AGP Executive Report

Banking Leadership in Spain: Revolut has named Santiago Pérez Olano, formerly Remitly’s EMEA director, as the new head of Revolut Bank UAB’s Spain operations, aiming to steer strategy and day-to-day banking growth. Markets Watch: The Ibex 35 opened almost flat near 19,988 points, with investors focused on Middle East tensions and oil prices after the US-Iran 60-day deadline expired. Luxury Property Boom: Foreign buyers now drive about 60% of Spain’s ultra-luxury demand, with prices up roughly 30% over five years, led by hotspots like the Balearics, Malaga, Madrid and Barcelona. Housing Demand by Ukrainians: Ukrainians remain active buyers in Spain, with an estimate of around 1,500 residential purchases in the first half of 2026. Climate Finance Pressure: New reporting warns Europe’s extreme weather is becoming a recurring fiscal burden for governments as uninsured losses rise. Energy Policy: Spain has extended the operation of its Almaraz nuclear plant to 2030, reflecting shifting energy-risk calculations. Migration and Ceuta: Coverage continues on the Ceuta crisis, including protests and the broader strain on Spain-EU border policy.

Chinese Investment & Security: Spain is set to approve SAIC Motor’s plan to build an MG car plant in Galicia, with Defense Ministry backing despite earlier security concerns near a naval base, aiming for production in 2028 and up to 120,000 units a year. Trade & Tariffs: India has asked the WTO for consultations with the US over a 50% tariff-rate quota on quartz surface imports, a safeguard measure running for four years. Energy & Markets: European stocks closed mostly lower as bond yields rose and Middle East tensions kept risk appetite in check; Spain’s IBEX slid the most among major indexes. Ceuta Migration: Spain’s African enclave remains under pressure after the Morocco-linked surge; authorities estimate thousands still in Ceuta and report continued border and humanitarian strain. Climate & Agriculture: Heatwaves and drought are pushing European farmers into an “unprecedented” crisis, with major vegetable and maize shortfalls reported. Tech & Business: Meta says it used AI to remove 750,000+ under-16 accounts in Australia under the country’s social-media ban. Football Finance: Real Madrid’s Ortega sale to Strasbourg highlights ongoing Spanish club cash management as European football’s money gap widens.

Chinese Auto Expansion in Europe: Chinese carmakers are shifting from exports to local production, using greenfield plants, joint ventures and contract manufacturing across Hungary, Sweden, Belgium, the UK and Spain—BYD leads with a €4bn Szeged EV plant, while SAIC is planning an MG complex in Galicia (Ferrol/As Pontes) pending approvals. Spanish Tech for Supercomputing: Openchip has released BER10, a Spain-designed 64-bit RISC-V chip for validation in European supercomputing and data centres, aiming to strengthen local silicon independence for future AI accelerators. Ceuta Migration Pressure: Hundreds of migrants in Spain’s Ceuta enclave protested on a beach demanding asylum and refusing return to Morocco as authorities say irregular entrants won’t be allowed to stay or regularise. EV Exports to Spain: India’s electric car exports surged to $369m in Q1 FY27, with Europe the top destination; Spain led with $146.4m and 4,007 vehicles. Climate Risk Hits Finance: CaixaBank says Spain’s heatwaves haven’t boosted green mortgage demand, while insurers face mounting wildfire losses and thinner margins as climate exposure rises. Data Centres Boom: Allianz flags an AI-driven surge in data-centre investment, with Spain among faster-expanding European markets. Football Transfers (Spain-linked): Barcelona’s Rodri deal with Man City is reported as agreed, while Real Madrid’s midfield plans are also in flux.

Rodri Deal: Barcelona say they’ve reached a preliminary agreement with Manchester City for Spain midfielder Rodri in a package reported at €76.5m (about €60m guaranteed plus €16.5m in add-ons), with the player expected to arrive soon after missing City’s Community Shield. Transfer Market Pressure: City’s Enzo Maresca says the club will stay active before the window closes, while City reportedly want around €80m for Rodri, keeping negotiations tense. Ceuta Migration Fallout: Hundreds of migrants in Spain’s Ceuta staged a beach protest demanding asylum rather than deportation to Morocco, as Morocco and Spain tighten border security after the earlier mass crossing that left dozens dead. Energy Policy: Spain extends operations of its Almaraz nuclear plant to 2030, delaying the shutdown as gas and power risks reshape energy planning. Economy & Prices: Reports highlight food price pressures and inflation dynamics, with heat and supply conditions cited as drivers of higher costs.

Real Estate & Luxury Demand: A €3.2m Gran Canaria villa in San Agustín-Bahía Feliz has topped Idealista’s summer ranking of Spain’s most-viewed luxury homes, drawing more clicks than Mallorca, Madrid, Alicante and Málaga. Street-Level Enforcement: Tenerife police seized nearly 1,500 counterfeit handbags and 1,400 fake designer badges in Arona, targeting illegal street selling in Las Americas and Los Cristianos. Football & Business of Transfers: Barcelona have dropped their plan to activate Atlético’s Julián Álvarez release clause, with Sporting Lisbon’s Luis Suárez now off the table at an “excessive” €80m price. Energy Markets: Spain is testing methanol as a cleaner liquid fuel route, with a pilot using renewable petrol and a new methanol range-extender EV powertrain aimed at keeping liquid-fuel options viable. Renewables Power Deals: A Spanish solar-plus-wind hybrid project is being positioned to unlock value in a market plagued by negative pricing, supported by a major 10-year PPA. Consumer Costs: Spain’s food bill rose to an average €1,875 per person in 2025, up from €1,506 in 2019, while households bought fewer kilos/litres. Migration & Border Politics: Ceuta remains a flashpoint in Spain-Morocco relations, with analysts warning the crisis exposes weaknesses in Europe’s migration strategy. Security & Defence: A Spanish F-18 shot down a drone over Romania during NATO air policing, with the drone’s origin still unconfirmed.

PSG Deal Watch: Paris Saint-Germain have completed the €50m Ferran Torres move from Barcelona, with the Spain World Cup winner signing through 2031 after a deal that had been progressing while he missed training. La Liga Finance: Barcelona’s Torres sale brings in €48.8m and frees about €20m in wage space, while Real Madrid’s summer spending is again in focus, with one report putting them at ~40% of La Liga’s total transfer outlay so far. Transfer Market Tensions: PSG walked away from a late-stage move for Parma goalkeeper Zion Suzuki after his representatives raised demands, while Atletico Madrid completed the Cristian Romero signing from Tottenham on a deal to 2031. Ceuta Migration & Governance: Spain faces fresh scrutiny over its response to the July Ceuta surge, as unions say warnings were ignored; meanwhile Morocco has detained 111 irregular migrants near Fnideq and blocked another attempted rush. Energy/Policy: Spain extends the life of its biggest nuclear plant to 2030, delaying the phase-out amid energy-security concerns. Business & Travel: Air Canada expects record September-October revenue as premium travellers shift away from summer peaks, including demand for Spain and the Mediterranean. Media Freedom: Spain’s government says it is in contact with Morocco after journalists were expelled from Castillejos while covering the Ceuta border area.

LaLiga Kick-Off: Spain’s top flight returns this weekend with a subdued opening round as Barcelona and Real Madrid sit out, while Atlético play later—setting the stage for a U21 talent spotlight beyond the usual giants. Atletico Madrid Deal: Atletico have completed the signing of Argentina defender Cristian Romero on a deal to 2031 for about €40m, adding defensive experience as Barcelona and Arsenal had also been linked. Ceuta Border Fallout: Reuters reports border workers’ unions warned Spain’s central government weeks before the July Ceuta rush of 70,000+ migrants, saying Madrid ignored calls for faster action and that a court ruling and videos helped fuel the surge. Heat, Wildfires, Power: Record heat across Europe is driving wildfires and forcing operational strain, including nuclear reactor shutdowns in France due to drought and extreme temperatures. Spain Earthquake: A 4.8-magnitude quake hit near Granada early Saturday, with shaking felt across Malaga and no immediate damage reported. Energy Policy: Spain extends its Almaraz nuclear plant operations to 2030, delaying the shutdown amid gas-risk concerns. Retail Impact: Lidl rolls out new rules across Spain, affecting how shoppers and stores operate. Consumer/Travel: Spain’s inflation and travel costs remain in focus, alongside guidance on flight delays and cancellations as extreme weather disrupts plans.

Spain’s energy policy: Spain has extended the Almaraz nuclear plant’s operating life to 2030, delaying the shutdown as gas-risk concerns reshape the country’s power strategy. Inflation & markets: Spain’s inflation has picked up to 3.6% in July, while the Ibex 35 ended the week slightly down (down 0.10% to 20,156), with investors also weighing geopolitical noise. Energy & climate pressure: Europe’s heat and wildfire risk are starting to show up in economic forecasts, with research pointing to major potential output losses across the region. Housing rules for cross-border workers: New regulations for frontier workers now apply, setting weekly entry requirements and clarifying employment and benefits for people working around Gibraltar. Border & migration: Ceuta remains tense after a new wave of online mobilisation and fake claims about a “special opening” date, prompting Spain and Morocco to tighten security and counter misinformation. Corporate/finance angle: EU gas stocks have fallen to 2021 lows ahead of winter, adding pressure to energy-cost expectations for businesses.

Ceuta Border Tension: Morocco has reinforced the border near Fnideq ahead of August 15 calls, while Spain keeps an extraordinary Ceuta deployment of about 1,600 police and civil guards plus roughly 2,000 military personnel, as authorities also move against alleged organisers. Valencia Crime Probe: Spain is investigating an alleged cocaine money-laundering network tied to a port of Valencia operation, with suspected proceeds routed through property firms, transport businesses, a clinic and crypto transactions. Energy & Cost Pressure: Fuel is up sharply in the Canary Islands—about +25% since January—hitting both petrol and diesel prices and widening the gap versus mainland Spain. Heatwave Fallout: Europe’s extreme heat is disrupting river cruises as water levels plunge, while wildfires threaten peak-season tourism across Greece and parts of Germany and France. Household & Policy Watch: A new EU cash-payment cap is set to roll out in Spain from July 10, 2027, with identity checks for cash payments between €3,000 and €10,000. Business & Markets: Spain’s inflation story remains in focus as energy costs push prices higher, while the Ibex is reported mixed despite intraday strength.

Markets & Banking: The Ibex 35 slipped 0.18% to 20,168.6 points after a strong start that set a new intraday record, with banking stocks offering mixed support as Repsol and Sabadell led among small shareholders. Inflation & Household Costs: Spain’s inflation picked up in July on energy costs, adding pressure to already strained household budgets and fuel/electricity bills. Energy & Renewables: Heat is increasingly disrupting the economy and pushing renewables projects to the brink, while Spain also faces the operational stress of extreme summer conditions. Corporate/Finance: Revolut secured a full French banking licence, signalling continued expansion across Europe and more competition for traditional banks. Tech & Security: Spain is seeing renewed focus on stronger identity and fraud defenses as AI-driven attacks outpace older biometric-only checks. Sports Business (Football): Barcelona has reached a finalised deal in principle with PSG for Ferran Torres, while transfer-market noise around Rodri and other LaLiga-linked moves keeps dealmaking front and centre. Migration & Border Politics: The Ceuta crisis continues to reverberate, underlining how border management and geopolitical narratives are colliding in the Western Mediterranean.

Spain Business & Markets: Digi Spain Telecom swung to net attributed losses of €14.5m in H1 2026 (vs -€1m a year earlier) while revenues rose 15.7% to €515m; it kept its 2026 forecast. Construction & Infrastructure: OHLA posted €0.5m net profit in H1 2026, helped by a rebound in operating performance despite a New York lawsuit drag. Energy & Power: Greece logged one of the lowest wholesale electricity prices in the EU at €95.81/MWh, with renewables expected to cover about 70% of demand—Spain sits higher at €141.70/MWh. Tourism & Consumer Impact: Spain’s total solar eclipse drew large crowds and extra tourism projections (nearly 450,000 visitors), while the event also triggered safety and logistics attention, including recalled eclipse glasses. EU/Trade Context: China’s imports from Germany fell 1.7% in H1 as it shifts sourcing and partners across lower-cost parts of Europe, even as overall trade with Germany grew. Tech & Regulation (US, with spillover relevance): A US appeals court let thousands of social media addiction lawsuits against Meta and TikTok proceed, rejecting arguments for broad protection from suit.

Solar Eclipse & Wildfire Watch: Millions flocked to northern and central Spain for a rare total solar eclipse, with Interior Ministry-backed viewing sites, heavy police deployment and strict warnings as extreme heat and dry vegetation raise wildfire risk. Consumer Protection & Telecom Fraud: Spain is tightening anti-scam rules, including new call-blocking measures and SMS controls from mid-September, after a surge in scam-related helpline contacts. Tech Infrastructure: Google announced three new subsea cable systems to expand its Americas Connect network, boosting connectivity resilience for Google Cloud regions. Business & Markets: The Ibex 35 inched down to 20,204 as US inflation cooled, while Spanish stocks like Solaria and ACS led gains. Sports Business: Osasuna signed Ghana defender Rockson Yeboah for €3m with a €30m release clause, underlining LaLiga’s talent pipeline. EU Policy: The European Commission registered new protected origin products from Spain, including Catalan ham and Valencian olive oil.

Chinese Car Investment & Security: Spain’s Defence Ministry is set to approve SAIC’s planned MG car plant in Galicia despite reports of espionage risks due to its proximity to the Ferrol naval base. Telecom Strategy: MasOrange is reassessing its supplier mix, aiming to cut Huawei and remove ZTE equipment by 2027, boosting Ericsson’s share amid EU cybersecurity pressure. Climate & Insurance Costs: Swiss Re says global economic losses from natural disasters hit $100bn in H1 2026, with Europe’s heat and early wildfire season (including Spain) a key worry. Energy Grid Planning: Octopus Energy urged UK customers to use less electricity during the total solar eclipse as solar generation dips could affect Spain and Portugal. Tourism & Infrastructure: Uttar Pradesh (not Spain) is building a six-site Buddhist circuit around Sarnath after UNESCO recognition, betting on connectivity and visitor facilities. Organised Crime Crackdown: Guardia Civil in Tenerife dismantled a luxury car trafficking ring accused of €1.3m losses via fraudulent leasing and altered documents. Business & Markets: Evoke/888 warns higher UK gaming duties cut profits, while revenue stayed flat and shareholders vote on the Bally’s Intralot deal on 17 August.

Markets: Spain’s Ibex 35 closed above 20,200 points for the first time, extending a run of record highs as Repsol led gains on firmer oil prices amid US-Iran tensions. EU Funding: Spain received €6.23m from Next Generation EU in the sixth (penultimate) Recovery and Resilience disbursement, bringing total inflows to about €78bn and tying the payment to housing, healthcare, mobility, rail digitalisation and PERTE milestones. Energy & Weather: A partial solar eclipse is set to jolt electricity prices in Europe, with Germany seeing brief spikes above €400/MWh, underscoring how weather-driven renewables are reshaping power markets. Business & Policy: Oceana is pushing amendments to Spain’s fisheries law to force more transparency on beneficial owners and curb IUU fishing linked to Spanish interests in West Africa. Football Economy: Barcelona moved toward a defensive reshuffle after Ronald Araujo’s exit, with interest in Betis defender Natan reported as the club weighs transfer priorities and Betis seeks cash. Sports Finance: The New York Yankees secured a $2.6bn Apollo financing deal, a reminder of how private capital is still reshaping big-league club balance sheets.

Heat & Work Rules: Spain’s hospitality sector faces new heatwave safety duties under the updated VI National Labour Agreement, with outdoor terrace table service potentially paused when conditions are judged unsafe (no automatic shutdown, venues must assess risk and add protections). Energy Policy (BOE): Spain’s electricity market rules are updated in today’s BOE, including changes to daily and intraday operations with 96 intraday negotiation rounds, plus flexible access permits for demand to grid networks. Markets Watch: The Ibex 35 starts slightly higher near 20,200 as Brent rises toward $89 amid oil-market uncertainty linked to Iran and the Strait of Hormuz. Migration Tensions: Sweden’s PM calls Spain’s planned regularisation a “very bad idea,” warning it could trigger a 2015-style migration crisis; Latvia’s interior minister also criticises Spain over Ceuta-linked migration policy. Tourism Pressure: Hotel prices in parts of Spain (and Iceland) surge ahead of the Aug 12 total solar eclipse, with eclipse tourism raising costs and demand.

Energy & Industry: Spain’s Russian LNG imports dipped in July to 2,088 GWh (from 2,150 a year earlier), though Russia stayed a key supplier at 8.1% share, while Algeria led with 41.7% and Nigeria followed with 15.4%. Defence Tech: Indra and HENSOLDT have started operational-condition tests of the new ECRS Mk1 radar for Spanish and German Eurofighters, with flight tests planned across 2026 and delivery starting in 2027. Politics & Property: A Madrid court is investigating Planifica Madrid’s €6.3m penthouse purchase linked to the Ayuso government’s Royal Post House works. Climate & Economy: Europe’s record heat is projected to cost the EU economy €180bn (about 1% of GDP), with Spain and Italy among the most physically exposed. Migration & Borders: Ceuta remains a flashpoint as Spain deploys military resources after thousands breach the border, keeping pressure on EU border politics. Business & Finance: Revolut’s expansion continues with a full French banking licence, while Paysafe extends its digital wallet in Poland. Real Estate & Housing: Young Spaniards increasingly look to move to small towns—23% of 18-24s plan relocation to municipalities under 10,000 inhabitants.