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Chișinău, Republic of Moldova, December 05, 2025 – Moldova Innovation Technology Park's (MITP) Awards 2025 Gala, held on December 5, celebrated excellence and innovation within Moldova's IT sector, spotlighting five digital solutions that demonstrated transformative potential and strong relevance for both local and international markets. The event, now a landmark gathering for the tech community, brought together founders, investors, industry leaders, and diaspora professionals for an evening dedicated to recognizing outstanding achievements of the local tech sector.

An international jury evaluated each project for originality, practical applicability, scalability, and overall impact, ultimately selecting five solutions that stood out as the most compelling entries in the competition. The five finalists received €3,000 in funding and access passes to some of the world's leading tech events.

MITP Awards 2025 Winners

Best Product Innovation: Key IVR – Agent Assisted Payments

KeyIVR stood out thanks to a powerful mix of impact, scalability, and clear vision. Their Agent Assisted Payments solution allows contact center agents to process customer payments in real time — securely, without ever seeing or handling sensitive card data. A smart, safe, and forward-thinking innovation that genuinely impressed the jury.

Best Service Innovation: Orange Systems – InSight KYC

A true game-changer in service excellence and customer experience. Orange Systems' InSight KYC is an AI-powered RPA solution that automates customer onboarding and compliance across five EMEA countries. It saves more than 2.1 million manual hours every year, ensures 98% data accuracy, and delivers faster, error-free service. A standout model of efficiency at scale.

Best Startup: Acuverus – Argus AI

Argus AI is a MedTech startup on a mission to redefine surgery through the power of AI and Mixed Reality. The platform gives surgeons a new level of precision and insight, turning complex procedures into safer, more guided experiences. A rising star that proves how far determination, vision, and bold innovation can go.

Impactful Initiative of the Year: Endava Internship Programme

For more than 20 years, the Endava Internship Programme has been shaping Moldova's IT landscape. Each year, up to 200 interns gain hands-on, project-based experience that prepares them for real market needs with many launching successful careers at Endava and beyond. In 2025, the programme reached a new milestone with the introduction of the Data & AI stream, strengthening the next wave of tech talent. Endava also received a special distinction from Forbes, including exclusive interviews and access to international events.

Special Jury Prize: MEGA PROMOTING – KallinaAI

KallinaAI introduces a new era of digital employees: voice-first, intelligent, and always active. It transforms customer conversations into real actions, bookings, sales, support, and documents – 24/7, across channels, in over 40 languages. An ambitious and promising solution that truly captivated the jury with its potential.

MITP Administrator, Marina Bzovîi congratulated all finalists and emphasized that the event is, above all, a celebration of Moldova's creativity and innovation.

“The best solutions in the world are created here and reach global markets, from America to Asia. We develop products at home, made in Moldova, and we are proud of every MITP resident. MITP Awards reminds us each year that our ecosystem is not only competitive, but visible, respected, and capable of delivering technology at the highest level. Behind every winning solution stand teams driven by passion, perseverance, and the ambition to prove that Moldova can become a hub of innovation for the region, and even for the world,” stated Marina Bzovîi.

“We have a strong talent pool in the IT sector, which should become the main engine of economic growth in the coming years. Within two months of today, the Government of the Republic of Moldova will present its new economic growth plan, with innovation remaining at the core of this program.”

highlighted Michelle Iliev, State Secretary at the Ministry of Economic Development and Digitalization.

Strategic partnerships for a stronger tech sector

MITP Awards continues to grow through strong collaborations and through the support of partners who believe in the potential of Moldova's tech ecosystem. This year's event was built together with organizations that champion investment in technology, education, entrepreneurship, and future-oriented solutions.

“We are glad to be the general partner of MITP Awards 2025 and the host of an event that celebrates innovation, entrepreneurship, and the entire tech community of Moldova. It is truly an honor to support bold ideas and technological solutions that shape the future and place our country on the innovation map. At maib, we continually invest in initiatives that inspire, connect, and accelerate the growth of the tech ecosystem, because we believe in the potential of this community and in its essential role in Moldova's economic development,” stated Macar Stoianov, Deputy Chairman of maib.

“Innovation requires not only great ideas, but also mechanisms that can turn them into results. That is why, at Innovate Moldova, we support projects that already have direction and potential, helping them accelerate what they have begun. MITP Awards complements this effort by highlighting solutions that have matured and by showcasing their real impact on the ecosystem we consistently support,” emphasized Sergiu Rabii, Director of the Innovate Moldova Programme.

“In emerging ecosystems, innovation does not happen by accident. It must be cultivated, encouraged, and connected to real opportunities. MITP Awards achieves exactly that: it identifies valuable initiatives and offers them the visibility needed to advance to the next level. It is a clear sign that Moldova is strengthening its position in the regional digital economy,” reiterated Stella Jemna, Country Representative for Moldova at the Ukraine-Moldova American Enterprise Fund (UMAEF).

“MITP Awards clearly demonstrates that Moldova's tech ecosystem is evolving rapidly, and the projects presented show growing alignment with European trends in digitalization and innovation. We are proud to help connect these initiatives with regional networks and opportunities, enabling their solutions to reach farther. Through our partnership with MITP, we aim to promote high-quality entrepreneurship and expand opportunities for Moldovan startups. We congratulate all teams for their innovation and dedication,” mentioned Charles Mathiaux, Deputy Director of the EU4Innovation East project.

MITP Awards, now in its second edition, is a flagship competition for the Republic of Moldova's tech sector, organized by the Moldova Innovation Technology Park. The 2025 edition confirmed the high caliber of submitted projects and the upward trajectory of Moldova's IT industry, reinforcing MITP Awards as a platform for recognizing and promoting successful digital solutions.

11 December 2025 – The OPEC Fund for International Development (the OPEC Fund) has approved US$600 million to advance 15 new development projects across Africa, Asia and the Pacific, Latin America and the Caribbean.

Vienna, Austria – December 11, 2025: The OPEC Fund for International Development (the OPEC Fund) has approved US$600 million to advance 15 new development projects across Africa, Asia and the Pacific, Latin America and the Caribbean. The new financing will strengthen social protection systems, economic governance, food security, small businesses, climate resilient infrastructure and essential services.
OPEC Fund President Abdulhamid Alkhalifa said: “With these approvals we are ending 2025 with excellent progress and a strong focus on delivering results. By supporting food security, financial inclusion, vital services and resilient infrastructure, we are helping our partner countries respond to today’s challenges while creating sustainable opportunities for generations to come.”
The new approvals include the following public and private sector operations and grants:
Public Sector Operations

Barbados: Two US$25 million loans for the Program to Strengthen Social Services II, improving the efficiency and sustainability of key social programs, expanding support for vulnerable groups and advancing digitalization and disaster-preparedness reforms. The program is expected to reinforce long-term social protection and pension sustainability.
Benin: A €30 million loan for the Support Program for Economic Governance and Private Sector Development (PAGE-DSP) to improve the business climate, strengthen special economic zones, support agro-industrial development and enhance climate and environmental governance.
Bhutan: A US$47.3 million loan for the Gamri-II Hydropower Project, a 55 MW run-of-river facility using tailrace discharge from the upstream Gamri-I hydropower plant, which the OPEC Fund is also financing. The project will expand clean electricity supply, strengthen national energy security and support Bhutan’s long-term hydropower development strategy with minimal environmental impact.
Brazil: A US$60 million loan for the Urban Development Program in the Municipality of Petrolina to upgrade mobility, water supply, drainage, flood control and community infrastructure – creating a safer, more connected and climate-resilient urban environment.
Burkina Faso: A US$30 million loan for the Human Capital Protection Project – Phase II to broaden access to essential health and education services. Expected results include 17.5 million free healthcare consultations, immunization of more than one million children and improved services for more than 400,000 teachers and students.
Ghana: A US$20 million loan to Development Bank Ghana to expand access to finance for micro, small and medium-sized enterprises (MSMEs) and agribusinesses, with dedicated support for women-led enterprises and financial inclusion.
Grenada: A US$60 million (in two-tranches) to co-finance Project Polaris: Grenada Smart Academic Hospital, a modern, climate-resilient national referral facility serving 125,000 people and replacing the existing hospital.
Mauritania: A US$30 million policy-based loan for the First Reform for Inclusive and Sustainable Growth Program, strengthening investment regulations, tax administration and human capital while expanding access to sustainable energy and improving service delivery.
Nicaragua: A US$25 million loan for the Masaya–Sabana Grande Interurban Highway Project. The 4.4 km four-lane bypass will ease congestion, improve road safety and reduce travel time between Masaya, a key economic hub and the capital’s metropolitan area, benefiting passengers and facilitating freight movement.
Niger: A US$20 million loan for the Energy Sector Governance and Competitiveness Support Program – Phase 1 to advance energy sector reforms, expand access to electricity, improve economic governance and promote private sector growth with targeted support to vulnerable groups.
Philippines: A US$150 million loan for the Reducing Food Insecurity and Undernutrition with Electronic Vouchers (REFUEL) Project to expand access to nutritious food for vulnerable households and strengthen the national social protection system through digitalization and capacity building.
Solomon Islands: A US$15 million loan for the Second Resilience Development Policy Program, supporting reforms to strengthen fiscal management, enable private sector growth and enhance resilience to climate change, natural disasters and health emergencies.

Private Sector Operations:

Benin: A €27 million loan to expand MSME lending, including a dedicated allocation for women-led enterprises, strengthening financial inclusion and supporting underserved segments of the economy.
Kosovo: A €15 million loan to expand access to finance for SMEs and women-led businesses. This marks the OPEC Fund’s first private sector engagement in Kosovo.
Vietnam: A US$25 million loan to improve SME financing and scale up climate-focused lending, strengthening entrepreneurship and green economic development.

Grants:
Latin America and the Caribbean: A US$3 million grant to establish a joint technical assistance facility with the Inter-American Development Bank (IDB), strengthening preparation and implementation of public investment projects and policy-based loans, while reinforcing co-financing opportunities across the region.
About the OPEC Fund
The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$30 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and S&P Global Ratings. Our vision is a world where sustainable development is a reality for all.

11.12.2025, Amsterdam: Today, Médecins Sans Frontières/Doctors Without Borders (MSF) learned of the bombing and destruction of the Mrauk-U general hospital in Rakhine State, Myanmar. Reportedly, the airstrike – which occurred around 9 p.m. on 10 December – resulted in the death of at least 30 civilians and injury to more than 70. 

12 DECEMBER 2025 – The tax contribution to society from Equinor amounted to a total of USD 25.8 billion for 2024, including employment taxes. In a year characterised by a gradual normalisation of energy markets, Equinor continues to deliver strong tax contributions.

“Stable and predictable tax and fiscal regimes are vital for large-scale energy projects. Because of the complexity, capital intensiveness and long lead time through development to production, such stability is equally critical across all segments of our project portfolio,” says Torgrim Reitan, CFO of Equinor.

Equinor delivered solid financial results for 2024, on the back of strong operational performance and stable oil and gas production. Tax payments from Equinor provide governments and authorities with opportunities to increase welfare and strengthen their societies.

In 2024, Equinor group companies contributed with tax, host government entitlement, royalty and fee payments of USD 23.1 billion globally. Of this, USD 19.2 billion was paid to Norway, where Equinor has the largest operations. In addition, USD 1.5 billion was paid in employment taxes in Norway, such as employer social security contributions and payroll taxes.

Equinor also paid USD 1.2 billion in environmental taxes and other fees in 2024. This is down from USD 1.5 billion in 2023, reflecting lower emissions. Of the total, over 83% was paid in Norway.

“Paying taxes where value is created and advocating for transparency on tax is important to ensure progress for society. 2024 was a year with solid financial results and material tax contributions,” says Reitan.

The Tax Contribution Report provides information about the corporate income tax Equinor paid in countries and locations in where value is created. The report discloses Equinor’s approach to tax and tax strategy, compliance, and governance.

• This report complements other publications and disclosures such as Equinor’s Integrated Annual Report: https://www.equinor.com/investors/annual-reports
• And the Payments to Governments report: https://cdn.equinor.com/files/h61q9gi9/global/7c27f21b24edc782c9e76c45433de0fb77061e74.pdf?2024-payments-to-governments-equinor.pdf

Responding to reports of a Myanmar military air strike on a hospital in Rakhine State on Wednesday night, international Human Rights Day, Amnesty International’s Myanmar Researcher Joe Freeman said:

“Nowhere and no one is safe from the violence of the Myanmar military, which is widening its repression ahead of an election later this month which has been marked by human rights abuses. The latest attack on a hospital must be investigated as a violation of humanitarian law.

“Bombing a hospital on a global day dedicated to human rights shows the utter disregard that the Myanmar military has for civilians. Harrowing images of the aftermath of this attack, shared with Amnesty, indicate this was yet another air strike.

“The prevalence of such strikes by the Myanmar military in 2025, which have reached record levels this year, underline the urgent need to suspend jet fuel, weapons and dual-goods shipments to the country.

“Almost five years after the military coup, the international community must take concerted, targeted and effective action to hold perpetrators to account in Myanmar, including the much-needed and long-overdue referral by the UN Security Council of the full situation in all of Myanmar to the International Criminal Court.”

Background

The Myanmar military bombed the Mrauk-U General Hospital in Rakhine State on the evening of 10 December, according to multiple media reports, which suggest that two bombs were dropped.

According to information from the political wing of the Arakan Army, a resistance group that took Mrauk-U from Myanmar military control in 2024, 33 civilians were killed, including a baby. About 80 people were injured.

Photos and video of the damage to the hospital as well as the corpses of the victims were shared with Amnesty International. Footage of the damage, which was verified by Amnesty’s Evidence Lab, is consistent with an air strike.

Hospitals are protected under international humanitarian law and can only be targeted if being used for committing acts harmful to the enemy outside of their humanitarian functions.

Since a ceasefire broke down in 2023, the Arakan Army has taken control of 14 out of 17 townships in Rakhine State, where members of the Rohingya minority have been trapped in the conflict.

11 DECEMBER 2025 – The Johan Castberg production vessel was towed to the field in August 2024. Production started in June the following year. Now it is time for the next phase.

Equinor, Vår Energi and Petoro will invest just over NOK four billion in the first discovery tied back to the Johan Castberg field in the Barents Sea. The decision was made eight months after Johan Castberg came on stream.

Recoverable oil in the new subsea development is estimated at 46 million barrels, and start-up is planned as early as the fourth quarter of 2028.

“A rapid development is possible because we can copy standardised solutions from Johan Castberg. The reservoir is in the same licence and is similar to the discoveries we have developed previously, which means that we can copy equipment and well solutions. Johan Castberg has been developed as a future hub in the area. Isflak from 2021 is the first of several discoveries that are now being matured as additional volumes. This will have ripple effects for Norwegian suppliers,” says Trond Bokn, Equinor's senior vice president for project development.

The Norwegian continental shelf (NCS) is changing. Many of the developments in the future are smaller discoveries that can quickly be tied back to existing infrastructure and larger fields. Costs and environmental footprints can thus be reduced, value creation and jobs can be extended, and Norway's role as a reliable and long-term energy supplier can be maintained.

Johan Castberg is the newest oil production hub on the NCS. Put on stream in March, the field is now producing 220,000 barrels per day. New projects and new recoverable wells will extend plateau production from Johan Castberg, which currently has estimated recoverable volumes of between 450 and 650 million barrels. It could be more:

“We see opportunities to add 250-550 million new recoverable barrels that can be developed and produced over Johan Castberg. The partnership is already planning six new wells for improved oil recovery, and we will explore more in the area,” says Grete Birgitte Haaland, senior vice president for Exploration & Production North.

The Johan Castberg field with subsea installations with the Isflak well template in yellow.

Earlier this year, a discovery was made in a new segment of the Johan Castberg licence, Drivis Tubåen. This discovery was made as an exploratory extension from a production well, and the partnership will now, in consultation with the authorities, assess how it can be quickly put into production.

“Equinor's ambition is to maintain the production level on the NCS from 2020 until 2035, although production from the current fields will decline. A significant part will come from new wells and projects. We are planning about 75 subsea developments in the next few years, and this project is a good example of how this can be done efficiently working closely with licence partners and authorities,” says Haaland.

The development solution for the Isflak discovery consists of two wells in a new subsea template tied back to existing subsea facilities via pipelines and umbilicals, and all new infrastructure is located within the current Johan Castberg licence. Equinor has therefore applied to the Ministry of Energy for confirmation that Equinor has fulfilled the impact assessment obligation and exemption from the requirement for a plan for development and operation (PDO). Global combustion emissions have been assessed in line with new practice.

Facts

• The Johan Castberg field consists of the Skrugard, Havis and Drivis discoveries that were made in the period 2011 to 2014. The field is located 240 kilometres from Hammerfest and 100 kilometres north of the Snøhvit field in the Barents Sea.
• The Johan Castberg development solution includes a production vessel (FPSO) tied back to an extensive subsea field with a total of 30 wells divided on 10 subsea templates and two satellite structures.
• Partners: Equinor Energy AS (operator) 46.3%, Vår Energi ASA 30%, Petoro AS 23.7%.
• The Isflak discovery that is now being developed is in the same licence, PL 532. The discovery was made in 2021, during the Johan Castberg development process.

India is witnessing a significant rise in respiratory diseases such as asthma and chronic obstructive pulmonary disease, prompting a rapid technological transformation across the country’s healthcare sector. Against this backdrop, India’s diagnostic imaging market is projected to expand at a compound annual growth rate (CAGR) of 7% through 2035, forecasts GlobalData, a leading data and analytics company.

According to GlobalData’s Medical Intelligence Center, India accounts for 20% of the Asia-Pacific (APAC) diagnostic imaging market in 2025. This share is set to increase further as healthcare providers upgrade the existing infrastructure and adopt more sophisticated imaging technologies to support the early diagnosis, precise treatment planning, and continuous monitoring of chronic respiratory conditions.

Priyanka Chakraborty, Medical Devices Analyst at GlobalData, comments: “India bears a high burden of respiratory diseases, driven by air pollution, smoking, and occupational exposures. Limited access to affordable healthcare leads to many cases being misdiagnosed, mismanaged, or undiagnosed. Addressing this growing disease burden requires significant expansion of diagnostic and imaging capabilities, while ensuring these services remain cost-effective and accessible to the broader population.”

In November 2025, Cipla launched the Breathefree Lung Wellness Centre in New Delhi, India’s first integrated lung diagnostics and wellness facility. It offers 60+ tests including X-ray, CT scan another advanced lung function tests for people with or at risk of lung disease. The center also provides smoking cessation, pulmonary rehabilitation, and nutrition support, offering comprehensive, accessible, and affordable respiratory care.

The center combines Cipla’s longstanding respiratory expertise with advanced technology and protocols, delivered by trained technical professionals to ensure accurate testing, prompt detection, and precise diagnosis.

Chakraborty concludes: “As affordable diagnostic imaging facilities such as Cipla’s Breathefree Lung Wellness Centre expand in India, they are set to boost rapid detection, improve diagnostic accuracy, and enhance long-term outcomes for patients with respiratory diseases. With rapid growth in its diagnostic infrastructure, the country is strengthening its role as a regional hub for affordable, technology-driven imaging solutions.”

Notes:

Quotes provided by by Priyanka Chakraborty, Medical Devices Analyst at GlobalData
This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts

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.

Marine fouling triggers ongoing economic losses for the global shipping industry through detrimental effects on structures and vessels – but tests by Flinders University researchers on a new type of anti-foul coating reveal a solution that is not detrimental to the environment.

Controlling marine fouling is complex, as many factors influence organism settlement on surfaces under water – and a majority of antifouling coatings that are currently in use are hazardous to the environment.

However, Flinders has successfully developed and tested a novel electrochemically active coating to remove macrofouling organisms and reduce microfouling attachment on marine surfaces.

“The development of an environmentally friendly antifouling treatment could revolutionise the shipping industry and eliminate any biosecurity risks,” says lead researcher Dr Tamar Jamieson, from the ARC Training Centre for Biofilm Research and Innovation at the College of Science and Engineering.

Items painted with the antifouling treatment were submerged in the Port Adelaide River harbor basin (at Osborne, South Australia) for 55 days. Scanning electron microscopy, flow cytometry, and 16S amplicon sequencing were undertaken to assess the antifouling efficacy of the coatings.

The results showed that no macro-fouling was present on any items coated with the electrochemical parameters – and a reduction in the number of attached micro-organisms was evident on the electrochemical coatings.

“An existing generation of antifouling coatings based on a slow release of biocides are generally not environmentally friendly and cause concerns of heavy metal pollution in harbors, marinas, and coastal water. The new environmentally friendly antifouling treatment eliminates those concerns,” explainsProfessor Mats Andersson, senior author of the new article published in the American Chemical Society journal  ES&T Water.

“While micro-fouling could not be prevented from developing on the marine surfaces, the electrochemical activity significantly reduced the number of cells that attached to the surface,” says Professor Andersson, from the Flinders Institute for Nanoscale Science & Technology.

“Therefore, this novel electrochemically-active coating could effectively reduce macrofouling – and, with further development, also microfouling. It marks a significant positive development in the efficiency of controlling micro-fouling and macro-fouling.”

Coauthor Professor Sophie Leterme, director of the ARC Biofilm Research and Innovation training centre at Flinders University, says biofouling research aims to significantly reduce maritime emissions and the cost of large-scale environmental programs to eradicate exotic marine species.

Understanding and improving the design of corrosion and biofouling control systems will have a major economic impact on maritime industries, with biofilm build-up on naval and other large carrier and cargo ships linked to 40% higher fuel consumption and the spread of exotic pests on marine vessels travelling between international ports.

The research – ‘Prokaryote Fouling Communities on Novel Electrochemically Active Coatings after Submersion in Port Adelaide River Harbor Basin’, by Tamar Jamieson, Sophie Leterme, Mohsen Chitsaz, Giles Best, Sait Elmas, Andrew Scardino, Richard Piola and Mats Andersson – has been published in ACS ES&T Water journal. DOI: 0.1021/acsestwater.5c00794

Acknowledgements: This project was funded by a Defence Innovation Partnership (DIP CRF01055) Collaborative Research Fund 2020, ARC Discovery Project (ARC DP210101243) and by the ARC Training Centre for Biofilm Research & Innovation (IC220100003).

December 10 2025 – The Federal Reserve's latest interest rate cut today strengthens the case for two further reductions in 2026, despite the central bank's deliberately cautious tone, predicts the CEO of one of the world's largest independent financial advisory organizations.

Nigel Green, CEO of deVere Group, says today's move confirms that US monetary policy has entered an easing phase that remains incomplete.

“This rate cut validates our view that restrictive policy is giving way to a slower, more measured recalibration,” he says. “The Fed's language is hawkish by design, yet the underlying signals continue to point toward additional easing next year.”

The Fed lowered borrowing costs by a quarter percentage point, taking its benchmark rate to a range of 3.5% to 3.75%.

Officials paired the move with messaging aimed at tempering expectations for rapid follow-up action, a combination that has quickly been described in markets as a “hawkish cut.”

He says that characterization supports deVere's forecast rather than undermining it.

“A hawkish cut is a hallmark of a central bank managing transition,” he says. “It reflects disagreement over timing, not direction.

“The Fed is easing while attempting to keep financial conditions from loosening too quickly.”

The internal divide within the rate-setting committee remains clear. Some policymakers argue that further cuts are needed to prevent a deeper slowdown in the labour market, where job growth has weakened noticeably this year.

Others warn that inflation could remain above target, particularly with tariffs introduced by President Donald Trump pushing up prices across parts of the economy.

Nigel Green says this split explains why the Fed is unlikely to commit to an aggressive path, but also why holding rates steady for too long would carry risk. “Policy remains restrictive in real terms,” he says.

“If hiring continues to cool and inflation does not reaccelerate, keeping rates at current levels into 2026 would tighten conditions by default.”

Labour-market dynamics form a key pillar of deVere's outlook. Employment weakness often develops gradually before becoming visible in headline figures. Once firms slow hiring and reduce job turnover, momentum rarely reverses quickly.

“The Fed is acting on forward-looking risk,” says Nigel Green. “By the time deterioration becomes obvious, the cost of delay rises sharply. Two cuts next year would reflect risk management rather than urgency.”

Inflation concerns, while valid, carry a different profile than during earlier phases of the tightening cycle. Tariff-related pressures raise prices but do not generate demand-driven momentum. As a result, higher rates offer limited offset.

“Monetary policy cannot reverse tariff effects,” says Nigel Green. “What it can do is compound the drag on growth if it remains overly tight. That asymmetry increases the likelihood of further adjustments once inflation shows stability rather than acceleration.”

Another factor reinforcing the forecast is the impending leadership transition at the Fed. Today's decision comes ahead of the announcement of a new chair, following President Trump's confirmation that a nomination will be made early next year. Jerome Powell's term ends in May, marking a sensitive institutional handover.

Nigel Green says such transitions typically favour continuity. “Incoming leadership rarely begins with abrupt shifts,” he says.

“Measured changes spread over time allow credibility to carry across administrations. That makes a series of modest cuts more likely than a prolonged pause.”

Financial conditions also argue in favour of further easing. Interest-sensitive sectors continue to face pressure, while credit availability remains tight for smaller businesses. Market pricing alone cannot resolve these constraints without follow-through from policy.

“Validating part of the adjustment through action reduces the risk of uneven tightening,” says Nigel Green. “Two cuts across 2026 would still leave policy disciplined.”

He adds that today's decision should be viewed as confirmation of trajectory rather than conclusion. “This was not a finishing move,” he says. “It was a controlled step in a longer process.”

Nigel Green concludes: “The Fed's hawkish cut does not close the door on further easing.

“It reinforces our expectation that next year brings additional reductions as policy aligns more closely with a slowing labour market and a changing leadership landscape.”

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.

Flipping the script on previous years, spending on blockbuster sport and music events overshadowed Black Friday sales in November.

11 December 2025

Key takeaways:

• Household spending rose 0.5 per cent in November, now at 5.5% for the year.
• Fuelled by marquee events, recreation spending surged 1.6% in November, the biggest lift across all categories.
• Electronic stores, clothing stores and furniture stores saw spending spikes due to sales activity.
• Household spending growth has been remarkably consistent throughout 2025, which could weigh on the RBA.

What drove spending in November?

November was a blockbuster month for experiences that had Australians reaching for their wallets, according to the latest CommBank Household Spending Insights (HSI) report.

The Ashes cricket series bowled over fans in Perth, while concerts by AC/DC, Oasis and Metallica took place across the country. Add in the release of the movie Wicked: For Good boosting cinema spending, and recreation became the clear standout over the month.

“Households prioritised experiences in November, and the month’s busy calendar of sport and entertainment provided a strong boost to spending,” said Belinda Allen, CBA Head of Australian Economics.

Which categories led and lagged in November?

The HSI showed household spending rose 0.5 per cent in November in seasonally adjusted terms, as nine of 12 categories recorded gains.

Recreation was the clear standout, up 1.6 per cent, followed by Insurance and Motor Vehicles (both +0.9 per cent). Hospitality and Household Goods also rose 0.7 per cent each.

On the downside, Utilities recorded a 2.1 per cent fall as the last of the energy rebate payments impacted the category over November, while Food and Beverage Goods slipped 0.2 per cent. Transport was flat for the month.

Electronics, clothing and furniture stores all recorded significant spending growth in November. Picture: AAP

What impact did Black Friday sales have?

Black Friday sales still contributed to spending growth in November, with electronic stores, clothing stores and furniture stores all recording significant spending lifts in November.

This category trailed recreation however, marking a shift from previous years when discount events dominated November. Australians appeared to spread their spending more evenly across categories and months this year, rather than concentrating purchases around major sales periods.

“Patterns of consumer spending have evolved over recent years as sales events have shifted to as early as October, and we’re seeing less lumpiness in spending as a result,” Allen said.

What’s the big picture for spending in 2025?

Consistency is the story, as consumers continue to record stronger spending in 2025 compared to previous years.

Annual growth in the CommBank Household Spending Insights (HSI) index sits at 5.5 per cent, underpinned by improved household incomes and wealth.

What does this mean for the economy and interest rates?

The resilience in household spending suggests the economy is entering 2026 with solid momentum. While discretionary categories are thriving, this sustained strength could influence monetary policy.

“The risk of a potential rate hikes in 2026 gained traction over the past month and is now elevated post the hawkish December RBA meeting. Robust spending will be part of that conversation, added Allen. “For now, households appear well-positioned, with incomes and savings supporting confidence.”