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Australians Shift to Digital Banking as Mobile Wallets Surge

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The latest report from the Australian Bankers’ Association (ABA) reveals a significant shift in consumer behavior towards digital banking, marked by a surge in mobile wallet usage. In the past year alone, Australians made over four billion payments through mobile wallets, a staggering increase compared to just 353 million ATM cash withdrawals, which collectively amounted to A$106 billion.

Digital banking interactions have risen by 70% since 2019, while the overall value of mobile payments has experienced a remarkable 23-fold increase during the same period. Notably, the last year recorded a 28% increase in mobile payment activity. This trend has led mobile wallet transactions to surpass ATM withdrawals for the first time in 2023, signaling a profound change in payment preferences among Australian consumers.

Consumer Demand for Speed and Convenience

According to ABA chief Anna Bligh, these statistics underscore the public’s growing demand for speed and convenience in banking. “We are undergoing a massive transformation in how people bank in this country,” Bligh stated. “Making payments with your phone is also now the norm for millions of customers.” She emphasized that mobile wallet usage continues to gain traction, rapidly approaching the level of traditional cash and card transactions.

Despite this clear preference for digital channels, Bligh maintains that there remains a crucial role for cash in the banking landscape. “Digital is now the norm, yet banks continue to invest in face-to-face banking options for Australians who want to use them,” she noted. “Australia’s banks maintain a denser commercial branch network than comparably urbanised OECD peers,” emphasizing the need for a balanced approach to banking services.

Calls for Regulation in the Mobile Wallet Market

The ABA’s report arrives six months after the organization advocated for regulatory measures concerning the rapidly expanding mobile wallet market in Australia. In February, Bligh remarked, “With mobile wallets becoming a dominant force in Australia’s payments architecture, it’s only fair that global tech companies are subject to the same oversight and consumer protection laws as the rest of the payments system.”

This push for regulation reflects the growing significance of mobile wallets in the nation’s payment ecosystem. As Australians increasingly embrace digital banking, the ABA is keen to ensure that consumer protections keep pace with technological advancements. With the current trajectory of mobile banking, the landscape of financial transactions in Australia is set to undergo further transformation in the coming years.

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Investors Eye Growth: Glencore and Lion Finance Shine Bright

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Investors are increasingly considering two growth shares, Glencore and Lion Finance, as promising options for their Stocks and Shares Individual Savings Accounts (ISAs). These companies have demonstrated potential for robust earnings growth, particularly in the context of shifting market dynamics.

Glencore’s Recovery and Growth Potential

Glencore (LSE: GLEN) has shown a remarkable recovery from multi-year lows recorded in April 2025. This rebound is largely attributed to positive developments in China’s demand for metals. The mining sector has gained momentum following China’s announcement of plans to construct a significant hydroelectric dam in Tibet. This initiative is part of a broader strategy to redevelop shantytowns across the country, signalling strong government support for infrastructure projects.

With tensions in U.S.-China trade relations easing, prospects for commodities stocks, including Glencore, appear more favorable than they did a few months ago. Nevertheless, risks remain. Changes in U.S. policy could negatively impact cyclical stocks like those in the mining sector. Moreover, investors must be mindful of the inherent unpredictability in metals mining.

Glencore, however, benefits from its vast scale, operating dozens of mining projects across more than 35 countries. This global footprint provides a buffer against localized challenges such as political instability or production disruptions. Additionally, unlike many pure-play mining companies, Glencore boasts a substantial marketing division that lessens its dependence on mining outcomes. In 2024, approximately 23% of the company’s adjusted earnings originated from its trading unit.

The diversified portfolio of commodities, including copper, cobalt, nickel, and aluminium, further safeguards earnings against downturns in specific markets. Analysts project that Glencore will return to profitability in 2025, following a loss per share in the previous year. They anticipate a remarkable 76% increase in earnings next year, followed by an additional 33% rise in 2027.

Lion Finance’s Growth in the Emerging Market

Similarly, Lion Finance (LSE: BGEO) has experienced notable fluctuations in share price throughout 2025. The FTSE 250 company has recently surged, buoyed by optimism surrounding the banking sector in Georgia. The demand for financial services in this emerging market is thriving, fueled by robust economic growth and increasing personal wealth. Despite political uncertainties, the potential for growth in the region remains significant.

Lion Finance is well-positioned to capitalise on this opportunity, having expanded its operations into Armenia, another burgeoning market. This strategic move has led to a remarkable 40.7% increase in pre-tax profit during the first quarter.

While established FTSE 100 banks like Lloyds and HSBC remain popular due to their operations in well-regulated markets, regulatory reforms in Georgia are making companies like Lion Finance more appealing to investors seeking long-term stability in banking. The bank has reported an annualised earnings per share (EPS) growth rate of 55% since 2020. Although a 15% decline in earnings is expected this year, projected increases of 10% in 2026 and 18% in 2027 highlight Lion Finance’s potential as a growth share.

As investors navigate the complexities of the market, both Glencore and Lion Finance present compelling options for those looking to diversify their ISA portfolios with high-growth potential. With their strategic positions and growth trajectories, these companies are attracting significant attention from investors seeking to benefit from emerging market trends.

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China Seizes Market Share in Fighter Jet Exports Amid Declining Russian Sales

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China is strategically expanding its fighter jet exports as Russia’s sales face significant decline due to geopolitical tensions and economic sanctions. Over the past decade, China has positioned itself as a viable alternative for countries seeking advanced military aircraft, especially as Russia’s market presence wanes. This shift marks a pivotal change in the global arms market, highlighting China’s growing influence in military aviation.

Historical Context of Fighter Jet Exports

Historically, China’s fighter jet exports catered primarily to nations with strained relations with the West. During the Cold War, the Sino-Soviet split allowed China to emerge as a supplier for anti-Western countries, particularly those with limited options. Early on, China primarily exported basic models like the Chengdu J-7, a derivative of the Soviet MiG-21, which were considered inferior to their Western counterparts.

However, this landscape is evolving. Recent models such as the J-10C Vigorous Dragon and the forthcoming J-35, a fifth-generation fighter jet, present advanced capabilities that appeal to various nations looking to diversify their military aircraft options.

Current Operators of Chinese Fighter Jets

Numerous countries continue to operate older Chinese fighter jets, often due to budget constraints. The Shenyang F-5, Shenyang J-6, and Chengdu J-7 remain in service in countries such as North Korea, Myanmar, and Pakistan. The F-5, a relic first introduced in 1952, exemplifies the age of many Chinese aircraft still in use.

The Shenyang J-6 is utilized by nations including Myanmar and Sudan, while the J-7 has seen export production extending until 2013, with operators in Africa and South Asia. Many of these nations are not currently acquiring new jets but have established a legacy of operating older Chinese models.

China’s export strategy has heavily focused on African nations in recent years, yet a notable shift is occurring. Countries are increasingly considering Chinese jets, like the J-35, as potential alternatives to Western models.

An important player in this landscape is Pakistan, which has transitioned from reliance on U.S. military aircraft to Chinese options. Pakistan is currently the only export operator of the Chengdu J-10, with approximately 20 units in service and an additional 16 on order. This aircraft is often compared to the U.S. F-16 Fighting Falcon.

The JF-17 Thunder, co-developed with Pakistan, is another significant success. This low-cost multirole fighter, which incorporates Chinese technology, has also found buyers in nations such as Azerbaijan and Nigeria.

Negotiations are ongoing for potential sales of high-end fighters. Egypt has shown interest in the J-10, particularly after the United States restricted its acquisition of advanced aircraft. Similarly, the United Arab Emirates (UAE) is exploring options following a setback in its F-35 negotiations with the U.S.

Challenges and Opportunities in the Fighter Jet Market

Despite the promising outlook for Chinese fighter jet exports, certain challenges persist. Political rivalries hinder potential markets; for example, India remains unlikely to purchase Chinese aircraft due to longstanding tensions. Similarly, Vietnam, wary of China’s intentions, continues to seek alternatives in Russian and U.S. fighter jets.

In the Asia-Pacific region, nations such as South Korea, Japan, and Australia remain firmly aligned with Western military hardware, further complicating China’s ambitions. However, there is potential for growth in countries like Malaysia and Indonesia, which are reportedly considering Chinese fighters as options.

As of July 2025, reports indicate that the J-35 has entered mass production. While no confirmed export orders exist yet, the aircraft’s design suggests it may be well-suited for naval operations as China enhances its carrier fleet.

The United States continues to lead in global combat aircraft exports, with approximately 996 aircraft sold, followed by France and South Korea. China holds a modest position with 57 exports, primarily focusing on lower-tier fighter jets and trainers.

In summary, while China’s fighter jet exports are relatively limited at present, the landscape is shifting. As demand for advanced military aircraft rises and Russia’s capacity to supply dwindles, China may be poised for significant expansion in the coming years. The potential for countries like Iran to engage in negotiations for Chinese jets reflects a broader trend of seeking alternatives to traditional suppliers. The future of Chinese fighter jet exports appears promising, contingent on geopolitical dynamics and technological advancements.

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Citi Executive Deletes Controversial Gaza Post After Backlash

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A senior executive at Citigroup has come under scrutiny for a LinkedIn post addressing the humanitarian crisis in Gaza. Akshay Singal, the global head of short-term interest rate (STIRT) trading, expressed his disapproval of Israel’s actions in the region, sharing images of malnourished children. Following significant corporate pressure, Singal deleted the post.

In his original message, Singal stated, “Until now, I’ve kept most of my thoughts to private channels. But that’s not enough. What’s happening demands our attention, and our voice.” He characterized the situation in Gaza as “horrific and unacceptable,” labeling it a genocide, and concluded with a striking assertion: “Silence isn’t neutrality. It’s complicity.” Interestingly, Singal is currently on a six-month paternity leave, during which he has emphasized the importance of being present for his family.

Concerns regarding the appropriateness of Singal’s comments have been raised by former colleagues. One remarked, “Really dumb. Have your views for sure, but don’t publish with Citi’s name on your profile,” especially given his paid leave status. Citigroup confirmed that they had requested Singal to remove the post, noting that it was “inconsistent with our code of conduct.” A spokesperson for the bank added that the matter is under review.

The controversy highlights the complex dynamics between corporate policies and employee activism. Many companies, particularly in the financial sector, have opted to avoid taking public stances on sensitive political issues, especially those related to Israel and Palestine. This hesitance is influenced by the strong backing of Israel from political figures, including former President Donald Trump, which has led to fears of backlash against businesses that openly support one side.

Critics of Citigroup have pointed out the bank’s financial ties to Israel. According to Visualising Palestine, Citigroup holds stakes in Israeli banks such as Bank Leumi and Israel Discount Bank and is involved in financing arrangements that support Israel’s military operations.

The situation also reflects a broader trend among U.S. companies, where employees expressing solidarity with Palestinians have faced disciplinary actions. For instance, a registered nurse in California was terminated by UnitedHealth Group after displaying pro-Palestinian stickers, leading her to pursue legal action for alleged viewpoint discrimination. Additionally, employees at Microsoft were dismissed for protesting the company’s contracts with Israel’s military during high-profile events.

Similar patterns have emerged at companies like Google and Meta, where employees who voiced pro-Palestinian sentiments have reported facing discrimination or termination. These cases underscore the delicate balancing act companies face in navigating employee expression while maintaining corporate reputations.

As the situation in Gaza continues to evolve, the tension between personal beliefs and professional responsibilities remains a critical topic for discussion within corporate environments. The implications of Singal’s deleted post may resonate beyond Citigroup, prompting broader conversations about corporate accountability and employee rights in the context of global conflicts.

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North East Firms Announce Key Appointments and Promotions

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A series of significant appointments and promotions have been announced across various firms in the North East, highlighting the region’s commitment to nurturing talent and expertise in diverse sectors.

New Roles and Growth at Jacksons

Chloe Thompson has qualified as a solicitor at Jacksons, marking a notable achievement in her career journey that began just three years ago. Initially joining the firm as a legal secretary in May 2022, Thompson built her legal knowledge while completing her undergraduate law degree and a Masters in Law, which included the Legal Practice Course (LPC). Following her qualification, she will contribute to the firm’s wills, trusts, and probate team. Thompson expressed her gratitude for the supportive environment at Jacksons, stating, “It’s quite hard to get a training contract, so I started out as secretary to gain experience within a law firm. I saw that it was a lovely place to work where everyone is supportive, so I was keen to work my way up.”

Helen Milburn, a partner and head of the private client team at Jacksons, praised Thompson’s potential, noting, “From the start, I just knew how good she was going to be. She had everything you want to see in a trainee solicitor, and we were really keen to keep her on after she qualified.”

Leadership Changes in Healthcare and Technology Sectors

In a move that underscores its growth in the healthcare sector, RMT Healthcare has promoted Chris Brown to director. Brown, who has been with the firm for over a decade, has played a pivotal role in developing RMT Healthcare since joining in 2015. His extensive expertise spans various areas, including GP practices, primary care networks, and pharmacies. “RMT has given me the opportunity to grow as part of an ambitious team. We have the right systems, people, and expertise in place, and I’m excited to play a more significant role in shaping how we support our clients and continue expanding across the sector,” Brown remarked.

Meanwhile, CyberNorth has appointed Helen Matthews as a delivery manager following the transition of Danielle Phillips into the CEO role after the recent retirement of Phil Jackman. Matthews brings considerable experience to her new position, having worked for 18 months at UKC3, an organization focused on supporting the UK’s cyber security clusters. She will engage closely with the North East education sector to ensure the cyber workforce is well-equipped for future challenges. “I’m thrilled to join CyberNorth at such a pivotal time; collaboration, building relations, and bridging connections between academia and industry is essential for regional growth in the sector,” Matthews stated.

Community Engagement and Environmental Leadership

OnPath Energy has appointed Tom Chaplin as the new partnership and community manager, focusing on community engagement across its nine wind farms in England. With a background in television and a decade of experience in the renewables sector, Chaplin aims to strengthen ties with local residents and stakeholders as new renewable energy projects are developed. “After nearly a decade working in renewables, I’ve found that the stakeholder engagement work I’ve done in that time has been the most rewarding part of the job,” he said.

Additionally, RWO has welcomed Phil Brown as a senior executive and geoenvironmental services associate director, where he will collaborate closely with head of department Chris Rudd. With over 30 years of experience, Brown’s responsibilities will include overseeing major infrastructure projects and ensuring technical compliance. “I am delighted to be joining RWO, which has a great reputation for excellence, a strong team culture, and a positive philosophy,” he commented.

These strategic appointments reflect the North East’s ongoing commitment to enhancing its workforce and fostering collaboration across industries, ensuring a robust future for the region’s economic landscape.

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