natural mineral compounds that can resist extreme heat, remaining stable even when exposed to temperatures close to 1,000 °C.

“The material performed well as an insulator, with heat-blocking ability very close to commercial insulation products already used in homes and buildings,” says Dr Nguyen.

“The approach is both practical and environmentally responsible, using fungus that is closely related to strains used in food production and medicine, and relying on common, widely used chemicals.”

1.8 million mattresses are disposed of each year in Australia, according to Director of Innovation at the Australian Bedding Stewardship Council, Tracey Pryor, who co-funded this research.

“740,000 mattresses are still sent to landfill, equating to approximately 22,000 tonnes of needless waste that can take up to 120 years each to decompose,” Pryor says.

Dr Nguyen hopes that with further development, this fungus-based material could also be used as fire-resistant insulation, building panels, or even shaped for future construction methods such as 3D-printed building elements.  

“Our work shows how combining biology with waste materials, while leveraging deep manufacturing science, can lead to smart, low-impact solutions that better the environment and the lives of everyone.”

The Commonwealth Bank has responded to the Reserve Bank of Australia’s cash rate decision, introducing changes to eligible variable-rate business loans.

3 February 2026 – Following the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 0.25% per annum (p.a.), CBA will increase rates by 0.25% p.a. on eligible variable-rate business lending products.

The rate change will apply to CBA Business Bank’s Variable Base Rate, Commercial Variable Base Rate, Residential Equity Rate, Commercial Residential Equity Rate, Overdraft Reference Rate, and Commercial Overdraft Reference Rate, flowing through to eligible variable-rate business lending products including BetterBusiness Loans and Business Overdrafts. These changes will be effective 13 February 2026.

CBA Group Executive Business Banking, Mike Vacy-Lyle, said: “Australia’s economy ended 2025 with more momentum than many expected, reinforcing strong business activity and household demand, supported by a labour market that remains tight. This resilience is positive, but it also means the economy continues to operate close to, or above full capacity, adding to inflationary pressures. We recognise the Reserve Bank’s actions are aimed at returning inflation to target and preserving long term economic stability.

“We know any adjustment in interest rates is challenging for business owners who are already navigating higher operating costs. Our priority is to support customers through this environment, and our teams are here to discuss options to help businesses manage the impact of these changes.

“Conditions will continue to vary across sectors, and we encourage any customers needing support to reach out early to our dedicated Business Financial Assistance team.”

Support for business customers

CBA offers a wide range of tools and programs to support business customers at every stage of their business journey. This includes:

• Free comprehensive cash flow tracking capabilities via a Business Cash Flow tool in the CommBank app.
• Bill Sense to help customers predict future bills and CommBank’s business insights tool called Daily IQ.
• CommBank Business Masterclass modules help upskill businesses in the areas of AI and cashflow with more modules to come.
• Eligible business customers can also benefit from discounts and special offers available via CommBank Yello for Business, the bank’s customer rewards and recognition program.
• A range of financial support options are available for business customers experiencing difficulty, including deferred business loan repayments or debt restructuring.

More information is available on our website and businesses seeking support can speak to their Relationship Manager or call CBA’s dedicated Business Financial Assistance team, available 24/7, on 13 26 07.

Commonwealth Bank responds to the Reserve Bank of Australia's cash rate increase.

3 February 2026 – Following the Reserve Bank of Australia’s (RBA) decision to increase the official cash rate by 0.25% per annum (p.a.), CBA will increase home loan variable interest rates by 0.25% p.a.

All home loan variable rate changes announced today will be effective 13 February 2026.

Commenting on the changes, Angus Sullivan, CBA’s Group Executive, Retail Banking, said: “We know that interest rate changes can create additional pressure for our home loan customers, which is why we’re focused on providing support and helping them stay in control of their finances.”

Customers can access a range of tools and support, including through the CommBank app, by speaking with a lending specialist, or by using tools such as the digital home loan repayment calculator to explore options.

Quick tips to help manage your finances:

• Estimate how much your home loan repayments may change via the Home Loan Repayments Calculator.
• Eligible customers can align their home loan repayments to when and how often they are paid via the Home Loan repayment change tool. 
• Make the most of an offset account. An offset account is a transaction account linked to your eligible Standard Variable Rate, Simple Home Loan and Digi Home Loan that can help you pay less interest over time. For customers looking to maximise the benefits of offsetting, up to 99 Everyday Offset accounts can be linked to a CommBank Standard Variable Rate home loan. A $10 Offset Feature fee applies to link up to two Everyday Offset accounts to a CommBank Simple Home Loan, or one Everyday Offset account to a CommBank Digi Home Loan.
• Use our suite of budgeting tools to help manage your finances, including Money Plan in the CommBank app, which helps you to track your spending, stay on top of bills and set goals.
• Use Spend Tracker in the CommBank app to help categorise your debit and credit card transactions, making it easier to see the impact your spending decisions have on your everyday finances.
• Use Category Budgets to set weekly, fortnightly or monthly budgets for different categories of your spending – from entertainment to transport, eating out and shopping. You can see how your spend compares to the budget you set yourself, to help you stay on track.
• Visit our Cost of Living Support Hub to view a myriad of tools, tips and guidance all designed to help you navigate current cost of living pressures.
• Through Benefits Finder in the CommBank app and NetBank, you can find benefits, rebates and concessions you might be entitled to. The extra money claimed could help you save money or pay for everyday expenses.
• If additional assistance is needed, customers can message us at any time in the CommBank app to be connected with our Financial Assistance Solutions Team.

The Hague, the Netherlands, 3 February 2026 – The City of The Hague is investing €100,000 in the European project AccessHubs, an initiative designed to make borrowing and renting everyday items more accessible. The project encourages residents to share and rent products rather than own them, helping to reduce waste and support a more circular economy.

The investment aligns with the city’s broader circular economy goals, which focus on extending the lifespan of products, preventing waste, and reducing the need for new raw materials. Funding for the project comes from the municipality’s Co-financing Fund, which helps attract additional European funding for innovative initiatives. In total, The Hague will receive more than €270,000 in EU support to strengthen local sharing and rental systems. By joining this international collaboration, The Hague aims to reduce material waste while offering affordable alternatives for residents, including those with limited financial resources.

“We throw away 200 million kilos of stuff every year, and that's a waste. With AccessHubs, we're taking a concrete step towards a city where sharing and reuse become a given. That's good for the environment and for our residents' wallets. Thanks to European collaboration, we can work faster and smarter towards a circular future for The Hague.”  Arjen Kapteijns, alderman for energy transition, mobility and raw materials.

The AccessHubs project builds on work the municipality is already doing to support circularity. The Hague has set the goal of becoming 50% circular by 2030 and is actively promoting reuse, supporting circular entrepreneurs, improving waste separation, and recovering valuable materials.  

The municipality expects the first lending desks to be developed in neighbourhoods where access to everyday items can make the greatest difference. These include areas such as Laak, Transvaal, Segbroek and Loosduinen, subject to consultation with local partners. The focus will be on lending practical items with high social value, particularly electronics and household appliances such as phone chargers, hairdryers and kitchen equipment.  

The lending desks will be physically embedded in places residents already visit and trust, including local shops, DHL collection points, telecom stores, neighbourhood supermarkets and community spaces such as community centres, churches and mosques. While a digital application will be developed to request items, the physical presence of the hubs is essential to reach residents facing financial hardship, limited digital access or literacy challenges, and to lower feelings of shame. By combining accessible locations with personal contact, The Hague aims to make sharing a normal, dignified and inclusive part of daily life.

Read the full story on Stories of Purpose: https://storiesofpurpose.thehague.com/impact/hague-opens-lending-desks-promote-sharing-and-renting-reduce-waste  

About The Hague & Partners
The Hague & Partners is the official marketing & acquisition organisation for the promotion of The Hague, focused on residents, visitors, conferences, businesses and institutions. https://thehague.com/en  

UAE Partners with Colossal Biosciences to Protect Biodiversity and Champion

the Future of Life on Earth

The collaboration positions the UAE as a global leader in conservation, driving pioneering initiatives in science, biodiversity, and the safeguarding of life on Earth

Dubai UAE – The UAE today announced a major initiative with Colossal Biosciences to advance global conservation, biodiversity, and scientific research. The collaboration will support pioneering work in environmental protection, de-extinction, and knowledge-driven solutions to safeguard life on Earth.

SYDNEY, 3 February 2026 – Médecins Sans Frontières/Doctors Without Borders (MSF) Australia and MSF New Zealand welcomes Tom Roth as its new executive director. Roth brings more than two decades of humanitarian leadership to the role – including 17 years working with MSF globally.

“It's a privilege to be able to work with MSF again. It is a critical time in the humanitarian sector, and I look forward to ensuring MSF remains focused on responding to the multiple humanitarian crises in the world today and the enormous need we are confronted with on a daily basis.”