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In August, the KOF Economic Barometer drops. After an increase in the previous month, the Barometer decreases below its medium-term average again. The outlook for the Swiss economy is dampened.

The KOF Economic Barometer decreases by 3.9 points to a level of 97.4 (after revised 101.3 in the previous month). The majority of the indicator bundles included in the KOF Economic Barometer reflect this downward tendency. The outlook for the indicator bundles for manufacturing and hospitality is particularly dampened. The negative developments are slightly cushioned by the indicator bundle for foreign demand which shows an improved outlook this month.

Within the producing industry (manufacturing and construction), the sub-indicators for different aspects of business activity all show negative developments. The sub-indicators for exports and the general business situation are under particular pressure, undoubtedly also due to the new US tariffs on Swiss imports.

The majority of the sub-indicators within manufacturing exhibit a downward tendency. The sub-indicators for the chemical and pharmaceutical industry, the wood, glass, stone and earth segment, the electrical industry as well as for the food and beverage producers show particularly negative developments. Slightly more favourable developments are shown by the sub-indicators of the paper and printing product segment, while the sub-indicators for machinery and equipment manufacturing are nearly unaltered.

Note
Due to the publication of the revised national accounts at the end of September, the yearly update of the KOF Economic Barometer will be done in October. In previous years, KOF has published the yearly update in September.

August 28 2025 – Nvidia's latest results underscore a turning point for markets: the AI leader is moving from hyper growth to high growth, says Nigel Green, CEO of global financial advisory giant deVere Group.

The company reported second-quarter earnings that beat expectations, with adjusted EPS of $1.04 on revenue of $46.7 billion. Its data center sales, which form the majority of its business, rose 56% to $41.1 billion.

However, they fell just short of forecasts, margins contracted from 78% to 72%, and revenue growth is projected to cool to 52%.

Nigel Green says: “The shift is that the company's moved from hyper growth to high growth.

“This matters because markets have priced Nvidia as if its rate of expansion could continue indefinitely, and that level of outperformance was never sustainable.”

Shares slid in after-hours trading as investors digested the signs of cooling.

Despite the upbeat guidance of $54 billion for the current quarter, markets are focusing on concentration risks and competition. Reports suggest two customers – believed to be Microsoft and Meta – account for around 30% of total revenue.

“The concentration of earnings is too high,” explain the deVere chief executive.

“When almost a third of revenue depends on just two of Nvidia's clients, the vulnerability is obvious. If either rein in spending, the shockwaves would hit immediately. Markets don't like that level of exposure.”

Competition is also increasing rapidly. AMD and Intel are scaling new products, while hyperscalers are pushing their own in-house chips.

At the same time, US restrictions on H20 sales to China are limiting Nvidia's access to a market its CEO estimates is worth $50 billion. Beijing, meanwhile, is actively supporting local chipmakers.

“Nvidia has been the undisputed champion of the AI boom, but margins are already eroding as rivals push into the space,” Nigel Green notes.

“Growth in AI demand is relentless, but Nvidia's share of that growth is being squeezed. The story is no longer about one company dominating; it's about an entire industry expanding at pace.”

Nvidia's results highlight a paradox for investors: the company remains central to the AI revolution, but its outsized role in driving equity indices has created fragility.

Tech now makes up nearly 30% of the S&P 500, with Nvidia, Apple, and Microsoft together representing over 15%. Nvidia alone was responsible for more than a quarter of the index's gains in 2024.

“Nvidia's importance to the S&P 500 is extraordinary, but that concentration is dangerous,” says the deVere CEO.

“Markets can't rely on one stock to deliver so much of the growth story. The risks are growing as its dominance fades.”

The broader AI investment case, however, remains intact. The demand for chips, data infrastructure, software, and electricity to power AI models continues to accelerate, with global data center energy use set to more than double by 2030.

“This is a structural shift in the economy. Spending is real, productivity gains are significant, and applications are multiplying. But investors must adapt.

“Hyper growth has become high growth for Nvidia, and the winners of tomorrow will be spread across the ecosystem, not concentrated in a single name.”

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.

President David Adeang, the current Chairman, has hailed the success of the Nauru Intergenerational Trust Fund, saying that no one should underestimate the country’s economic turnaround or the importance of the fund to the current and future generations.

As previously reported, at last week’s quarterly meeting of the fund in Brisbane it was presented that the fund was delivering stellar returns, amassing $420 million since its establishment in 2015, in a stunning vindication of Nauru’s strategy to future-proof its economy.

President Adeang, who started the sovereign wealth fund as finance minister in 2015 and was appointed its initial chair, said the fund will play a crucial role in securing the nation’s economic future, providing a permanent income stream to fund government services and nation building initiatives.

“The Fund's value is forecast to hit $1 billion by 2034, and even before this if annual returns and contributions increase.

“Our Government will channel the revenue from the Fund into education, health, the environment and infrastructure to enhance the standard of living and quality of life for the people of Nauru,” he said. 

The president labelled the fund “an example of good governance, accountability, and prudent investment practices.

“When I established this in 2015, I recognised that for too long our nation had been looking only at the present and was not learning from our past economic mistakes. 

“But putting ‘God’s Will First’ means looking after our children and our children’s children.”

President Adeang said many Nauruans may be surprised that while other nations that form the trust’s committee had contributed to the fund, over 75 per cent of the contributions had come from the Government of Nauru.

The Fund’s original purpose and goals were to help stabilise the nation’s economy and help replace or supplement Nauru’s current reliance on donor funding and internal sources of revenue. 

Since then the recent UN’s Multidimensional Vulnerability Index (MVI) has ranked Nauru the fifth most vulnerable nation in the world – and the most vulnerable in the Pacific – to external shocks like climate change, economic instability, and natural disaster.

However, President Adeang said he doesn’t accept that Nauru must remain vulnerable.

“Our government is determined not to see ourselves as victims, which is why we are positioning Nauru as a Pacific leader in financial stability and innovation.

“We’ve only just started and there is a long way to go, so we must stay the course.”

ALAMEDA, Calif. – Saildrone, the global leader in maritime autonomy, today announced that its Surveyor-class of unmanned surface vehicle (USV) has received full classification from the American Bureau of Shipping (ABS). This milestone follows the Voyager, Saildrone's coastal and near-shore USV, which received ABS class in 2023.

The American Bureau of Shipping (ABS) has issued full classification for the Saildrone Surveyor, a 20-meter USV capable of long-endurance missions in the open ocean, collecting deep-ocean bathymetry and performing a wide range of maritime domain awareness tasks—from anti-submarine warfare (ASW) to trans-ocean cable route surveys. This landmark achievement sets a new global benchmark for unmanned systems and highlights Saildrone's leadership in developing fully classed, open-ocean-capable USVs.

This landmark achievement sets a new global benchmark for unmanned systems and highlights Saildrone's leadership in developing fully classed, open-ocean-capable USVs.

While other platforms have received certificates or interim approvals under evolving unmanned vessel frameworks, no other USV or UUV has yet received full classification status from any classification society. ABS is the first to grant full class to an unmanned platform, marking a key milestone for the industry.

The classification notation assigned is ✠A1, DV Naval Craft, AUTONOMOUS (NAV, MNV, PRP, AUX, RO3), which follows the “Rules for Building and Classing Light Warships, Patrol, and High-Speed Naval Vessels (2023).”

“The ABS class certification is more than a certificate—it's a signal to governments and the maritime industry that Saildrone USVs are mature, safe, tested, and ready for scale,” said Richard Jenkins, Saildrone founder and CEO. “It's been a very large investment and a multi-year process to achieve ABS Class Certification, but we are proud to be the first company in the world to do so and proud that our systems have reached the highest standards as required by the ABS Class certificate.”

ABS class is an internationally recognized standard for safety, design integrity, and operational reliability. The classification process is a rigorous review and validation of a vessel's design, construction, and autonomous control systems. For unmanned platforms like the Saildrone Surveyor and Saildrone Voyager, this process includes autonomous control systems, cybersecure communications, structural integrity, and fail-safe redundancies, ensuring the vehicle can safely operate without crew, even in complex, unpredictable ocean conditions.

The 20-meter Surveyor is capable of long-endurance missions in the open ocean, collecting deep-ocean bathymetry and performing a wide range of maritime domain awareness tasks—from anti-submarine warfare (ASW) to trans-ocean cable route surveys. The 10-meter Voyager is designed for persistent surveillance in coastal and near-shore environments, complementing the Surveyor's blue-water capabilities. Both platforms are capable of fully autonomous operations with no humans on board and are remotely monitored 24/7 by Saildrone's global Mission Management team.

“ABS and Saildrone are pioneering new frontiers, setting the pace for innovation. This step forward is a result of our investments in ABS's technical capability and helping to ensure our Rules are able to support innovation with an unwavering focus on safety,” said Patrick Ryan, ABS Senior Vice President and Chief Technology Officer.

Saildrone USVs are currently supporting missions around the world, including ocean mapping, border security, persistent ISR, and critical infrastructure security. With both its Surveyor and Voyager platforms fully classed by ABS, Saildrone is uniquely positioned to support the next generation of naval and commercial unmanned operations.

About Saildrone

Saildrone is a defense company delivering maritime intelligence, surveillance, and reconnaissance products to military, homeland security, and commercial customers. Saildrone unmanned surface vehicles (USVs) are extreme-endurance platforms equipped with advanced sensors and proprietary AI to provide persistent insights above and below the sea surface. Insights that support border security, law enforcement, undersea infrastructure protection, hydrography, and naval power applications. With more than 2,000,000 nautical miles sailed and 50,000 days at sea, Saildrone USVs are trusted by governments across the planet and set the standard for cost-efficient maritime intelligence in the world's harshest environments.

Women across Australia, the United States (USA) and the United Kingdom (UK) are having babies later in life, and a new international study warns that this shift brings rising health risks and widening inequalities in maternal care.

The review, led by researchers at Flinders University and published in the Journal of Clinical Medicine, explores how pregnancy and birth have changed in Australia, the USA and UK over the past twenty years.

“One of the most noticeable shifts is that women are having babies later in life,” says lead author, Dr Anya Arthurs, from Flinders University.

“The average age of first-time mothers has steadily increased, with many now starting their families aged 35 years or over, reflecting broader societal changes including career priorities, financial pressures and improved access to contraception.”

Dr Arthurs explains that while older mothers are more likely to engage with prenatal care, they also face higher risks of complications.

“We’re seeing increased rates of gestational diabetes, high blood pressure and caesarean sections among older mothers, which raises important questions about how maternity care systems are adapting,” she says.

The study also found that fertility rates are falling in all three countries, with birth rates now below the level needed to maintain population size without immigration. This decline is linked to economic factors, changing family structures and personal choices.

Despite the overall drop in births, the number of babies born to Indigenous and minority women is increasing, however these groups continue to face significant health disparities.

“Maternal mortality remains a serious concern, especially in the USA, where Black, Indigenous and Hispanic women are far more likely to die during pregnancy or childbirth due to limited access to quality healthcare and systemic inequalities,” says Dr Arthurs.

Whilst maternal deaths are comparatively lower in Australia and the UK, there are troubling gaps in care for Indigenous women in Australia and migrant women in the UK, leading to worse outcomes.

The COVID-19 pandemic added further strain to maternity care systems and, in the UK, it became a leading cause of death among pregnant women caused by disruptions to prenatal services and hospital care, especially for women already facing disadvantage.

The review also found a rise in caesarean sections, particularly among older mothers and those giving birth in private hospitals, which may reflect personal choice or systemic factors rather than providing better clinical outcomes.

Gestational diabetes and high blood pressure during pregnancy are also on the rise and more common among older mothers and certain ethnic groups, contributing to potentially concerning health issues for both mother and baby both in the short and long-term.

Dr Arthurs says that there are some encouraging tr

In 2024, the Moldova Innovation Technology Park (MITP) not only solidified its position as the country's leading tech hub – it also emerged as one of the key drivers of Moldova's economic growth. According to the latest annual report, MITP closed the year with impressive results and an ambitious forecast for 2025: the total revenue generated by park residents is expected to exceed €1 billion.

Record-Breaking Growth: The Numbers Speak for Themselves

• MITP is now home to 2,154 resident companies, up 33% compared to 2023.
• In 2024 alone, 686 new companies joined the Park, with 455 of them founded in the same year.
• This marks the largest expansion in MITP's seven-year history.

This rapid growth was driven not only by improved business conditions, but also by an expanded list of permitted business activities. Notably, as of February 2024, outsourcing and call center services aimed at export were legalized — attracting over 200 new companies to the sector.

Exports, Taxes, and Economic Impact

MITP plays a crucial role in Moldova's export economy and tax base:

88% of total sales from MITP resident companies are export-driven — meaning the MITP generates 26% of all country's service exports.
Total sales in 2024 reached 15.2 billion MDL, or approximately €770 million — a 21% increase over the previous year.
Residents contributed 1.5 billion MDL in taxes, 83% of which came from the single tax paid by residents.

For perspective: taxes paid by MITP residents is enough to cover 16% of the national healthcare expenditures and 90% of the national budget for higher education.

“This economic performance highlights the increasingly strategic role of the IT sector in the economic development of the Republic of Moldova, contributing 4.7% to the national GDP in 2024. The growth in the turnover of resident companies has a direct impact on increasing contributions to the Public Budget, confirming the efficiency and sustainability of the fiscal regime offered by MITP.

August 26 2025 – US stock futures continued their retreat on Tuesday after President Donald Trump removed Federal Reserve Governor Lisa Cook from the central bank's board, an unprecedented act that is intensifying fears about the erosion of the Fed's independence.

Dow futures fell 64 points, or 0.14%. S&P 500 futures slipped 0.14% and Nasdaq 100 futures dropped 0.22%.

The ICE US Dollar Index shed 0.3% overnight immediately after Trump announced the decision on Truth Social.

Treasury yields moved lower, with the two-year yield – a gauge closely tied to Fed policy – down four basis points, while gold futures rose 0.3% as investors sought safety.

Nigel Green, CEO of global financial advisory giant deVere Group, says the combination of Trump's intervention and Fed Chair Jerome Powell's cautious approach at Jackson Hole is unnerving markets.

“Trump's decision to remove a sitting Fed governor has shaken confidence in the institution that underpins the world's financial system.

“Investors are reacting because the independence of the central bank is critical to market stability, and any sign of political capture raises alarm bells everywhere.”

He continues: “Powell had the chance last week at Jackson Hole to directly address these institutional concerns. He did not.

“Instead, he chose to focus narrowly on the near-term policy path.

“The silence on independence has left markets exposed, and investors are filling the vacuum with speculation. This speculation is highly damaging.”

The legality of the president's move is expected to face challenges, as Fed governors can only be removed 'for cause.'

But Nigel Green warns that the immediate financial-market impact is already underway.

“Whether or not the courts intervene, the optics alone are destabilizing.

“Trust in the Fed's independence is what supports the dollar, anchors global capital flows, and provides predictability for investors. When that trust is undermined, risk premiums rise across the board.”

The central bank is also facing internal strains. Inflation has run above the Fed's 2% target for four years, while recent data shows employment weakening.

Last month's policy meeting produced the first dual dissent from governors in over three decades, highlighting growing division.

The deVere CEO notes: “Markets can manage data uncertainty. What they cannot manage is institutional fragility. Powell presided over Jackson Hole with a platform to reaffirm that the Fed will resist political pressure.

He passed up that moment, and as a result, left it to his successor to steady the ship. The decision is already reverberating across equities, bonds, currencies, and commodities.”

The structure of the Fed board is now in flux. With Adriana Kugler's recent resignation leaving one vacancy, and Trump nominating Stephen Miran, the balance of power could soon shift.

If Cook's removal is upheld and Miran is confirmed, Trump would hold a 4–3 majority. Powell's own term expires in May, raising the possibility of further realignment.

“Investors are watching composition as closely as policy now,” says Nigel Green.

“The prospect of a Fed board dominated by presidential appointees unsettles global markets. It signals that political priorities, not economic fundamentals, could dictate monetary policy.

“This weakens confidence in the dollar's role as the world's reserve currency and fuels hedging into gold and other safe assets.”

He concludes: “Powell's reluctance to use Jackson Hole to defend the Fed's independence was a strategic misstep. At a time when the President is actively reshaping the board, markets needed a clear statement of institutional resolve.

“They didn't get it.

“The consequence is heightened volatility, greater uncertainty, and renewed scrutiny of the Fed's role as an independent guardian of monetary stability.”

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.

 Revenue up 43.6% & Adjusted EBITDA up 19.3%

Intelligent Monitoring Group Limited (“IMG” or the “Company”) is pleased to provide the following update.

IMG has today released its Appendix 4E and Preliminary Full Year Report for the year ended 30 June 2025.

Results: