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International Data Group is committed to protecting the environment, the health and safety of our employees, and the community in which we conduct our business. It is our policy to seek continual improvement throughout our business operations to lessen our impact on the local and global environment. We are committed to environmental excellence, pollution prevention and to purchasing products that reduce the use of natural resources.
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“Confidence in Australia’s mining industry has soared in recent months, increasing by 23.2pts (+24.5%) to 118.2 in the six months to November 2025, up from only 95.0 in the six months to July 2025. In contrast, broader Business Confidence has softened, down by 1.7pts (-1.6%) to 101.0 for the same period.
“Earlier in 2025, the uncertainty created by the Trump Administration’s tariff policies sent confidence in the mining industry – Australia’s largest export industry – plummeting. Mining industry confidence bottomed mid-year in the six months to July 2025 at 101.0.
“However, in mid-year discussions began about Australia and the United States signing an agreement related to the supply of critical and rare earth minerals. China dominates the current market for critical minerals and rare earths but due to tensions with the United States Government, the Trump Administration began to look for other sources of supply.
“These discussions eventually led to Prime Minister Anthony Albanese travelling to the United States and signing a multi-billion critical and rare earths minerals development deal with US President Donald Trump on October 20 with a vow for both governments to invest at least $1 Billion USD in the industry with a view of creating investments worth at least $8.5 Billion USD – and over the six months from October 2025.
“A closer analysis of the mining industry shows smaller mining businesses – those with less than $5 million in annual revenue – have driven the increase in confidence. Confidence among the smaller miners has soared by 39.8pts (+43.5%) to 131.1 in the six months to November 2025, up from only 91.3 in the six months to June 2025. Confidence among larger miners has gone in the opposite direction – down by 10pts to 98.2 during the same period.
“The two questions driving this increase relate to the Australian economy’s performance. Confidence about the performance of the Australian economy over the next year has improved by a net +34.9% since mid-2025, and confidence about the economy over the next five years has improved by a net +38.4%. Combined, these two questions alone account for almost 15pts of the increase of 23.2pts – over 60% of the increase.
“However, a look back at the history of Business Confidence in the mining industry does show wild swings in both directions, part of a ‘boom bust’ cycle that many associate with the industry.
“Looking forward, confidence in the industry will continue to rely on a strong pipeline of investment to service export markets worldwide. The new deal between Australia and the United States is meant to lead to billions of dollars of investment in the industry over the next few months, but until this funding is secured and invested there will remain a degree of uncertainty about just how much investment will in the end be made in these new ventures.”
New report from the Poseidon Principles reveals the financial sector’s alignment with shipping’s minimum net-zero climate goals has improved by nearly 8 percentage points, despite more demanding year-on-year emissions reduction targets.
Signatories, which represent almost three-quarters of the global shipping finance portfolio, disclosed 95% of their eligible portfolio activity in 2025, up from 93% in 2024.
Poseidon Principles will expand to include more financial institutions—from private equity and hedge funds to capital markets underwriters—with an aim to further increase climate transparency in shipping finance.
15 December 2025, Copenhagen – Ship financiers’ lending portfolios are getting closer to reaching climate alignment with the International Maritime Organization’s (IMO) ambitious decarbonisation trajectories, with average scores against the ‘minimum trajectory’ improving by nearly 8 percentage points.
The news was revealed today in the Sixth Annual Disclosure Report of the Poseidon Principles, the world’s first sector-specific framework for financial institutions to assess and disclose the climate alignment of their shipping portfolios. With 36 signatories across 14 countries, representing nearly three-quarters of the world’s ship finance portfolio, the initiative establishes a benchmark for the industry in line with the IMO’s goal of net zero greenhouse gas emissions from international shipping by 2050.
This year, signatories disclosed 95% of their eligible portfolio activity, up from 93% last year and the second-highest level since reporting began.
Paul Taylor, Vice Chair of the Poseidon Principles and Global Head of Maritime Industries, Societe Generale, said:“Transparency is key. It fosters collaboration between financial institutions and shipowners, and guides capital toward more efficient vessels and cleaner fuels. The results of this year’s report show encouraging, measurable, real-world momentum and progress in action. Signatories are disclosing the vast majority of their portfolios, showing increasing collaboration between financiers and clients, and climate alignment scores have moved closer to the IMO’s decarbonisation pathways. This progress is particularly striking considering the pathways become more stringent year-on-year. In short, the Poseidon Principles continue to demonstrate the power of financial transparency in guiding the shipping industry’s transition.”
The report shows that emissions data is increasingly informing credit decisions and innovative financial products, such as sustainability-linked loans. Operational efficiency, retrofits, and emerging fuel pathways are noted as key drivers of score improvements this year, and the scores were also impacted by evolving methodologies and external factors, including rerouting vessels on longer routes and disruptions in supply chains. The framework positions financial institutions as active partners in the industry’s transition.
2025 Annual Disclosure Report key findings
Increasing transparency: Twenty-nine signatories disclosed 90% or more of their in-scope portfolio, while nine signatories achieved 100% reporting, the highest number of signatories to hit these two respective targets to date. The average disclosure rate across all signatories was 95%.
Improved climate alignment: While the average scores remain misaligned with the IMO’s net-zero pathways, substantial year-on-year improvements were recorded. Against the IMO’s ‘minimum trajectory’, the scores went from just over 19% misaligned last year to just under 12% misaligned this year, representing a nearly 8 percentage point improvement. Against the IMO’s ‘striving trajectory’, scores went from 25% misaligned to just over 18% misaligned.
Meaningful progress in the cargo and passenger segments: The cargo and passenger segments saw improvements from 14% to 6% misaligned, and from 38% to 26% misaligned, respectively. These shifts demonstrate advances in vessel efficiency, increased uptake of low-emission fuels, and the entry of more efficient dual-fuel vessels into the fleet.
It is important to note that the decarbonisation trajectories set by the 2023 IMO’s GHG Strategy get more challenging to reach each year, making it more difficult to achieve alignment as time goes on. Seeing improvements year-on-year is promising, but additional efforts are still needed to reach milestones in 2030, 2040, and 2050.
Reinforcing the initiative as an established, globally recognised standard for shipping finance, the Poseidon Principles methodology has been included as an acceptable method to set near-term and long-term portfolio alignment targets as part of the Science Based Targets initiative’s Financial Institutions Net-Zero Standard.
Associate membership expansion
Since 2019, the Poseidon Principles have matured into a globally recognised benchmark for transparent, industry-wide climate reporting that has been replicated by other critical sectors, such as steel, aluminium, and aviation. Now, there is a willingness to go further in bringing other institutions on board.
In addition to the lenders, lessors, and financial guarantors historically represented in the signatory list, the Poseidon Principles are now expanding to offer associate membership to a broader range of financial institutions, including private equity, hedge funds, and capital markets underwriters. This expansion will increase the initiative’s potential impact by engaging the wider financial community in the framework without initial reporting obligations. This expansion will strengthen the Association’s influence across the full maritime finance ecosystem and support a broader, more consistent approach to emissions accountability.
Michael Parker, Poseidon Principles Chair and Chairman of Global Shipping & Logistics, Citi, said: “The Poseidon Principles Annual Disclosure Report has become a vital pulse check for the industry, showing how global lending portfolios measure up against the climate ambitions set by the IMO. This consistent transparency gives us a clear view of progress across approximately three-quarters of global ship finance. Without it, we would have no meaningful way to understand how far we and the industry have come, or how far we still need to go.“Today, the Poseidon Principles are taking another important step to deepen that transparency. By opening Associate Membership to any institution providing or arranging capital for the maritime sector—including private equity firms and hedge funds—we are broadening the lens through which climate considerations can be directly integrated into financing decisions. This expansion supports a broader commitment to transparency and accountability across finance and reinforces the sector’s contribution to a more sustainable future for shipping.”
The latest report cements the critical nature of finance in supporting the shipping industry’s shift toward a zero-emission future while emphasising the crucial role transparency plays in measuring climate alignment.
Media contact: Nicole Schlichting, (Interim) Senior Communications Manager – PR & Media
M:+45 31 26 19 25
E:nsc@globalmaritimeforum.org
The Poseidon Principles for Financial Institutions is a framework for measuring and reporting the alignment of financial institutions’ shipping portfolios with climate goals. Recognising financial institutions’ role in promoting responsible environmental stewardship throughout the maritime value chain, the Poseidon Principles’ framework are in line with climate goals set by the UN maritime agency, the International Maritime Organization (IMO). The IMO’s initial GHG strategy prescribed that international shipping must reduce its total annual emissions by at least 50% of 2008 levels by 2050, whilst pursuing efforts towards phasing them out as soon as possible in this century. The IMO revised GHG strategy adopted during MEPC 80 in July 2023 sets a new ambition to reach net-zero GHG emissions from international shipping by or around, i.e. close to, 2050. Three major changes from the current Poseidon Principles methodology are required in order to align its ambition to the IMO Revised Strategy which are (i) decarbonisation target in 2050, (ii) interim targets and (iii) the consideration of lifecycle emissions of fuels including further GHG species.
The Poseidon Principles is one of three initiatives based on the same four Principles and developed with the Global Maritime Forum. Together the Poseidon Principles for Marine Insurance and the Sea Cargo Charter, they share a common objective: fostering transparency on emissions reporting with the aim of contributing to reducing carbon emissions.
The Global Maritime Forum is an international not-for-profit organisation committed to shaping the future of global seaborne trade. It works by bringing together visionary leaders and experts who, through collaboration and collective action, strive to increase sustainable long-term economic development and human well-being.
Established in 2017, the Global Maritime Forum is funded through a combination of grants and partner contributions. It operates independently of any outside influence and does not support individual technologies or companies. Most of its roughly 45-person staff is based in the organisation’s headquarters in Copenhagen, Denmark.
Located in the ‘My Status’ section of the Garanti BBVA Mobile app, ‘My Credit Coach’ brings together a variety of features to provide practical advice and improve users’ financial habits. For example, it encourages customers to track their payment schedules and keep their personal information updated, while also providing clear explanations of various financial topics to boost financial literacy, such as how credit scores are calculated, and the difference between cash advances and loans.
The new tool also presents customers personalized credit, overdraft and credit card offers, tailored to meet their financial needs. Garanti BBVA plans to continue enhancing the tool, adding new, useful features over time.
By combining personalized advice, accessible educational resources and customized offers, My Credit Coach aims to stand by the bank’s customers in every step of their financial journey.
Sales of “recovery wear,” clothing marketed as promoting blood circulation and easing fatigue through the effects of far-infrared radiation, are surging.
Combined annual sales across major suppliers now exceed 3 million pieces, and the market is projected to continue expanding.
Many companies have been aggressively running advertisements featuring celebrities such as model Ai Tominaga, singer Sho Sakurai and actor Yo Oizumi.
This year, the term was shortlisted for the Buzzword of the Year award.
The garments are typically made from fabrics woven with finely processed minerals and other materials.
Recovery wear was officially recognized as a category of general medical devices in 2022 under the name of “home-use far-infrared clothing for promoting blood circulation,” which allowed companies to advertise certain therapeutic effects on the body.
Workman Co., a major workwear retailer, sold 1.6 million pieces from its Mediheal autumn-winter line between September and October. This led to the company revising its full-year earnings forecast upward in its interim financial report released in November.
Including spring items, total sales since January have reached about 2 million pieces.
A long-sleeved shirt costs just 1,900 yen ($12), exceptionally inexpensive relative to competing products.
Tential Inc., which was listed on the Tokyo Stock Exchange’s Growth Market in February, sold more than 1 million pieces of its Bakune functional pajamas as of August.
Other major suppliers include Venex Co., a small company in Atsugi, Kanagawa Prefecture, that first commercialized recovery wear 15 years ago. Another is MTG Co., known for its beauty line Refa, which launched a dedicated recovery wear brand, Red, in July.
JMA Research Institute Inc. projects that domestic retail sales of recovery wear will see an increase of roughly ninefold to 170 billion yen in the year leading up to summer 2030 compared to the 18.9 billion yen recorded in the year through summer 2024.
Scaling Deforestation- and Conversion-Free (DCF) Soy Across the Cerrado
The 2025 Annual Report of the Soft Commodities Forum (SCF) outlines the shared commitment to decouple soft commodity production from deforestation and native vegetation conversion. The Soft Commodities specific focus is on Brazil’s Cerrado biome, one of the world’s most biodiverse and climate-critical regions.
Led by ADM, Bunge, Cargill, COFCO International, and Louis Dreyfus Company, the SCF continues to scale up a regenerative and sustainable DCF soy supply chain, while transforming landscapes and strengthening producer-led resilience.
This year’s report highlights the consolidation of Cerrado-wide Deforestation- and Conversion-Free (DCF) monitoring, farmer-centered investment, and collective co-funding mechanisms that are unlocking impact at landscape scale.
1. Transforming Transparency: Full Cerrado Monitoring & Reporting
After expanding the SCF’s Deforestation- and Conversion-Free (DCF) reporting scope to the whole Cerrado biome, we consolidated Cerrado-wide monitoring and disclosure for DCF soy.
This marks the first sector-wide baseline for transparency and accountability across one of the world’s most important soy-producing regions.
Sectoral DCF Performance (2024/2025)
The SCF established a permanent basis for measurable action, supported by an enhanced risk-based methodology and third-party verification, which enabled SCF members to report 93-99% of their Cerrado 2023/24 soy volumes as DCF.
2. Driving Impact on the Ground: Farmer First Clusters (FFC)
Monitoring is only meaningful when paired with action. The SCF’s Farmer First Clusters (FFC) initiative puts producers at the center of landscape transformation by combining technical assistance, financial incentives, and collaborative solutions in high-priority Cerrado regions.
FFC Results (2025)
$ 4.3M USD invested by SCF members in farmer incentives and local sustainable development approaches leading to:
262 farms enrolled with 1.4M ha of farm area and 300k ha of native vegetation area
Over 150 ha of degraded land under restoration and 28K ha under integrated systems implementation
Over 46k ha of surplus legal reserve leading to 2.7M tons of potential CO2e collectively avoided, with R$2.5M paid to farmers as payment for ecosystem services.
This progress throughout 2025 is an indication that this model works and now the focus is entirely on scaling up and bringing in more investments to have an even bigger impact.
3. Scaling Landscape Impact: Results from the Sustainable Landscape Partnership (SLP)
The Sustainable Landscapes Partnership (SLP), launched in 2024, accelerates solutions across the Cerrado through collaboration among SCF, Consumer Goods Forum’s Forest Positive Coalition, and local technical partners.
SLP Outcomes (2023–2026)
US$10M invested through the FFC and FPC with + US$2.4M leveraged from the Land Innovation Fund and other partners, leading to:
720 farms benefitted
>800k ha of potential DCF and sustainable production area
400k ha of ecosystems protected
These results demonstrate that landscape transformation is possible when companies, producers, finance, and NGOs work together.
The Path Forward
The SCF represents the advanced and collaborative efforts to align agribusiness action with sectoral and landscape transformation. As land use and food systems become central to the climate agenda, the SCF’s work provides a clear, operational model for how companies can contribute todeforestation-free soy value chains.
This Press Notice concerns the opening of an investigation into one or more Statutory Auditor(s) and/or Statutory Audit Firm(s)[1] . The investigation does not relate to any persons or entities other than the relevant Statutory Auditor(s) and/or Statutory Audit Firm(s) and it would not be fair to treat any part of this announcement as constituting or evidencing an investigation into any other persons or entities. The opening of an investigation does not indicate that the FRC has made, or will make, any findings of breach of Relevant Requirements.
The Financial Reporting Council (FRC) has commenced an investigation in relation to the statutory audit conducted by Ernst & Young LLP (EY) of the consolidated financial statements of Shell plc (Shell) for the financial year ended 31 December 2024.
On 2 July 2025 Shell announced to the London Stock Exchange that EY had reported non-compliance with audit partner rotation rules, including exceeding the time limitations for partner rotation under the UK FRC’s Revised Ethical Standard[2]
. The investigation will include consideration of whether Relevant Requirements relating to partner rotation have been breached.
The decision to open the investigation was made at a meeting of the FRC’s Conduct Committee on 21 October 2025.
The investigation will be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.
[1] The SpectraWAVE HyperVue Imaging System and the Starlight Imaging Catheter is a US Class 2 device cleared by FDA through K221257 and K230691. The SpectraWAVE X1-FFR Software is a US Class 2 device cleared by FDA through K251355. [2] Compared with angiography-guided Percutaneous Coronary Interventions. [3] AI-derived algorithms are deployed on the device to support vessel segmentation and contouring. Analytical (non-AI) models are used for generating FFR values. [4] Stark, B., Johnson, C., & Roth, G. A. (2024). Global prevalence of coronary artery disease: An update from the Global Burden of Disease Study. Journal of the American College of Cardiology, 83(13 Suppl), 2320. https://doi.org/10.1016/S0735-1097(24)04310-9 [5] Mandurino-Mirizzi, A., Munafò, A. R., Rizzo, F., De Francesco, R., Raone, L., Germinal, F., Montalto, C., Mussardo, M., Moci, M., Vergallo, R., Rocco, V., Fischetti, D., Dionigi, F., Godino, C., Colonna, G., Oreglia, J., Burzotta, F., Crimi, G., & Porto, I. (2025). Comparison of different guidance strategies to percutaneous coronary intervention: A network meta-analysis of randomized clinical trials. International Journal of Cardiology, 422, 132936. https://doi.org/10.1016/j.ijcard.2024.132936 [6] Stone, G. W., Christiansen, E. H., Ali, Z. A., Andreasen, L. N., Maehara, A., Ahmad, Y., Landmesser, U., & Holm, N. R. (2024). Intravascular imaging-guided coronary drug-eluting stent implantation: An updated network meta-analysis. The Lancet, 403(10429), 824–837. https://doi.org/10.1016/S0140-6736(23)02454-6 [7] Gaster, A. L., Slothuus Skjoldborg, U., Larsen, J., Korsholm, L., von Birgelen, C., Jensen, S., Thayssen, P., Pedersen, K. E., & Haghfelt, T. H. (2003). Continued improvement of clinical outcome and cost effectiveness following intravascular ultrasound guided PCI: Insights from a prospective, randomized study. Heart, 89(9), 1043–1049. https://doi.org/10.1136/heart.89.9.1043
Breathe Life Sciences will open its first Scottish manufacturing and distribution centre next year
A multi-national medical supply company is expanding into Scotland with a cannabis manufacturing facility in the Borders.
Breathe Life Sciences (BLS) will create 36 jobs when the production and distribution centre opens towards the end of next year – with a three year plan for the workforce to increase to around 100.
The Sydney-based firm already has licensed overseas manufacturing sites in Manchester, Prague, and the Japanese city of Nagoya.
CEO Sam Watson said: “This is a fast-growing industry and coming to Scotland is part of our plans for meeting demand.”
Sam Watson is the CEO of Breath Life Sciences
Since medicinal cannabis was legalised by the UK government in 2018, the market has grown to a current annual value of around £250m.
The number of active patients is expected to increase, according to industry research, from 80,000 just now to more than 190,000 by the end of the decade.
It is both the growing market and two locally based directors – Gavin and Andrew Ogilvie from Melrose – that convinced BLS to open a new factory in the central Scottish Borders.
Mr Watson said: “In the whole of the European market, the UK is the quickest growing area.
“There are very few manufacturers of these products in the UK – most are imported – so we will be building a Scottish pharmaceutical manufacturing infrastructure to satisfy that market.
“Public sentiment was at the forefront of the legalisation of medicinal cannabis, which is rigorously tested, quality-assured, more affordable, and of course fully legal.”
Press Association
Medicinal cannabis is now prescribed to over 80,000 people in the UK
Cannabis-based medicine is available through the NHS – as well as purchased privately – to help relieve symptoms of epilepsy, multiple sclerosis, and the side effects of chemotherapy.
Clinical trials are also ongoing to determine how effective it is for chronic pain relief.
BLS plans to use its Scottish base for manufacturing and distributing patient-ready products to meet both the domestic and international markets.
The expansion has been aided by a grant of almost £350,000 – and further loan of £500,000 – from South of Scotland Enterprise (SOSE).
Chairman Russel Griggs said: “With a surge in the number of life sciences companies wanting to come to our region, the south is quickly positioning itself as a hub for innovation and growth in the emerging medicinal cannabis industry.
“BLS will bring further investment and skilled jobs, and are the latest company to recognise that the south of Scotland is a fantastic place to do innovative business.”
Gavin Ogilvie is a director of Breath Life Sciences
Although no cannabis will be grown on site, the manufacturing plant will still require a licence from the Home Office.
While much of the new building has already been fitted out and senior positions have been filled, the expansion plans and facilities will still require rigorous scrutiny before permission is granted.
BLS hopes that wider recruitment will take place after the summer with production starting before the end of the year.
Director Gavin Ogilvie is delighted his company is creating a base in the Borders.
He said: “This is where I grew up and when we discussed setting up the new manufacturing base in the UK, it was important for me to drive the direction towards the Borders.
“We will offer highly skilled pharmaceutical jobs – both at entry level and for people with experience.
“We are indebted to both South of Scotland Enterprise and Scottish Borders Council for helping to make this happen.”
Eight Pilbara initiatives have shared in $152,000 of funding in the 2025 round of our Fortescue Innovation Grants Program.
Eight Pilbara initiatives have shared in $152,000 of funding in the 2025 round of our Fortescue Innovation Grants Program.
These community-driven projects will introduce a new wave of creative ideas and sustainable initiatives, helping tackle environmental challenges, strengthen local connections and create lasting benefits across the Pilbara.
The Innovation Grants program provides up to A$25,000 for eligible projects focused on sustainability, green innovation and community-led environmental change. Initiatives must be based within the council boundaries of the Town of Port Hedland, City of Karratha, Shire of Ashburton or Shire of East Pilbara.
From eco-events and youth climate programs to waste reduction trials and community gardens, these grants empower local organisations to make a real difference.
Rosli Wheelock, Director Approvals, Communities and Services, said “Community-led innovation is at the heart of these grants and we are proud to support ideas that not only drive sustainability but strengthen the social fabric of our Pilbara communities.”
To celebrate the power of community partnerships, our Communities team recently hosted events in Port Hedland and Karratha, showcasing the success of our community grants programs across the Pilbara. These gatherings brought together local organisations, partners and community members to hear firsthand from recent grant recipients.
Their stories highlighted the incredible difference these projects are making in people’s lives.
