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Quantum computing has attracted the attention of both public and private stakeholders across a range of regions and industries, with the global commercial opportunity for quantum computing hardware set to surpass US$21 billion within the next two decades. With multiple hardware providers demonstrating products capable of high-fidelity operations with hundreds of qubits, the focus is now shifting to which industries will be the first to benefit from commercially ready quantum computers?

One of the most hotly debated topics in the quantum computing industry is what the first breakthrough “killer application” will be, sometimes also referred to as the “ChatGPT moment” for quantum, drawing parallels to the transition of LLMs from deep-tech projects to commercial success.

IDTechEx's market research report 'Quantum Computing Market 2026-2046: Technology, Trends, Players, Forecasts' explores in detail the different technology approaches, market leaders, infrastructure challenges and more. The content of the report is based on research from attending multiple global conferences and primary interviews with players across the value chain including hardware developers, materials providers, and end-users.

An overview of the industries likely to benefit from quantum computing in the near to medium-term future. Image source: IDTechEx

Quantum Computers for Quantum Chemistry

Based on input from the industry, one of the most commonly cited near-term use cases for quantum computing is in simulations of quantum chemistry and materials science, which could unlock a variety of new chemicals, materials, and pharmaceuticals. Market leaders such as Google Quantum AI and Quantinuum have already demonstrated the proof of concept for these simulations on real quantum hardware.

One of the first problems to be simulated is the Ising model, which describes the behavior of magnetic materials but becomes exponentially difficult to compute on classical computers. Quantum computers could therefore accelerate the discovery and characterization of new magnetic materials. Beyond magnetic materials, quantum computing could accelerate the discovery of new battery chemistries, industrial chemicals, or more effective drugs. For this reason, investment and collaboration with the quantum sector from the chemical, pharmaceutical, and automotive sectors has been steadily gaining momentum over the last 5-10 years.

Optimization for Automotive, Finance, and More

Another popular response to the question of what applications quantum computing could unlock is the more efficient optimization of problems and workflows across many industries. These problems include the better distribution of resources in factories and energy grids, improving supply or delivery workflows for manufacturing and logistics, or portfolio optimization in financial trading.

D-Wave has been by far the strongest proponent of quantum-enhanced optimization, publishing several early-stage use-cases running on their quantum annealers, which differ fundamentally from the universal gate-based approach of most other quantum computing companies. D-Wave's commercial partners for these demonstrations range from telecoms to the food industry to the research division of General Electric.

While the opportunities in optimization for quantum computers seem vast and highly lucrative at first, it is worth noting that the theory for exactly which problems could actually benefit from quantum speedup is less robust, and these problems also face more competition from improving non-quantum methods.

The Lurking Quantum Threat to Cybersecurity

The most notorious application of quantum computing is its potential to invalidate certain widely used encryption methods such as RSA. Many argue that this remains the main driver of national quantum computing initiatives, and the first cases where this application is likely to be used is by national actors or large conglomerates to gain access to the sensitive data and critical infrastructure of other nations or major corporations.

In May 2025, a study from Google Quantum AI suggested that breaking RSA-2048 encryption, which is widely used for secure communications over the internet, could be achieved in less than a week using a quantum computer with less than 1 million noisy (0.1% error rate) physical qubits. This is quite a drastic reduction from the previous estimate of 20 million qubits made by the same group in 2019. The steady decline in the qubit number predicted to be necessary is not due to mistakes in the calculations, but due to improvements in the quantum algorithms. This is a clear example of the two-way relationship between quantum hardware and software, where the two will eventually converge on an algorithm that can be run on existing quantum hardware.

For context, the timelines of most leading quantum computing hardware companies predict reaching the 1 million physical qubit milestone (or a logical qubit equivalent) no sooner than the early 2030s. While there is no cause for immediate panic, this development significantly increases the chance of a “Q-Day” event within the decade and should spur the adoption of quantum-safe solutions for those most likely to be affected.

Market Outlook

As quantum computers have grown in capability, stakeholders and investors now expect commercially relevant use cases to be demonstrated within the next few years. The development of quantum computing hardware has been broken down in the market research report 'Quantum Computing Market 2026-2046: Technology, Trends, Players, Forecasts', with critical analysis of the different hardware approaches and projections for future milestones and commercial adoption, as well as additional details on the applications discussed in this article.

To summarize, simulations in quantum chemistry hold significant potential as the first “killer application”, with relevance to the chemical, pharmaceutical, and automotive sectors. The more efficient solution of optimization problems and logistics would be highly lucrative for a larger range of industries, but it is of ongoing debate how soon these problems could benefit from a quantum speedup. Finally, the threat to cybersecurity remains a long-term driver for the quantum industry, especially for government strategies.

For more information on this report, including downloadable sample pages, please visit www.IDTechEx.com/QuantumComputing, or for the full portfolio of quantum research available from IDTechEx, see www.IDTechEx.com/Research/Quantum.

About IDTechEx
 
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact research@IDTechEx.com or visit www.IDTechEx.com.

In October, the KOF Economic Barometer continues to increase. After rising in the previous month, the Economic Barometer now climbs above its medium-term average. The outlook for the Swiss economy is improving.

The KOF Economic Barometer increases in October by 3.3 points to a level of 101.3. Most of the indicator bundles included in the KOF Economic Barometer evince these positive developments. In particular, the indicator bundles for manufacturing, for financial and insurance services, and for other services show a more favourable outlook. The indicators for private consumption, however, experience a setback.

Within the producing industry (manufacturing and construction), the sub-indicators for the different aspects of business activity mostly indicate a positive outlook. The sub-indicators for stockpiling of intermediate goods as well as for stocks of finished products show a brightening outlook in particular. The sub-indicators for the competitive situation, however, are weakening.

Within manufacturing, the developments of the sub-indicators are mixed. While the sub-indicators for the electrical industry, for the metal industry, and for the wood, glass, stone and earth segment exhibit positive developments, the outlook for the sub-indicators for paper and printing products, for the chemical and pharmaceutical industry as well as for food and beverage producers is dampened.

October 30 2025 – Mounting debt levels in major economies including the United States and the United Kingdom are driving a surge of investor interest in alternative assets, says the CEO and founder of deVere Group, one of the world's largest independent financial advisory and asset management organizations.

“Government debt in leading economies has grown to unsustainable levels,” he says.

“Investors can see what's coming. When debt piles keep expanding faster than growth, the value of money is quietly diluted, and those holding conventional assets take the hit.”

The US national debt has now climbed above $38 trillion, according to the Committee for a Responsible Federal Budget, and is projected to reach about 125% of GDP by the end of 2025.

In the UK, public sector net debt has risen to 96.4% of GDP, its highest level in more than six decades, while the IMF warns that global government debt could approach 100% of world GDP by 2029.

“These are not abstract figures,” says the deVere chief executive.

“They represent governments borrowing from the future to fund today's promises. The result is a slow erosion of purchasing power and a growing risk that the world's largest economies will struggle to finance themselves without constant central-bank support.”

He says this realization is prompting investors to shift away from assets tied too closely to sovereign balance sheets.

“Traditional bonds are losing their defensive value, and cash offers no protection against currency depreciation,” he explains.

“This is why we've been seeing renewed demand for tangible stores of value such as gold, silver, and increasingly, digital assets like Bitcoin. These are assets that don't rely on governments or central banks to maintain credibility.”

Nigel Green describes this movement not as speculative enthusiasm but as a rational response to fiscal overreach.

“When debt keeps expanding and productivity doesn't, investors know something has to give,” he says.

“They're reallocating toward assets that can hold value if the dollar, the pound, the euro, and other traditional currencies lose purchasing power. It's a redefinition of what safety means in a world of structural deficits.”

He adds that the appeal of alternatives now extends beyond retail investors. Institutional funds, pension managers, and sovereign wealth funds are recalibrating their portfolios to hedge against the debt-driven inflation threat.

“When the largest and most conservative investors start allocating to gold and digital assets, it's a clear signal that this shift is strategic,” he says.

“They're not chasing volatility; they're protecting capital from fiscal dilution.”

The imbalance between growth and government borrowing, he argues, has created a policy trap that investors cannot ignore.

“Governments are stuck,” he says. “If they keep rates high to control inflation, debt servicing becomes crushingly expensive. If they cut rates to ease the burden, they weaken their currencies and re-ignite inflation.”

Nigel Green predicts that these conditions will accelerate a global reallocation of capital over the next few years.

“This is the start of a structural shift,” he says. “Investors are positioning for a future defined by scarcity and decentralization rather than by debt and dilution. Precious metals, digital currencies, and certain private assets are becoming core components of modern wealth strategies.”

He believes the adjustment will be long-lasting because the fiscal pressures driving it are not cyclical.

“Neither Washington nor Westminster has the political will to reverse debt accumulation,” he says. “Voters expect high spending, and politicians deliver it with borrowed money.

“This is why this rebalancing toward alternative assets is an evolution.”

Nigel Green concludes that investors should be realistic about what record public debt means for the next decade.

 “The smart money including, increasingly, from institutional investors, is already diversifying into alternatives that can outlast the debt cycle.”

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.

The card payments market in Vietnam is expected to grow by 5% to reach VND1.2 quadrillion ($48.7 billion) in 2025, supported by the constant consumer shift towards non-cash payments. While cash remains dominant, strong government support, growing card penetration, and evolving consumer preferences are supporting the country’s transition to a less cash-dependent economy and reshaping the financial services landscape, reveals GlobalData, a leading data and analytics company.

GlobalData’s Payment Card Analytics reveals that card payments value in Vietnam registered a robust compound annual growth rate (CAGR) of 15.1% between 2021 and 2025e. On the contrary, ATM cash withdrawals registered a negative CAGR of 1.2%, due to a reduced usage of payment cards for withdrawals.

Kartik Challa, Senior Banking and Payments Analyst at GlobalData, comments: “Cards are also increasingly being used for payments as consumers steadily replace cash transactions with electronic payments, with payment cards being the beneficiaries, along with digital wallets. The surge in card payments is attributed to the rising banked population, improving financial literacy, aggressive bank incentives such as cashback and discounts, and a growing preference for digital banking. The efforts by financial authorities to promote cashless payments have further accelerated card adoption.”

To promote electronic payments and reduce consumers’ reliance on cash, the government approved a project in October 2021 to increase cashless payment uptake in Vietnam. Running through the end of 2025, the project set several targets: boosting the number of POS terminals in the country to more than 450,000; ensuring 80% of individuals aged 15 and above have a bank account; and ensuring non-cash payments account for at least 50% of e-commerce transactions.

This expansion has been supported by the rise of digital-only banks, the introduction of innovative payment solutions such as mobile payments, strong growth in the e-commerce market, and the wider availability of contactless payment options.

In April 2025, the Ho Chi Minh City Department of Transport introduced Open-Loop electronic ticketing system for buses. It supports payments made via debit, credit, prepaid cards, mobile wallets, and smart devices and marks a major step toward digital payment adoption. As of October 2025, 95% of the buses in Ho Chi Minh City are equipped with contactless electronic payment systems.

An improving payment infrastructure, with rising POS terminal uptake, is also another driver for the rise in card payments. The number of POS terminals per million inhabitants in Vietnam stands at 8,961 in 2025e, which is higher compared to some of its peers such as Indonesia (8,274), the Philippines (5,154), Cambodia (2,777), and Pakistan (591), though a significant scope exits for further expansion.

Banks are also offering rewards and cashback to boost the usage of POS solutions among SMEs. In May 2025, Techcombank introduced a promotional program, “Extremely Convenient Payment Collection, Extremely Satisfying Refund,” offering a VND500,000 ($20) cashback to businesses that register for Techcombank’s SoftPOS or SmartPOS for the first time. The promotion runs from 1 October 2025 to 31 December 2025.

Challa concludes: “Vietnam payment card market is poised for sustained growth over the next five years, supported by increasing consumer awareness of digital payments and advancements in payment infrastructure. The rise in e-commerce and contactless payments will also contribute to this growth. As a result, the payment cards market is forecast to grow at a CAGR of 9.7% between 2025 and 2029 to reach VND1.8 quadrillion ($70.6 billion) in 2029.”

Notes

Quotes provided by Kartik Challa, Senior Banking and Payments Analyst at GlobalData

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

From regional resilience to youth development, CommBank is backing 180 organisations making a difference.

28 October 2025 – 180 community organisations across Australia are being recognised in this year’s CommBank Community Grants program, sharing in $4.2 million in funding to strengthen local resilience, inclusion and wellbeing.

Each organisation is receiving a $20,000 grant from the CommBank Staff Foundation, now in its 18th year supporting grassroots initiatives nominated by employees and funded through staff donations matched by the Bank.

The announcement reflects a continued focus on highlighting the real-world impact of community organisations.

What is the CommBank Community Grants program?

The Community Grants program is delivered through the CommBank Staff Foundation, recognising organisations making a tangible difference in all areas of the community. The program invites CommBank staff members to nominate an organisation that is meaningful to them, allowing valuable funding to be provided to a variety of community initiatives.  

Everyday Australians driving extraordinary outcomes

This year’s recipients cover a range of sectors, highlighting the diverse ways organisations are supporting Australians – from mental health and homelessness to education, disability inclusion, and regional resilience.

One of the recipients receiving a grant is CF Together, a not-for-profit organisation dedicated to providing support, information and advocacy for people living with cystic fibrosis (CF) and their families. CF Together was nominated by CommBank employee Mary Nicholls, whose personal experience having lost her niece to the disease gives her a deep understanding of the vital role this organisation plays in the lives of those affected.

“Living with CF is incredibly tough as it often means long hospital stays, disrupted schooling, and financial strain for families. I’ve nominated them because I’ve seen how much this support matters. CF Together provides continued support during these times, including giving care packs with both essential and comfort items for those in isolation. Their continued care brings comfort, dignity and a sense of connection to people facing a lifelong condition,” said Mary Nicholls.

CF Together Executive Manager Fundraising and Marketing, Sarah Morrissey said: “We’re incredibly grateful to receive a CommBank Community Grant. For people living with cystic fibrosis, extended hospital stays are a regular part of life, which is terribly isolating, disruptive and emotionally draining. This funding will help us continue providing care packs that offer comfort and connection during those tough times, ensuring both children and adults feel supported.”

Other meaningful organisations receiving a grant include:

Ngalaya Indigenous Corporation – a charity run by and for Aboriginal and Torres Strait Islander lawyers, with the purpose of supporting Indigenous people pursue a legal education and enter the legal profession. This includes providing direct financial support for Indigenous law students and lawyers, helping connect each other with employment opportunities, and advocating for improvements to legal education and the profession to allow more equitable access for Indigenous people. They also focus on building community and connection between Indigenous law students, lawyers, and their supporters.

Fly High Billie – a foundation established in Tasmania driving positive impact by addressing Australia’s youth mental health crisis through evidence-based kindness and wellbeing programs to fight bullying, suicide and mental health issues. They deliver comprehensive school-based initiatives that build emotional intelligence, resilience, and peer support networks amongst primary school students.

We Are Mobilise – provides immediate support to people facing homelessness by offering direct funding towards housing and bills, and creating pathways to employment, giving them the opportunity for stability, safety and a brighter future. We Are Mobilise has established a suite of unique programs that empower people to break the cycle of homelessness and connect them with jobs, through 30+ charity partners around Australia.

Nathan Barker, Executive Manager Community Investment for CommBank, said: “The organisations receiving this year’s Community Grants are doing remarkable work – quietly, consistently, and with deep care for the people around them. At CommBank, we’re proud to play a part in helping their impact reach further. These grants are about strengthening the connections that already exist and supporting the momentum communities build for themselves.”

About the Community Grants Program

Since 1917, CommBank employees have supported Australian communities through donations and volunteering. Employees donate a portion of their salary to the Foundation, and the Bank matches every dollar contributed – allowing funding to reach a wide variety of staff-nominated community organisations. The program aims to foster brighter futures by enabling grassroots organisations to continue their vital work.

For the full list of FY26 grant recipients, visit: commbank.com.au/communitygrants

October 29 2025 – Nvidia's market value closing in on $5 trillion has become the defining symbol of artificial intelligence's rise — and, according to Nigel Green, CEO of deVere Group, a striking reminder that markets are racing far ahead of the profit reality.

“AI is transforming the global economy and remains the single most powerful force shaping the future,” says Nigel Green. “But valuations are expanding faster than earnings.

“The technology is real, the transformation is real, but the profitability still has to prove itself.”

He says Nvidia's march toward a $5 trillion valuation captures the sheer weight of belief in AI's potential to reshape productivity and growth.

“The conviction is right,” he says. “But the current market dynamic is built on expectation layered on expectation. The ecosystem is effectively trading with itself — chipmakers selling to hyperscalers, software firms selling to one another, and the like,  creating a loop that looks like growth but hasn't yet generated the profits to justify these numbers.”

Nvidia's revenues have more than doubled over the past year, driven by insatiable demand for its advanced processors powering the global build-out of AI infrastructure. The company's data-centre business alone has expanded at a historic pace, accounting for the majority of its record quarterly revenue of over $44 billion.

But Nigel Green says that while the growth is extraordinary, it remains built on anticipation more than profit. “These numbers reflect breathtaking momentum, but they also expose the imbalance between demand for capacity and evidence of sustainable earnings.

“We're still waiting to see where the profitability lands once the AI ecosystem matures.”

Those chips now power virtually every advanced model, from corporate systems to generative applications. But the deVere chief executive warns that the value chain remains largely circular.

 “When the same companies are both the biggest buyers and sellers of AI capacity, we're seeing investment feeding on momentum. At some stage, markets will demand evidence that this cycle can sustain itself through actual profit.”

He stresses that this moment doesn't mark the end of the AI boom; it marks its next, more demanding chapter.

“All revolutions reach a point where the narrative has to meet the numbers. We're approaching that point. Investors will soon want to see whether AI's extraordinary promise can be matched by earnings that justify the scale of belief.”

Nigel Green draws a parallel with past inflection points in technology. “The internet, clean energy, and mobile computing all went through periods where capital flooded in faster than profits arrived.

“Then, when the commercial models caught up, they reshaped the global economy. AI will follow a similar pattern — but this time, the sums involved are far larger.”

He says the current concentration of capital in a small cluster of firms magnifies both opportunity and risk.

“A handful of companies dominate chips, software, and cloud capacity. The concentration is driving markets higher, but it also makes them fragile. A sustainable AI economy will depend on broader profitability across the ecosystem, not just on a few extraordinary valuations.”

Still, he insists AI must remain a central element of long-term portfolios.

“This is not about retreating from the sector. It's about investing with intelligence. The winners will be those using AI to create measurable productivity: in energy, logistics, healthcare, and finance, for example, not just those building the infrastructure.”

Nigel Green believes this transition will ultimately strengthen the investment case. “The coming profit check is healthy. It will clarify who's delivering real value and who's still trading on expectation.

“When that correction comes, it won't kill the AI story, it will confirm it.”

He concludes: “Nvidia's climb toward $5 trillion exposes the gap between belief and proof in the AI boom.

“The tech is unstoppable, but the valuations are unsustainable without profit to back them. This is the moment for investors to stay engaged, stay selective, and focus on where AI's promise turns into performance.

Swinburne University of Technology researchers are developing cutting-edge 3D printing technology that could help tackle Australia's housing crisis by building homes from earth, plant fibres and other natural materials.

Led by Dr Mohamed Gomaa from Swinburne's School of Engineering, the team is pioneering a novel 3D printing system that allows natural fibrous-earth mixtures to be printed in higher-density with precision. The approach is designed to make walls stronger, more durable and more environmentally friendly, while dramatically cutting the cost and time needed to build.

“Earth is one of the oldest and most sustainable building materials we have,” says Dr Gomaa.

“It's abundant, recyclable and has almost no carbon footprint. By combining it with plant-based fibres and advanced robotics, we're reimagining indigenous building knowledge for a modern, digital era.”

The innovative system could help deliver affordable housing faster, particularly in remote or disadvantaged communities where access to conventional construction materials and labour can be limited. Using mostly local earth and fibres, 3D printed homes could be produced at a fraction of the cost and up to 60 per cent faster than conventional builds.

“With Australia expected to face a shortage of more than 600,000 social and affordable homes by 2036, we urgently need new solutions,” Dr Gomaa explains.

“3D printing with earth offers a way to build faster, cheaper and with materials that are literally beneath our feet.”

Unlike concrete, which accounts for around eight per cent of global CO2 emissions, earthen construction has a near-zero carbon footprint. The Swinburne team's process strengthens earth-based materials by adding natural fibres sourced from agricultural by-products such as hemp and rice husks, transforming waste into a valuable resource.

“This approach not only improves the strength and resilience of the printed walls, but it also supports a circular economy by turning farming waste into something that can shelter families. It's sustainable on every level – environmental, social and economic.”

The research brings together Swinburne, industry partner Luyten 3D, UNSW, and Indigenous knowledge holders, who are contributing insights from ancient earth-building traditions. The team has already printed and tested small-scale prototypes and is now working towards a larger demonstration build in Victoria, which will showcase the technology's real-world potential.

“What excites me most is seeing modern robotics breathe new life into ancient, sustainable materials,” says Dr Gomaa.

“Where I grew up, people lived comfortably in earth houses that had stood for centuries. Now, through 3D printing, we have the opportunity to take that same wisdom and make it part of the solution to today's housing challenges.”

This innovation has the potential to transform how homes are built in Australia, delivering affordable, low-carbon housing that is both technologically advanced and deeply connected to culture and place.

This project is supported through the Australian Research Council Linkage Projects Scheme.

Europe: Human rights defenders excluded by discriminatory Schengen visa system

Visa systems in Europe’s Schengen area function like an obstacle course for human rights defenders from different parts of the world, preventing many from participating in key decision-making forums. These obstacles contradict the rights and values that Schengen states claim to uphold, Amnesty International said in a new report today.

Closing the door? How visa policies in Europe’s Schengen area fail human rights defenders, documents the many obstacles that activists from 104 visa-restricted countries –mainly in Africa, Asia and the Middle East– face when trying to access short-term visas to travel to the area for advocacy, networking, or respite from the risks they face because of their work.  

These human rights defenders (HRDs) are mostly racialized as Black, Asian and/or Muslim, and the negative impact on their mobility amounts to indirect discrimination, according to the organization’s analysis.

“The inability to access Schengen visas means that the voices and testimonies of human rights defenders from countries in the Global South are excluded from forums where decisions that deeply affect their lives are made,” Erika Guevara Rosas, Senior Director for Research, Advocacy, Policy and Campaigns at Amnesty International.  

“While Schengen states are entitled to decide who enters their territory, the impact of their visa systems on human rights defenders from 104 countries represents a clear disconnect between what they have committed to, through their guidelines and other commitments to protect human rights defenders, and what they actually do.”

“Ensuring that HRDs have access to short-stay Schengen visas in a reliable, predictable, transparent, and timely manner is indispensable to realize their right to defend rights without discrimination.”

Barriers to securing short-term visas

The EU Visa Code, the legislative instrument governing short-term Schengen visas, allows for visa applications that do not meet all requirements to still be accepted on a case-by-case basis. However, those who receive and process visa applications, including external service providers, often seem unaware of the existence of this flexibility, resulting in many barriers, including applications being tossed out before they even make it to the decision-making stage.

One of the first barriers to obtaining a Schengen visa is simply identifying where to submit a visa application. Many Schengen states do not have diplomatic representations or agreements with other countries in every visa-restricted country. This means human rights defenders may be required to travel to another country to file the application, which can be prohibitively expensive or pose a security risk.

The time it takes to secure an appointment, wait for a decision, and the validity length of visas, are other hurdles in the obstacle course that defenders must go through to travel to countries in the Schengen area. In some cases, visas are issued too late or for a period so short that it does not account for the time it takes to travel to and from a location, or for any potential flight delays.

Visa applicants are often required to submit a long list of supporting documents, usually including proof of financial means, such as employment status, pay cheques or proof of property ownership. This is particularly difficult for activists, especially those most marginalized and discriminated against.  

A woman human rights defender from the Dalit community in Nepal told Amnesty International: “They ask for bank statements for those who want to visit a Schengen state. Imagine what this means for people who live in a situation where they can’t even earn a daily livelihood. Some people who want to advocate at the international level might not have this because they are human rights defenders, and most of the advocacy they do is on a voluntary basis.”  

These obstacles result in indirect discrimination for human rights defenders as Schengen visa policies impact disproportionately on racialized applicants. Although visa rules are apparently race-neutral, as they do not explicitly mention race or ethnicity as grounds for different treatment, there is a strong correlation between visa-restricted countries and populations racialized as Black, Asian, and/or Muslim.

Existing flexibility and steps forward

In June 2024, the European Commission published a revised version of the EU Visa Handbook –a set of guidelines to explain how to apply the EU Visa Code– which includes practical examples of how visa applications by human rights defenders can be facilitated.  

Amnesty International welcomes this development and calls on countries in the Schengen area to ensure that the revised EU Visa Code Handbook is well disseminated and fully implemented, ensuring that visa officers worldwide, including external service providers are fully trained in how to facilitate the travel of human rights defenders.  

The organization also calls on countries in the Schengen area to collect disaggregated data on race and ethnicity to end discrimination in the visa system as well as the development and implementation of a facilitated visa procedure for human rights defenders, including fast-tracking of applications. In addition, Schengen countries should issue more regularly long-term, multiple-entry visas as key protection tools, to allow agency to travel when the need arises without having to go through the same bureaucratical hurdles every time.

Background

The Schengen area is comprised of 29 countries, most of which are EU member states, and non-EU members, such as Switzerland and Norway. All Schengen countries are bound by the EU Visa Code for the issuance of short-term Schengen visas.

Amnesty International spoke with 42 international organizations, based both within the Schengen area and in visa restricted countries, who have facilitated the travel of hundreds of HRDs over the years. The organization also gathered testimonies from 32 human rights defenders, with direct experience of visa processes.

29 OCTOBER 2025 – Equinor will on 30 October 2025 commence the fourth and final tranche of up to USD 1,266 million of the share buy-back programme for 2025, as announced in relation with the third quarter results 29 October 2025.

In this fourth tranche of the share buy-back programme for 2025, shares for up to USD 417.8 million will be purchased in the market, implying a total tranche of up to USD 1,266 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 2 February 2026.

Equinor announced at the Capital Market Update in February 2025 a share buy-back programme of up to USD 5 billion for 2025, including shares to be redeemed from the Norwegian State, in order to conclude the two-year programme for 2024 – 2025, announced in February 2024. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the fourth tranche for 2025, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

Commencement of new share buy-back tranches after the fourth tranche for 2025 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the fourth tranche for 2025 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2026.

Further information about the share buy-back programme and the fourth tranche:

• The fourth tranche of the share buy-back programme for 2025 is based on an authorisation granted to the board of directors at the annual general meeting of the company held on 14 May 2025. According to the authorisation, the maximum number of shares which can be purchased in the market is 84 million, of which 50,677,690 remain available per commencement of the fourth tranche for 2025 (buy-backs made under previous tranches in the authorisation period taken into account). The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation is valid until the annual general meeting of the company in May 2026, but no later than 30 June 2026.

An agreement between Equinor and the Norwegian State regulates the State's participation in the share buy-back: at the annual general meeting of the company in May 2026, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State's shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus an interest rate compensation, adjusted for any dividends paid.

In the fourth tranche for 2025, shares will be purchased on the Oslo Stock Exchange and possibly other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and the Norwegian Financial Supervisory Authority's Guidelines for buy-back programmes from March 2025.

The board of directors will propose to the annual general meeting of the company to be held in May 2026, to cancel shares purchased in the market in this fourth tranche for 2025 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State.

This is information that Equinor is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.