PM Edition: Here are the top 10 business articles on LiveNews.co.nz for November 1, 2026 – Full Text
1. Singapore-Based OPH Health Founder Leona Tong Selected for the 2026 Forbes China 100 Most Influential Chinese Selection
November 1, 2026
Source: Media Outreach
Singapore company combines medical devices, clinical software and AI to support primary care across international markets
SINGAPORE – Media OutReach Newswire – 31 October 2026 – Leona Tong, founder and CEO of Singapore-based digital healthcare company OPH Health, was selected for the 2026 Forbes China 100 Most Influential Chinese Selection. The awards ceremony was held on Thursday evening, Oct. 29.
<figure data-width="100%" data-caption="Leona receiving the award on stage Leona receiving the award on stage Now in its sixth year, the annual selection recognizes individuals across technology, healthcare, business, investment and sports. Leona joins this year’s honorees as a Value Creator. Leona founded OPH Health in Singapore in 2023 and leads an international team experienced in large-scale primary healthcare projects. Through collaboration with governments and healthcare organizations, she has led OPH’s expansion into more than 10 countries and regions. Primary care services are often fragmented, with uneven access to specialist expertise and gaps between screening, treatment and follow-up. OPH integrates medical devices and clinical software to connect care across communities, clinics, hospitals and homes. Its work spans healthcare delivery infrastructure and medical AI, helping frontline providers access specialist resources and coordinate care. By combining health assessments, telemedicine and clinical software, OPH helps providers coordinate screening, referrals and chronic disease follow-up. This extends care beyond individual appointments and creates a clinical data foundation for medical AI development. Integrated solutions for public and private healthcare For public health systems, OPH provides integrated solutions for community screening, referrals between levels of care and regional health information sharing, supporting national primary healthcare programs. Connecting primary care facilities with hospitals helps extend access to specialist expertise and supports earlier detection of health risks, referrals and follow-up. For private healthcare groups, OPH integrates health assessments, telemedicine and chronic disease management into digital clinic and care management solutions, helping providers deliver ongoing care beyond individual consultations. OPH adapts its solutions to local needs, from building primary care capacity in less-developed countries and regions to supporting clinics and community health services in developed markets. Integrated tools for frontline care Primary care workstations bring together screening, outpatient care, chronic disease management and telemedicine, while capturing clinical data. Capsule Clinic provides community-based health assessments and remote consultations. When paired with Smart Pharmacy, it also supports prescription medication pickup. Portable spirometers and companion software support lung function testing and follow-up. Together, these tools help providers bring more services closer to patients. VIOLA is used in Singapore’s public polyclinics. Its vaccine cabinet and management software help nurses monitor temperatures, verify vaccine retrieval using computer vision, and track inventory and expiration dates. The system maintains traceable records of vaccine handling. Frontline nursing teams contributed to its development and refinement, with project support from OPH Health. Connecting medical devices and clinical software with AI OPH is progressively enhancing its distributed medical AI system linking medical devices, clinical software and large AI models. As the system evolves, OPH is integrating data from clinic workstations and home monitoring devices into consultations, referrals and follow-up. AI servers at clinics and hospitals are intended to run models locally to assist with clinical documentation, report interpretation and clinical decision-making. Clinicians would review AI outputs before inclusion in medical records. OPH is expanding the system’s capacity to maintain a health digital twin for each person: a digital profile updated with test results, clinician-verified records and monitoring data. AI assistants for clinicians and individuals would support care plans, reminders and follow-up between visits. Features derived from clinical data, together with feedback, could support model training, evaluation and improvement, subject to authorization for the intended use and quality review. Model updates would require validation and approval before clinical use. With raw data processed locally under appropriate controls, the system is designed to connect ongoing care with medical AI development. Hashtag: #OPHHealth
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About OPH Health
OPH Health Pte. Ltd.
55 Ayer Rajah Crescent, #06-01, Singapore 139949
Email: info@ophhealth.com
Website: www.ophhealth.com
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
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2. Economics – Piketty endorses NZ research showing very wealthy pay half tax rate of middle NZers, costing billions in revenue and increasing inequality
October 30, 2026
Source: Better Taxes for a Better Future
New research reveals billions in lost tax revenue and growing wealth inequality in New Zealand.
A research report, endorsed by globally renowned French economist Thomas Piketty, released today shows that between 2021 and 2024 the very wealthy* in New Zealand paid an 8.1% effective tax rate, less than half the rate of the median-wealth adult of 17.4%.
For every dollar of tax paid on the income of middle New Zealanders, the very wealthy paid only 47 cents on their income.
“For most working New Zealanders, what you earn and what you’re taxed on are very nearly the same thing. For the very wealthy, whose income flows predominantly from owning assets, the gap between their income and what they are taxed on can be vast, and it can be engineered.
Roughly two-thirds of the comprehensive income of the very wealthy is never taxed, and what is taxed is mostly taxed at the companies tax rate – the combination of which decreases their effective tax rate,” said report author Tayla Forward.
“…Had the very wealthy earned the same balance of taxed and untaxed personal income as the median, the group would have paid about $605m more a year over 2021-2024, and the same calculation applied to the larger group of the top 1% would have generated an additional $7 billion a year in tax revenue.”
This research sheds light on how this works, how this is costing New Zealand billions in foregone revenue and increasing wealth inequality, and what can be done about it.
*a smaller, richer subset of the top 1%; equivalent to the 311 wealthiest families studied in the IRD’s 2023 research project.
See below for more comment and key points
BACKGROUND
In 2023, research conducted by the Inland Revenue Department (https://www.ird.govt.nz/-/media/project/ir/home/documents/about-us/high-wealth-research-project/hwi-research-project/final-report-april-2023/report-high-wealth-individuals-research-project.pdf?modified=20230423203807) gave radical new insight into the tax paid by high wealth individuals in New Zealand. The survey data that underpinned that work have been destroyed, as per the privacy conditions surrounding their collection, and the legislation that enabled it has been repealed by the current Government.
This new report reconstructs and extends the insights of the original report, using publicly available sources, and was supported by Tax Justice Aotearoa (https://www.tjanz.org/) and the Better Taxes for a Better Future Campaign (https://www.bettertaxes.nz/), as well as the World Inequality Lab, co-directed by Piketty.
COMMENT FROM REPORT AUTHOR, TAYLA FORWARD
“Since IRD’s 2023 report, the top personal rate returned to 39 percent in 2021, and the trustee rate was aligned with it from 2024. This research shows that while both changes were aimed squarely at the top, yet the gap between effective tax rates has widened. This is because income at the top is slippery; with our current tax settings, top incomes have the flexibility to move to avoid tax increases,” explained Forward.
“But those who earn their income as salary or wages don’t have the flexibility to move their income into lower-taxed forms. Had the very wealthy earned the same balance of taxed and untaxed personal income as the median, the group would have paid about $605m more a year over 2021-2024, and the same calculation applied to the larger group of the top 1% would have generated an additional $7 billion a year in tax revenue.”
“In the absence of policy reform, there is increasing pressure at the middle. If we take up tax reform actively we can relieve middle incomes by defining what is taxed in ways that can reach those with greater ability to pay.”
“If we’re going to address the problems with our tax system we need to look at our tax base, or in other words what we tax, not just the rates on existing sources of tax revenue. Taxing income comprehensively, including income from capital gains, would bring more of top incomes into view, but it is an incomplete solution” says Forward.
“Taxes on realisation-based gains can be deferred indefinitely and manipulated. This is why taxing wealth is a necessary and powerful complement, because it targets accumulated wealth directly rather than easily manipulated flows of reported income.”
COMMENT FROM BETTER TAXES, KATE STONE
“This new research shows not only that changes to income tax rates since IRDs 2023 report hasn’t addressed the increasing gap between the tax rates of the very wealthy and the middle New Zealander, but also the impact of not fairly taxing the very wealthy on increasing wealth inequality. As the endorsement of this work by Thomas Piketty highlights “the bottom 50% of the population barely owns 3.5% of aggregate net private wealth, while the top 10% owns 68% of the total.” said Kate Stone, Better Taxes for a Better Future Campaign.
“Successive governments have made choices about our tax system that have led to the wealthy paying lower effective tax rates than middle New Zealanders, increasing wealth inequality and forfeiting billions of dollars in much needed revenue. Revenue that would pay for more nurses, teachers aides and emergency housing. This is not inevitable. The question is whether the political will to do so can be assembled before the costs of inaction become even harder to address.”
Key points
The very wealthy pay less than half the effective tax rate of middle New Zealanders: Between 2021 and 2024, the very wealthy paid an effective tax rate of 8.1%, compared with 17.4% for the median-wealth adult. For every dollar of tax paid by the median-wealth adult, the very wealthy paid just 47 cents.
The current tax system allows wealth inequality to grow: The top 10% own around 68% of NZs net private wealth, while the bottom 50% own just 3.5%. Low effective tax rates allow the wealthiest to accumulate and reinvest more of their wealth/returns, further widening the gap.
Billions of dollars in potential tax revenue is being missed: Had the top 1% ‘s household income been as taxable as that of the median-wealth adult, the report estimates an additional $7 billion a year in tax revenue between the 2021-2024 period.
Raising existing income tax rates alone will not fix the problem: The very wealthy have great flexibility to shift income between personal, trust and company structures, while most wage earners have little ability to change how their income is taxed.
A fairer tax system could help ease pressure on the average New Zealander: Reforming what we tax, rather than relying solely on changes to tax rates, could ensure those with the greatest ability to pay, contribute more towards the public services New Zealanders rely on.
Endorsement
“Tayla Forward demonstrates how unequal New Zealand really is. According to her latest estimates, the bottom 50% of the population barely owns 3.5% of aggregate net private wealth, while the top 10% owns 68% of the total. Very well documented, highly rigorous, the work by Tayla Forward uses state-of-the-art research methods. A must-read”
Thomas Piketty, author of Capital in the 21st Century, Professor of Economic and Economic History at the Paris School of Economics, and Co-director of the World Inequality Lab
About the report author
Tayla Forward (Ngāpuhi), is a researcher in economics and political economy, Fellow of the World Inequality Lab, postgraduate at the Paris School of Economics, and research associate at Victoria University of Wellington and the University of Canterbury.
This report was supported by Tax Justice Aotearoa and the Better Taxes for a Better Future campaign, the World Inequality Lab, the Paris School of Economics, and the Royal Society of New Zealand Mana Tūāpapa Future Leader Fellowship.
Better Taxes for a Better Future is a coalition initiative supported by over 25 organisations. We aim to promote ideas for better taxes for the public good and a better future for everyone in Aotearoa New Zealand.
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3. Prudential forms new business partnership to offer instant doctor booking and pre-authorisation
October 29, 2026
Source: Media Outreach
Technology-enabled collaboration connects healthcare, InsurTech and payment capabilities to deliver a more seamless customer journey while supporting Hong Kong’s InsurTech ecosystem
Key highlights
- Prudential partners with local InsurTech firm MediConCen and global payment solutions provider Mastercard to enhance Medical Expenses Direct Billing.
- Integrated digital journey on MediConCen’s platform, from doctor booking and pre-authorisation to expense settlement, with no upfront payment required from customers for approved medical expenses.
- Chiron Medical Group as the first provider partner, with broader rollout planned.
- Driving innovation across healthcare, InsurTech, and payments.
HONG KONG SAR – Media OutReach Newswire – 29 October 2026 – Prudential Hong Kong Limited (“Prudential”) today announced a collaboration with Hong Kong-based InsurTech start-up MediConCen (“MCC”) and global payment solutions provider Mastercard to further enhance the medical experience for Prudential customers. Powered by MediConCen technology, which digitally connects medical appointment booking, expense pre-authorisation and B2B payment by Mastercard virtual card, the collaboration provides customers with a faster, more secure and seamless journey from accessing medical services to settling eligible medical expenses.
Representatives from Prudential, MediConCen, Mastercard and Chiron Medical Group mark the launch of a new collaboration to provide a more seamless healthcare journey for Prudential’s eligible customers. Guests in attendance at the officiating ceremony include (from left to right): William Yeung, Co-founder and CEO, MediConCen; Helena Chen, Senior Vice President, General Manager, Hong Kong & Macau, Mastercard; Candy Au Yeung, Chief Customer Operations and Health Officer, Prudential Hong Kong Limited; Wallace Wong, Chief Executive Officer, Chiron Medical Group.
Chiron Medical Group joins as inaugural provider partner
In the initial phase, Chiron Medical Group (“Chiron”) will serve as an inaugural provider partner, deploying the capability across their networks. This platform will expand to gradually include more providers including clinics, hospitals and medical networks across Hong Kong in the coming months, bringing the same effortless experience to even more customers.
The collaboration marks another step in Prudential’s efforts to enhance its Medical Expenses Direct Billing Service through technology and strategic partnerships. Eligible customers can benefit from:
- Instant appointment booking, making it easier to access medical services when needed.
- Instant pre-authorisation, providing earlier confirmation of eligible coverage before treatment.
- Cashless settlement of approved medical expenses, reducing the need to pay upfront and submit claims for reimbursement afterwards.
Together, these enhancements simplify the healthcare journey from booking and pre-authorisation to payment. Once an eligible medical expense is approved by Prudential, MCC facilitates settlement with the provider partner through the Mastercard virtual card. Provider partners will also have access to a dedicated portal for case handling and settlement, enabling prompt payment of approved claims with minimal paperwork.
Bringing together healthcare, InsurTech and payment expertise
Candy Au Yeung, Chief Customer Operations and Health Officer, Prudential Hong Kong Limited, said: “This collaboration goes beyond direct billing by extending the journey upstream to appointment booking and pre-authorisation. It is an example of guided care in action, connecting the different parts of the customer journey across healthcare, technology and payments to further enhance our services and deliver a simpler, more convenient experience. We are also pleased to support home-grown InsurTech innovation as we continue to explore new solutions that provide customers with better experiences and greater peace of mind.”
“Nobody should have to worry about the bill when they are seeking treatment,” said William Yeung, Co-founder and CEO, MediConCen. “We built the technology that makes the payment journey invisible. Booking, approval and settlement flow as one. The patient never pays upfront, the provider is paid securely, and Prudential Hong Kong keeps full control of every coverage decision. That is what cashless should feel like.”
Enhancing efficiency and transparency in healthcare payments
“At Mastercard, we are committed to helping businesses move money more efficiently, securely and seamlessly. Through our virtual card capabilities, this collaboration enables a secure and streamlined digital settlement flow between insurers and healthcare providers, delivering greater efficiency, visibility and control to the claims process,” said Helena Chen, Senior Vice President, General Manager, Hong Kong & Macau, Mastercard. “Together with Prudential and MediConCen, we are demonstrating how commercial payments innovation can simplify complex B2B payment flows and support a more connected healthcare ecosystem.”
Wallace Wong, Chief Executive Officer, Chiron Medical Group, said: “We are extending the starting point of care even further — quality healthcare begins before patients even step into the clinic. From online appointment booking and consultation to claims settlement, the entire journey is seamlessly connected, allowing our teams to focus on clinical care.”
Supporting Hong Kong’s innovation ecosystem
Beyond this collaboration, Prudential continues to support Hong Kong’s innovation ecosystem by working with local technology and InsurTech companies to bring home-grown solutions into real-world insurance applications, helping drive industry innovation while delivering enhanced experiences for customers.
Technology connects appointment booking, pre-approval and payment to enable a more streamlined medical expenses direct billing journey. With minimal change required on their part, customers benefit from enhanced backend connectivity that helps make the overall experience more seamless and efficient.
Hashtag: #Prudential
About Prudential Hong Kong Limited
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
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4. Unicorn Startups: AI and Robotics Post Record-Breaking Valuations in 2026 – Best Brokers
October 29, 2026
Source: BestBrokers.com
Paul Hoffman
October 27, 2026
The term ‘unicorn’ was introduced in 2013 by venture capitalist Aileen Lee to describe privately held startups valued at over $1 billion, companies so uncommon they seemed almost mythical. At the time, there were only a few dozen worldwide, making the label a true badge of exceptional success. A little more than a decade later, the landscape looks very different.
Fueled by an unprecedented surge in venture capital and rapid growth in the global tech ecosystem, the number of unicorns has ballooned into the thousands.
As of October 2026, there are 1,879 startup companies with a valuation of US$1 billion or more, the so-called unicorns. This prompted the team at BestBrokers to analyse the latest data from Crunchbase, TechCrunch, and PitchBook to identify which industries are producing the most new unicorns, which regions have the most billion-dollar private startups, and which private companies are attracting the most investor attention in today’s volatile market.
Which Countries are Home to the Most Unicorns in 2026?
Unicorn startups are heavily concentrated in a handful of countries, with more than half based in the United States, home to 971 privately held companies valued at over $1 billion. The U.S. also hosts many of the world’s most valuable private startups, including Anthropic, now the world’s most valuable unicorn at $965 billion after the previous champion, SpaceX ($1.25 trillion), went public.
Other high-profile American unicorns valued in the hundreds of billions include OpenAI ($852 billion), Databricks ($190 billion), Stripe ($159 billion), and Waymo ($126 billion).
China ranks second with 330 unicorn companies, driven largely by its massive domestic market and strong technology sector. Its most valuable startup is ByteDance, the parent company of TikTok and its Chinese counterpart Douyin, which is valued at $550 billion based on a stake sale by early investor General Atlantic. That’s up from $480 billion in a November 2025 share sale, helped by strong revenue growth and the January 2026 deal that settled TikTok’s U.S. operations.
India has emerged as another major unicorn hub with 77 companies, supported by rapid digital adoption and a huge consumer base. Its most valuable startup is Walmart-backed payments platform PhonePe, valued at $14.5 billion. Another Asian nation with a dense concentration of unicorn startups is Singapore, which ranks 8th worldwide with 27 unicorns, led by data centre operator DayOne, which has filed for a U.S. listing.
The United Kingdom leads Europe with 85 unicorns, many of which are in the finance sector, including fintech leader Revolut ($115 billion) and payments firm Checkout.com ($12 billion). Latin America hosts 38 unicorn companies spread across Brazil (21), Mexico (10), Chile (3), Colombia (2), Argentina (1) and Ecuador (1).
The region’s most valuable startups include Brazil’s QuintoAndar ($5.1 billion), iFood ($5 billion) and C6 Bank ($5 billion), Colombia’s delivery app Rappi ($5 billion) and Mexico’s financial platform Plata ($5 billion). Argentina’s fintech Ualá is valued at $3.2 billion after raising $195 million in an equity round led by Allianz X earlier this year.
The Largest Unicorn Companies in the World in 2026
Following Elon Musk’s space-tech company SpaceX’s historic IPO, which raised more than $86 billion, the title of the world’s most valuable unicorn passed to another U.S. company: Anthropic. Chatbot Claude’s parent company is now valued at a staggering $965 billion following a series of rapid valuation increases fuelled by booming demand for generative AI, major investments from technology giants, and strong revenue growth from its enterprise AI products.
Just behind in second place is ChatGPT’s parent company and Anthropic rival OpenAI, currently valued at $852 billion following a record-setting $122 billion funding round led by Amazon, Nvidia and SoftBank. The company remains one of the central players in the global AI ecosystem, as investor capital continues to concentrate heavily within a small number of leading foundation model developers.
China’s ByteDance continues to stand among the world’s most valuable private companies, with a valuation of $550 billion. Its dominance is fuelled by the explosive global popularity of TikTok, which has reshaped entertainment and short-form video for billions of users, alongside Douyin’s commanding position in the Chinese market.
Data and AI platform Databricks takes fourth place with a private valuation of $190 billion after raising $5 billion in August. The company has passed $7 billion in annualised revenue, growing more than 80% year on year, and is cash-flow positive.
In fintech, Stripe holds a $159 billion valuation, and Revolut currently sits at $115 billion following a secondary share sale in July 2026. Both companies have established strong positions in digital payments and banking services.
1 in 4 Startups To Reach Unicorn Status in 2026 Are AI Companies
Artificial intelligence companies account for the largest share of startups that reached a $1 billion valuation in 2026. Of the 233 companies that achieved unicorn status this year, 56 (24%) operate in the AI sector, meaning nearly 1 in 4 newly minted unicorns in 2026 is an AI company. These companies range from frontier model labs like China’s DeepSeek to startups selling AI coding agents (Factory), customer-service agents (Wonderful) and video generators (PixVerse).
Robotics companies are attracting increasing investment in 2026 as advances in humanoid systems and embodied AI accelerate. As of October, robotics is the second-largest sector for newly minted unicorns, with 29 companies accounting for 12.4% of the total. China leads with 17 new robotics unicorns, including XPENG Robotics, valued at $6.3 billion, and AI2 Robotics and X Square Robot, both valued at $3 billion. The U.S. has produced 7 new robotics unicorns so far this year, led by Mind Robotics valued at $3.4 billion.
This year, 21 fintech startups have crossed the billion-dollar mark to become unicorns, accounting for 9.0% of all newly minted unicorns in 2026. Investor interest has remained strong across digital payments, lending, financial infrastructure and AI-assisted financial services. Corgi Insurance leads this year’s cohort, achieving a $4 billion valuation.
The healthtech sector has produced 17 new unicorns so far in 2026, making it the fourth most active sector after AI, robotics and fintech. The most valuable new healthtech startup is U.S. medical device maker MiRus, which attained a $4.4 billion valuation following Boston Scientific’s $1.5 billion investment. Other notable additions include Forus ($3 billion), Garner Health ($2.7 billion) and Pomelo Care ($1.7 billion).
The defence sector has seen plentiful investor interest in 2026, fuelled by geopolitical tensions and advances in defence and dual-use technology. So far this year, 14 defence startups have crossed the $1 billion threshold. Germany’s STARK leads the group with a $4 billion valuation, having gained prominence for its autonomous strike drones and secured a €300 million contract to supply the German armed forces.
Nine of the 14 new defence startups are headquartered in the U.S., led by Mach Industries, which more than doubled its valuation to $3.7 billion in just three months after a $600 million Series C extension, followed by Neros Technologies ($2.5 billion) and Allen Control Systems ($2.2 billion).
In Europe, France’s Harmattan AI became the country’s first defence unicorn after a $200 million funding round led by Dassault Aviation, while UK defence startups Roark Aerospace, UFORCE and Kraken Technology have also crossed the billion-dollar threshold.
Chinese AI startup DeepSeek is the Most Valuable New Unicorn Startup in 2026
By far the most valuable startup to become a unicorn in 2026 is China’s DeepSeek, valued at $91 billion after reportedly raising around $15 billion in its second-ever funding round, more than 14 times the valuation of the second most valuable new unicorn.
The Hangzhou-based AI lab, founded in 2023 by Liang Wenfeng, made headlines after its low-cost R1 and V3 models challenged leading Western AI systems while using significantly fewer computing resources, with investors piling in as DeepSeek emerged as one of China’s strongest challengers in the global AI race.
U.S.-based AI lab Hark, founded by Figure AI CEO Brett Adcock, reached an impressive $6 billion valuation after raising more than $700 million in its Series A funding round. Hark is part of a cohort of AI companies, which make up 7 of the 13 most valuable new unicorns this year. Among them are world model developer General Intuition, valued at $6.2 billion, and UK-based Ineffable Intelligence at $5.1 billion after the largest seed round in European history.
Three more AI startups are each valued at $5 billion: xAI co-founder Igor Babuschkin’s River AI, enterprise AI agent platform Wonderful, and AI coding agent developer Factory.
Outside AI, the most valuable newly minted unicorn is China’s XPENG Robotics, valued at $6.3 billion, followed by nuclear energy startup Valar Atomics at $6 billion. Two semiconductor unicorns appear on the list, led by San Jose-based Lumilens, valued at $5.5 billion after a $700 million Series C in August. California’s Source Foundry, which is developing alternatives to ASML’s chipmaking machines, and inference chipmaker Positron are both valued at $5 billion.
Meanwhile, quantum computing startup Oratomic achieved a $5.4 billion valuation following a $475 million Series B in October, just three months after its Series A round.
The United States overwhelmingly dominates the global unicorn landscape in 2026, accounting for 139 of the 233 newly minted billion-dollar startups. This reflects the country’s deep venture capital ecosystem, strong talent pool, and continued leadership in high-growth sectors such as artificial intelligence and advanced technologies.
Outside the United States, China ranks second with 34 new unicorns, followed by the United Kingdom with 14, and Germany with 8 new billion-dollar startups. The UK’s most valuable newly minted unicorn is Ineffable Intelligence at $5.1 billion, while China’s cohort heavily leans towards AI and robotics startups, led by DeepSeek at $91 billion and XPENG Robotics at $6.3 billion, alongside AI2 Robotics and X Square Robot, both valued at $3 billion.
India has seen momentum accelerate in recent months, adding 6 new unicorns since the beginning of 2026. Among India’s 2026 unicorn class, fintech lender KreditBee and AI startup Sarvam AI are currently the most valuable, with both startups achieving a valuation of $1.5 billion.
Canada’s 5 new unicorns are in the artificial intelligence, semiconductors, fintech and biotech sectors. Autonomous driving AI company Waabi is the country’s most valuable new unicorn, reaching a $4 billion valuation, followed by quantum computing and semiconductor company Photonic at $2 billion. Fintech startups Super.com and Nesto, valued at $1.2 billion and $1.1 billion respectively, and biotech company Biossil at $1 billion round out Canada’s 2026 cohort.
Methodology
To illustrate the current state of unicorn startups, the team at BestBrokers analysed company data from The Crunchbase Unicorn Board, which tracks privately held companies valued at $1 billion or more. Additional information on company valuations, funding rounds, and newly created unicorns was gathered from platforms such as PitchBook, as well as industry coverage from TechCrunch and other publicly available sources.
Using these datasets, we identified current unicorn companies and grouped them by country, industry, and valuation to show their distribution across the global tech ecosystem. We also compiled a separate list of startups that first crossed the $1 billion valuation threshold in 2026 based on the most recent funding announcements and reported valuations.
All figures reflect the most recent data available at the time of writing. Because startup valuations and funding rounds change frequently, the total number of unicorn companies and their valuations may evolve over time.
Original report: BestBrokers.com
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5. Lower-income households continue to bear the brunt of the cost-of-living crisis under Luxon’s Government NZCTU
October 30, 2026
Source: NZCTU
“Data released today by Stats NZ shows that low-income, beneficiary, and superannuitant households are bearing the brunt of ongoing price rises and the failure of Luxon’s Government to address the cost of living”, says Sandra Grey, New Zealand Council of Trade Unions Te Kauae Kaimahi President.
Annual household living-costs inflation for the ‘all households’ category was 3 percent in the September 2026 quarter. Households in the lowest fifth of the income distribution experienced living-costs inflation of 3.4 percent and superannuitant households 4 percent. By contrast, households in the highest fifth of the income distribution experienced an increase of 2.7 percent.
“Over the last three years, living costs have gone up 11.5 percent for low-income households and 12 percent for superannuitants. Incomes simply haven’t kept up”, says Grey.
“This is because the cost of essentials has been driving inflation under Luxon,” says Grey. “Electricity, council rates and services, and healthcare services have all continued to increase unsustainably in cost. The smaller your income, the larger the proportion of it that must go on essentials”.
Annually, electricity is up 9.3 percent, council rates and services 6.2 percent, medical services 3 percent, and petrol 19.1 percent. Some grocery staples have exploded in price, with bread up 8 percent, breakfast cereals 7.1 percent, and milk 7.7 percent.
“Lower- and fixed-income households are having to decide which essential items they will go without each week – it’s no wonder we are seeing high levels of food insecurity and rising hardship and deprivation in our communities”, says Grey.
“The Luxon Government has clearly failed to get on top of rising prices. Equally, it has failed to support adequate wage growth. NZCTU analysis published this week has shown that real wages have fallen for low-income households over the past three years”, says Grey.
“We’ve had three years of real-term cuts to the minimum wage. Depending on the price deflator used, the real minimum wage has fallen by between 4.3 and 6.7 percent over this term of Government. In 2026, minimum-wage workers are earning at least $2,000 less than they would need just to keep up with rising prices”, says Grey.
“The Luxon Government has completely failed on the cost of living, and it is those who have the least in our society who have borne the brunt of this failure”, says Grey.
Original source: https://nz.mil-osi.com/2026/10/30/lower-income-households-continue-to-bear-the-brunt-of-the-cost-of-living-crisis-under-luxons-government-nzctu/
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6. How criminal legal aid cases are assigned to lawyers
October 30, 2026
Source: New Zealand Ministry of Justice
Headline: How criminal legal aid cases are assigned to lawyers
The Legal Services Commissioner is responsible for assigning legal aid cases to approved lawyers. This responsibility is delegated to Legal Aid Services staff, who make assignment decisions in line with the Commissioner’s policies and guidance. The Commissioner’s primary responsibility is to ensure legally aided people can access representation when they need it and without undue delay.
Cases are assigned to individual lawyers, not law firms. Where several approved legal aid lawyers work at the same firm, each can receive assignments, so the number of approved lawyers at a firm can affect the total number of cases received by that firm.
Rotational assignments
For most lower-level criminal cases, lawyers are assigned cases through an electronic rotational allocation system. Approved lawyers choose the area and courts where they want to receive cases and are placed on an assignment list. The system identifies the next appropriate lawyer on the list when a case is ready to be assigned.
The aim is to distribute lower-level cases fairly between approved lawyers. This does not mean every lawyer will receive the same number of cases, as this will depend on several factors such as their availability, capacity, and the types of cases and courts where they choose to receive assignments from.
The assignment process is different for more serious criminal cases, where clients can choose an appropriately approved legal aid lawyer. If they do not choose one, the case can be assigned through the rotation system.
Non-rotational assignments
Rotation is one part of the criminal legal aid assignment policy. Legal Aid Services policies set out clear exceptions where cases can and should be assigned outside of rotation. These recognise that the circumstances of the case or the person receiving legal aid can affect which lawyer should be assigned. For example:
- Urgent cases: Legal Aid Services may need to work through the assignment list until they find an approved lawyer who can take the case at short notice.
- An existing lawyer: where a person already has a lawyer representing them on another active case, it may be more efficient to assign the new case to that same lawyer.
- Police Detention Legal Assistance: where a lawyer has already provided advice when the person was detained by Police, the case may be assigned to that lawyer if the policy requirements are met.
- Other client or case circumstances: for example, where a client has complex mental health needs and a long-standing relationship of trust with a lawyer who has previously represented them, it may be more efficient and in the client’s interests for that lawyer to continue representing them.
These exceptions are part of the legal aid assignment process. Staff guidance sets out when exceptions can be used. The assignment policy and list of exceptions to rotation are also set out in the publicly available Grants handbook for legal aid lawyers.
Non-rotational assignments also affect how many cases a lawyer will receive through rotation. This means a lawyer who receives cases outside of rotation will generally receive fewer cases through the rotational system as a result.
King’s Counsel’s comments on non-rotational assignments
In a recent report prepared for the Ministry, a King’s Counsel concluded that the processes supporting non-rotational assignments were not sufficiently formalised or consistently applied and recommended that they be strengthened.
The Legal Services Commissioner already has established and sound policies and processes governing assignments, including when cases can be assigned outside rotation and is satisfied that the established assignment processes are being consistently applied.
The Commissioner recognises the importance of making sure these processes are clear, transparent and consistently understood. The Commissioner has agreed to provide clearer information to legal aid lawyers about how non-rotational assignments work and will continue to make sure the relevant policies and guidance are well understood and consistently applied by Legal Aid Services staff. That will include strengthening our quality assurance processes for non-rotational assignments.
The Commissioner’s primary responsibility remains ensuring eligible people can access representation when they need it and without undue delay. Any improvements need to support that responsibility and avoid unnecessary delays, particularly where representation is needed urgently.
This page was last updated: 30th October 2026
Original source: https://nz.mil-osi.com/2026/10/30/how-criminal-legal-aid-cases-are-assigned-to-lawyers/
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7. MSIG Enhances Travel Safeguard with Broader Protection for Modern Travellers
October 28, 2026
Source: Media Outreach
Modern travel patterns have shown a stronger reliance on digital platforms, a rise in independent trip planning and a wider age range of travellers seeking coverage. Travel SafeGuard is designed around these trends, with new features that respond to practical issues faced by today’s travellers, including:
- Online Purchase Protection — protects against losses arising from fraudulent online travel transactions made with debit or credit cards or digital wallets.
- WhatsApp Emergency Assistance — provides a direct communication channel for assistance when abroad.
- Traditional Chinese Medicine (TCM) — included as an option for follow-up treatment in Malaysia after returning from a trip.
- Golf Benefit Add-On — covers losses to golf equipment, pre-paid green fees and recognises hole-in-one achievements.
Travel SafeGuard also provides medical coverage of up to RM500,000, trip cancellation and delay compensation, baggage loss benefits, and worldwide emergency assistance.
This travel insurance solution offers flexible coverage options for travellers across different age groups. The Travel Shield and Travel Max plans cater to a broad range of travellers, providing coverage for individuals from as young as 15 days old up to the maximum eligible age, which has been extended to 80 years old. The Golden Joy Plan is tailored for senior travellers aged 65 to 80 years old and offers a more affordable premium option for this segment. Together, these plans provide comprehensive protection for families, frequent travellers and retirees, allowing them to choose the coverage that best suits their travel needs and enjoy peace of mind when exploring new destinations.
Travel SafeGuard is available through MSIG Insurance Advisers and other platforms where MSIG insurance products are offered. Meanwhile, travellers who prefer to purchase insurance online may consider EZ Travel SafeGuard, which is available on MSIG Online. Designed with affordability in mind, EZ Travel SafeGuard offers essential travel protection with selected benefit limits, providing a more cost-effective alternative to Travel SafeGuard. It also offers the Travel Lite Plan, which is specially designed for young, budget-conscious travellers seeking basic coverage and value-for-money protection.
Customers may tailor Travel SafeGuard and EZ Travel SafeGuard to their needs by selecting optional add-on for an additional premium. Pet owners, for example, may consider the Pet Benefit Add-On, which helps cover additional pet boarding costs for up to five days when an unexpected travel delay of more than eight hours affects the scheduled collection of a cat or dog. Cruise travellers may consider the Cruise Benefit Add-On, which covers specified losses arising from missed connections, excursion disruptions or cancellations caused by illness, strikes or natural disasters.
“Travel SafeGuard and EZ Travel SafeGuard represent MSIG’s continued commitment to making travel insurance smarter and more relevant,” said Ms. Ang Yien Chia, Chief Executive Officer of MSIG Malaysia. “As the way people travel continues to change, travel insurance needs to keep pace, while giving customers the flexibility to choose protection that suits the way they travel. Whether travelling independently, with family or later in life, we want Malaysians to have practical and accessible protection that gives them greater confidence to explore the world.”
As part of the global Mitsui Sumitomo Insurance Co., Ltd. network under the MS&AD Insurance Group — one of the world’s largest general insurance groups — MSIG Malaysia continues to uphold its promise of providing reliable, customer-focused solutions to meet the needs of Malaysians at home and abroad.
Hashtag: #MSIG
About MSIG Insurance (Malaysia) Bhd
The company continues to strengthen its market presence through ongoing investment in digital innovation, customer focused service enhancements, and the development of insurance solutions that meet the evolving needs of Malaysians. It has also developed exclusive B2B business tools for its business partners to support more efficient collaboration and service delivery. As part of its ongoing sustainability journey, MSIG Malaysia remains committed to supporting initiatives that strengthen community resilience.
MSIG Malaysia is a subsidiary of Mitsui Sumitomo Insurance Company, Limited and a member of the MS&AD Insurance Group, Inc. (MS&AD), an insurance group with operations across Asia and various international markets. The Group manages a diverse portfolio of insurance companies worldwide and is recognised for its longstanding presence in the industry.
For more information on MSIG Malaysia, visit www.msig.com.my or facebook.com/MSIGmy.
*As of Dec 2025
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
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8. EIT study helps teenager turn beauty passion into career | EIT Hawke’s Bay and Tairāwhiti
October 29, 2026
Source: Eastern Institute of Technology
23 minutes ago
Rhythm-Lee King (Ngāti Kahungunu) completed two EIT qualifications.
Rhythm (Ngāti Kahungunu) left Hastings Girls’ High School in 2024 with a clear idea of what she wanted to do next.
“I didn’t want to leave school and not know what I was going to do. I wanted to make sure that I had a plan in place.”
Her interest in makeup began when she was a child and her mother did her makeup for ballet recitals. As she grew older, Rhythm began experimenting with Halloween looks before doing makeup for her mother and friends.
“I’ve always loved makeup. It has always been a passion of mine, and I really wanted to follow through with it when I got older.
“I love making people feel good about themselves. I also love learning about skin, what is good for it, what is not and how different habits can affect it.”
When Rhythm discovered EIT offered a programme that matched her interests, she decided to apply.
She enrolled in the NZ Certificate in Foundation Skills (Hair and Beauty) (Level 2) at EIT’s Hastings Campus before progressing to the NZ Certificate in Skin Care and Cosmetics (Level 3).
Both programmes were six months long, allowing her to complete them in the same year.
Rhythm had intended to continue into the Level 4 beauty therapy programme, but an opportunity to begin working in the industry came first.
“I was supposed to do Level 4, but I got a job, so I thought I could always come back to study.”
She joined Farmers Hastings as a beauty adviser in March, helping customers choose products and providing services such as colour matching.
Rhythm has since moved into a merchandising role in the store’s health and beauty department. Her work includes managing stock and creating promotional displays when brands release new products.
“I think it is very rare that someone says they love their job, but I genuinely do love my job. It is so fun.
“I love setting up all the new promotional things when brands come out with new products. I love the people and the environment.”
Rhythm says her EIT studies gave her a much broader understanding of skincare, products and makeup techniques than she had expected.
“I thought I would just go to class, put makeup on people and then take it off, but there is actually so much more to skin and makeup techniques than I thought.”
She now draws on that knowledge when helping customers at Farmers.
“If I had just left school and gone straight into work, I would have been a lost sheep. Because I went to EIT and learned everything they taught me, I am able to help my customers at work a lot more.”
Rhythm studied with support from the Te Ara o Tākitimu scholarship, which included assistance with travel costs.
She says the practical support, along with encouragement from her tutors and classmates, helped her complete her studies.
“I received help with fuel costs to get to and from class, so I had the funds to actually get there.
“My tutors were really lovely and helped me when I was struggling. My classmates motivated me to keep going as well. The support at EIT is really, really good.”
Alongside her role at Farmers, Rhythm has begun offering makeup services through her Instagram page, Beauty by Rhythm.
She has done makeup for birthdays and school balls and has also worked with the bridesmaids at a wedding.
In the future, Rhythm hopes to become a full-time makeup artist, specialising in weddings and running her own business.
“Once I am older and have explored the world a little more, I definitely want to become a full-time makeup artist and be my own boss.
“I am still young, so I am still trying to find where I fit in this world.”
Beauty Tutor Fleur Gunn said: “Rhythm was always a bubbly, energetic student; always eager to learn”.
“She was enthusiastic in class activities and thrived in all aspects. Her makeup skills were always incredible, but she grew to be really great at her retail skills on client days.”
Original source: https://nz.mil-osi.com/2026/10/29/eit-study-helps-teenager-turn-beauty-passion-into-career-eit-hawkes-bay-and-tairawhiti/
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9. UPDATE: FINAL WEEK to apply for up to $250,000 in AI support
October 29, 2026
Source: ARM Hub
Queensland manufacturers have been given extra time to apply for the Queensland Manufacturing AI Uplift Trial Program, with expressions of interest closing COB Friday 6 November 2026.
The program provides up to $250,000 as 80% co-funding into fully delivered AI services to eligible manufacturers. ARM Hub engineers will work directly with successful businesses to identify a practical AI use case, then build, deploy and measure the solution.
Who should apply
The program is open to Queensland manufacturers with:
- Between five and 500 full-time equivalent staff
- At least half of those staff based in Queensland
- At least two years’ continuous operation in Queensland
- A clear AI use case and a practical pathway to deployment.
At least one Flagship Project will be awarded to a regional Queensland manufacturer, defined as a business located outside Greater Brisbane.
What happens next
Shortlisted applicants will work with ARM Hub to develop an AI roadmap at no cost. A joint ARM Hub and Queensland Government panel will then assess the roadmaps and select the Flagship Companies, who will share in up to $750,000 in co-funding support.
Key dates:
- EOI closes: COB Friday 6 November 2026
- Shortlisted companies announced: By end November 2026
- Roadmaps delivered: November-December 2026
- Flagship Companies announced: By end January 2027
- Projects commence: March 2027
Don’t leave it to the last day!
With the FINAL deadline confirmed as 6 November, manufacturers interested in applying should find out more, review guidelines and submit their EOI early via ARM Hub: Queensland Manufacturing AI Uplift.
About ARM Hub
The Advanced Robotics for Manufacturing Hub is one of Australia’s four government-backed AI Adopt Centres. Based in Brisbane, ARM Hub partners with manufacturers, SMEs, researchers, and technology companies to drive innovation and productivity through advanced automation and AI solutions.
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10. Anchored in Data Sovereignty, the Engagement Enables the Legal Sector to Adopt Generative AI Safely and Confidently
October 30, 2026
Source: Media Outreach
Ridger Delivers MUX Private AI Deployment to Shum Wong & Co., Solicitors in Hong Kong
SINGAPORE – Media OutReach Newswire – 30 October 2026 – Ridger, an AI infrastructure company, today announced the official delivery of its MUX private AI solution to Shum Wong & Co., Solicitors in Hong Kong. The solution features MIMO, the world’s first AI-native storage system, making Shum Wong & Co., Solicitors the first law firm in Hong Kong Northern Metropolis to deploy it.
Representatives from Ridger, Shum Wong & Co., Solicitors, xFusion, and Richee at the delivery ceremony for the first MUX private AI deployment in Hong Kong Northern Metropolis.
Representatives from Ridger, Shum Wong & Co., Solicitors, xFusion, and Fadada’s RicheeAI team attended the delivery ceremony. During the event, Ridger presented the firm with the “Global AI Pioneer Law Firm” certificate in recognition of its forward-looking investment in private AI infrastructure.
The solution brings together AI-native storage and compute infrastructure, a dedicated large language model (LLM) environment, and AI applications tailored to legal workflows. Operating entirely within the firm’s own security perimeter, it marks a significant step toward enabling Hong Kong’s legal profession to harness the productivity of generative AI while safeguarding client data and meeting compliance requirements.
About the Deployment
In space-constrained Hong Kong, Ms. Careen H.Y. Wong, Founding Partner of Shum Wong & Co., Solicitors and Vice President of The Law Society of Hong Kong, set aside room in the Firm’s latest office in the Northern Metropolis for a standard equipment rack, ready for on-premise AI. It is more than a space decision: it reflects her view of the future of legal services—that while harnessing AI to improve efficiency, a firm must retain control of its data and technology boundaries, so that sensitive materials are always properly protected.
Under the engagement, Ridger built a privately owned, independently operable AI foundation for Shum Wong & Co., Solicitors, comprising high-performance storage and data infrastructure optimized for AI workloads, together with a dedicated LLM platform over which the client retains full control of model weights and the inference environment. The platform supports use cases including contract review and risk flagging, legal research and case-law retrieval, large-scale document review in due diligence, drafting and multilingual translation of legal documents, and internal Knowledge Base question answering. It also provides role-based access control, tiered permissions, comprehensive audit trails and content provenance to meet enterprise-grade governance requirements.
Called MUX, the private solution lets the firm begin with no barrier and without capital-intensive build-out or a dedicated server room, scaling on demand; it natively supports Hong Kong’s common law system and integrates seamlessly with existing systems such as email, document management and calendar, embedding AI into lawyers’ daily work. MUX can be ordered directly through Ridger’s website (https://ridger.tech), out of the box.
The delivery reflects the collaboration of legal expertise, AI infrastructure, compute platforms and industry applications: Shum Wong & Co., Solicitors defined the requirements for data confidentiality and on-premise deployment from its actual practice; Ridger provided the end-to-end MUX solution and led its design and integration; xFusion supplied the FusionXpark local AI compute platform and technical support; and Fadada provided the Richee Legal AI Agent Platform, leveraging specialized AI agents and skills to support lawyers in their daily work and improve workflow efficiency. Ridger notes that while an AI model determines capability for a moment, AI infrastructure determines long-term competitiveness.
Why Private AI Matters for the Legal Sector
1. Safeguarding client confidentiality and legal professional privilege
Client materials, transaction documents and dispute information handled by law firms are protected by legal professional privilege (LPP) and strict professional duties of confidentiality. Disclosure to third parties—including public cloud services—may be treated as a waiver of privilege, causing it to be lost and the materials to become disclosable in subsequent proceedings. Private deployment keeps storage, processing and inference entirely within the firm’s own environment, with no disclosure to external providers, preserving privilege and confidentiality at source.
2. Embedding data sovereignty and regulatory compliance
The solution aligns with Hong Kong’s Personal Data (Privacy) Ordinance (Cap. 486) and is designed with reference to the Privacy Commissioner’s “Checklist on Guidelines for the Use of Generative AI by Employees” and the “Model Framework on AI: Personal Data Protection,” as well as The Law Society of Hong Kong’s 2024 position paper on the impact of AI on the legal profession and the Manifesto on “Legal Ethical Code of Conduct Regarding the Deployment of AI.” It embeds the principles of lawfulness, transparency, traceability, interpretability, security and appropriate human oversight into a unified AI governance framework.
For a firm handling cross-border work, the same private environment also addresses the requirements of the major jurisdictions: for Mainland China, it aligns with the Personal Information Protection Law, the Data Security Law and data-export mechanisms such as security assessments and standard contracts; for Europe, it maps to the EU General Data Protection Regulation (GDPR) and standard contractual clauses; for the United States, it meets the confidentiality and competence duties under the ABA Model Rules of Professional Conduct and Formal Opinion 512 on generative AI. Because data always remains within the firm’s own perimeter, the firm can confidently meet local data-confidentiality and regulatory expectations wherever its clients are based.
3. Eliminating the hidden risk of “shadow AI”
Where a firm offers no convenient, approved AI tool, individual lawyers may turn to consumer-grade public chatbots for work, creating “shadow AI” that sits outside IT and compliance visibility—unapproved, unlogged and unaudited, with unknown data flows and no clear accountability. MUX channels that demand into a single, visible, auditable controlled environment, giving lawyers the efficiency they want while bringing every use under the institution’s governance and oversight.
4. Keeping institutional knowledge within the firm
The case law, templates and practical know-how accumulated by a firm are core competitive assets. A private platform continuously refined on the firm’s own corpus keeps these assets within the institution and compounds their value over time, rather than depositing them with an external vendor.
5. Ensuring control and business continuity
Private deployment insulates the firm from external API changes, model versioning, service outages or shifts in vendor strategy, giving it full control over capabilities, upgrade timing, cost and availability — a foundation for durable, long-term AI adoption.
Executive Quotes
“For industries built on trust and confidentiality, such as the law, the value of AI should never come at the price of data sovereignty,” said Ray Hu, General Manager Asia-Pacific Region of Ridger. “Private deployment lets a firm turn generative AI into auditable, governable and sustainable productivity without crossing confidentiality lines. We are proud to set this benchmark with Shum Wong & Co., Solicitors”
Ray Hu, General Manager Asia-Pacific Region, Ridger
“In Hong Kong, office space is scarce and precious, but data sovereignty is worth setting aside a place for. Building our own AI infrastructure lets us embrace AI while always safeguarding our clients’ trust and the boundaries of our profession.”
Careen H.Y. Wong, Founding Partner, Shum Wong & Co., Solicitors, Solicitors
https://ridger.tech
https://www.linkedin.com/company/ridger/
Hashtag: #Ridger #MIMO #MUX #PrivateAI #LegalAI #AIInfrastructure #HongKong
The issuer is solely responsible for the content of this announcement.
– Published and distributed with permission of Media-Outreach.com.
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