AGP Executive Report

Spain Housing Crisis: Spain’s housing access fight hit a new flashpoint after the eviction of 87-year-old Maricarmen Abascal, triggering tens of thousands of protests in Madrid and other cities and a tent camp at Puerta del Sol, with pressure mounting on the government to approve a housing decree-law and strengthen tenant protections. Policy & Parliament: The coming Council of Ministers and parliamentary maneuvering are centered on extending anti-inflation measures linked to the Iran war and pushing the housing decree-law through amid political resistance. Finance & Markets: Spain’s bond market is in focus as the Spanish bond reportedly pushed above 4% and returned to levels last seen in 2013, while BBVA Research flags AI vulnerability in employment across regions including Madrid and Catalonia. Banking & Tech: Telefónica Spain is reorganizing with a new devices unit, and Renfe says its websites are back after a cyberattack, while Monzo is in the spotlight for a potential sale talks involving Nubank. Global Health Funding: Spain co-hosted a UN-linked push to reverse a sharp global drop in funding for women’s, children’s and adolescents’ health.

Housing Crisis Pressure: Tens of thousands marched in Madrid and a growing Puerta del Sol tent camp vowed to stay until Spain delivers stronger tenant protections after the eviction of 87-year-old Maricarmen Abascal, with Sánchez promising a new housing decree ahead of a Tuesday cabinet meeting. Parliament & Energy Costs: The Congress of Deputies will debate a push for a temporary EU tax on “extraordinary” energy profits to share the burden of the energy shock, as Spain argues consumers and public accounts shouldn’t carry it alone. Banking/Markets: Spain’s bond story stays hot: the Spanish bond reportedly topped 4% and returned to 2013 levels, while BBVA research flags regional vulnerability to AI-related employment risks. EU Policy & Digital/Green: The EU is backing digital connectivity and green-economy corridor projects, with Spain joining the Luzon Economic Corridor framework. Sports Finance Fallout (Spain-linked): Manchester City’s Premier League financial breaches verdict continues to ripple into England camp discussions, while a separate FIFA transfer dispute has Fenerbahce ordered to pay Sevilla nearly $3m over En-Nesyri installments.

Housing Crisis: Tens of thousands marched in Madrid after the eviction of 87-year-old Maricarmen Abascal, with protesters demanding stronger tenant protections, anti-fraud rules and a ban on evictions without alternative housing; the case has become a rallying cry against rent hikes driven by investment funds. Banking & Finance: BBVA is preparing to open a Miami office focused on investment and corporate banking, seeking regulatory approvals as it deepens its wholesale push in the US. Markets & Debt: Spain’s bond yield pushed above 4%, returning toward 2013 levels, as investors reassessed sovereign risk. Tech & Work: A Digital Talent Barometer finds 51.7% expect fewer opportunities for junior roles as AI reshapes hiring and entry-level work. Auto Recall: Volkswagen warned of a steering-corrosion issue and recalled about 4 million vehicles worldwide, including models sold under Spanish brand Seat. Sports Finance Spillover: Reactions continue after reports that Manchester City were found guilty on most of 115 Premier League financial charges, with broader legal and sporting fallout still looming.

Housing Crisis: Madrid’s tenants’ union is calling a protest after an 87-year-old woman, Maricarmen Abascal, was forcibly evicted from a home she’d lived in for over 70 years, underscoring Spain’s rising eviction and rent pressure. Banking & Cybersecurity: Renfe says its user data was hit in a cyberattack, with services affected and security steps underway. Public Finance & Markets: Spain’s bond yield pushed above 4%, returning toward 2013 levels, as investors reassess sovereign risk. Energy Investment: Spain is expanding green hydrogen projects to boost energy independence, with new investment momentum. Social Economy: Yolanda Díaz signed an MoU with South Korea to deepen cooperation on the social and solidarity economy, including financing tools and public procurement know-how. EU/Regulation Watch: The EU is moving on energy reforms with strong action against multiple states over missed targets, a reminder of tightening compliance pressure.

Renfe Cyberattack: Spain’s rail operator Renfe says a cyberattack linked to compromised Adif servers exposed limited user data (names and email addresses), with no confirmed access to bank/payment details; services are running normally. Football Finance & Regulation: Manchester City were reported found guilty of all but one of 115 Premier League financial-rule breaches, with an appeal expected—while Rodri insists the club is innocent and will trust the process. EU Governance Pressure: The Premier League joined other European leagues in demanding fundamental FIFA reform, arguing current governance is “not fit for purpose.” Airline Expansion: Wizz Air launched a new Larnaca–Madrid route, adding a third Spanish connection as it deepens Cyprus ties. Morocco Politics: PAM won 97 seats in Morocco’s parliamentary election but fell short of a majority, setting up coalition talks. EU Legal/AML: The European Commission updated infringement procedures, including steps tied to anti-money laundering directive transposition and beneficial ownership transparency. Energy/Costs: UK budget debate coverage highlights pressure to soften energy price rises, with talk of potential bank windfall taxes.

UN Human Rights Watchlist: The UN human rights office added 61 more firms to its database tied to illegal Israeli West Bank settlements, bringing the total to 214 across 11 countries; Spain’s Salvat Logistica is among the newly listed, alongside major names like Airbnb and Expedia, a move that can fuel boycott/divestment pressure. UNRWA Funding Push: UN Secretary-General António Guterres urged countries to back UNRWA, warning the agency’s mandate is at risk amid attacks and operational disruption, including the reported raid and demolition of its East Jerusalem HQ. Football Finance Shock (Spain-linked): Manchester City were found guilty on 114 of 115 Premier League financial charges; no penalties yet, but potential sanctions could ripple into Europe’s transfer market—Real Madrid is watching closely, with Erling Haaland’s contract details in focus. Spain Housing Crunch: Madrid’s eviction of 87-year-old Maricarmen Abascal after rent hikes sparked protests and renewed scrutiny of Spain’s affordability crisis. Energy & Industry (Spain): Moeve broke ground on “Onuba,” a €1bn-plus green hydrogen project in Huelva (300 MW electrolysis, expandable), backed by Hy24 and COFIDES. Banking/Tech & Payments: Telefónica Spain created a hardware unit as sales rise 10%, while Mastercard rolled out Wallet Pay to boost digital wallet use. Aviation/Corporate: Iberia Maintenance won AESA approval to perform comprehensive Airbus A350 base maintenance at its Madrid MRO site, with an initial A350 check due to arrive Sept. 26.

EU Diplomacy & UNRWA Support: Spain is named among co-hosts of a UNRWA ministerial meeting in New York, as international backers stress political and financial support for Palestine refugees. Pharma Investment Watch: Moderna shares jumped to a four-year high after talks with the UAE on advanced pharmaceutical R&D and manufacturing cooperation. Spain Industrial Policy: Spain is drafting a “Made in Europe” preference model with three layers (competitiveness, resilience, decarbonization) to shape which products qualify for EU procurement and support, including how far preference can extend to third countries. Energy Transition & Transport Emissions: New analysis highlights heavy road freight as a major emissions driver in Spain and argues electrification is central to meeting climate targets. Tourism Pressure in Spain: Thousands protested across Spanish hotspots against tourism growth and airport expansion plans, with Barcelona among the biggest flashpoints. Cross-border Crime: Europol backed a multi-country migrant smuggling crackdown across Schengen-linked airports, leading to arrests and document-related seizures including in Spain. Corporate Dealflow: Platinum Equity completed the $6.6bn sale of Urbaser, keeping its Argentina waste unit, with Citi and Santander advising. AI in Legal Services: A new wave of AI adoption is reshaping law firm operations and pricing models, with Spanish legal teams reporting major hours saved.

Banking & Markets: Santander says it has completed 38.18% of its €1.825bn share buyback, repurchasing 10.9m shares at an average €12.67 in week five, with completion targeted for early Jan 2027. SME Tech: Spain’s Chamber of Commerce rolls out a practical 30-day AI guide for SMEs, noting 45.3% of firms still don’t use AI and only 5.3% have strategic integration. Housing Pressure: Madrid’s eviction of an 87-year-old woman after a 275% rent hike sparks protests and spotlights Spain’s wider affordability squeeze. Football Governance: The Premier League and La Liga, Bundesliga and Serie A plan a joint push for FIFA reform over calendar governance and Infantino’s crisis. Energy/Investing Angle: Goldman initiates coverage of Almonty, calling it central to the Western tungsten investment story as China restrictions tighten supply and prices surge. EU Jobs: The European Commission commits €10m to a women’s employment push in MENA, aiming to create 500,000 jobs by 2030.

EU Housing Law: The European Commission has tabled a new plan to give member states, regions and municipalities stronger tools to tackle the housing access crisis, including possible limits on second-home purchases, tighter rules for short-term rentals and incentives/tax measures aimed at bringing properties back to the residential market—MEP Alicia Homs says citizens need “answers” as the proposal heads into a tough Parliament negotiation. Pensions Outlook: A FEDEA study using the EU Ageing Report projects Spain’s pension system improves on an actuarial sustainability indicator by 2050, but the system’s annual financial balance worsens, with the deficit rising from 0.2% of GDP (2022) to 2.7% (2050). Ceuta & EU Border Politics: Analysis of the July Ceuta surge frames it as a stress test for EU land-border returns and disinformation policy, with Spain’s regularisation drive and a Supreme Court curb on summary sea pushbacks at the center of political debate. Telefónica Spain: Telefónica Spain is creating a new Devices business unit led by Alberto Ruano, signaling a push to reorganize operations around hardware. Climate Governance: Spain has endorsed CHAMP for Climate Action, bringing the coalition to 78 countries plus the EU to coordinate climate policy and finance across government levels. Banking/Payments Tech: Mastercard and Danske Bank completed Denmark’s first AI agent payment on live card rails, a sign of how agentic payments are moving from pilots toward real transactions.

Football Finance: Barcelona says 2025/26 revenue hit a club record €1.06bn (up €66m), but it still posted a net loss of €18m—another sign of how Spain’s top clubs are growing income while chasing financial sustainability. Housing Crisis: Madrid police evicted 87-year-old Maricarmen Abascal, a disabled tenant, after an investment firm sought to raise her rent from ~€500 to €2,650; protests erupted and the case is fueling fresh scrutiny of “vulture fund” tactics. Telecom Deal: Orange dropped the MásOrange brand and will operate as “Orange España” after taking full control, aligning branding across its Spanish business. Energy & Infrastructure: Spain-linked repairs are underway for defective equipment at the Vulcănești–Chișinău power line’s Chișinău substation, with commissioning expected after integration tests. Global Finance Watch: The IMF urged the UK and US and other advanced economies to rein in debt as Middle East energy shocks lift inflation and borrowing costs. Tech & Defense: AWS won NATO “NATO Restricted” approval, becoming the first hyperscaler cleared for mission-critical workloads across NATO member regions.

Spain-US Extradition: Spain’s Council of Ministers has authorised the first step of the extradition process for US citizen James Cox Chambers Jr, accused by Washington of financing Hamas, moving the case to the Spanish courts (final decision still with the Spanish government). Spain-US Political Case: A separate US extradition request for Fergie Chambers is also advancing procedurally toward the Audiencia Nacional, with arguments focused on alleged political-offence safeguards. EU Energy & Markets: The EU is pushing a deal on the 2028–2034 Multiannual Financial Framework while ministers debate rule-of-law and competitiveness priorities; separately, EU ministers plan to grade big data centres on energy and water use. Banking & Finance: FintechOS says it reached profitability in H1 2026 and raised $28m, with Santander CIB providing senior debt. Energy Transition: A new Spanish green hydrogen project is breaking ground, while Spain prepares a capacity market via auctions alongside major grid investment. Corporate/Investing: Spain’s IE University partnership is renewed by NBK to build banking talent.

EU Payments Watch: FintechZoom says 4 in 10 authorised payment firms in Europe have never used the EU “passport” to notify into other member states, with Spain and Italy among the lowest users. EU Budget Fight: Brussels budget talks intensify as Germany and four other net contributors push for a smaller 2028-2034 EU increase; Spain is proposing changes to post-pandemic debt repayments to create about €70bn in room. Corporate/Deal News: Platinum Equity completes the $6.6bn sale of Madrid-headquartered Urbaser to Blackstone and EQT, after a multi-year transformation. Energy & Industry: Moeve breaks ground on what it calls Europe’s largest green hydrogen plant in Huelva, targeting 2GW electrolysis and 45,000t/y hydrogen. Banking/Markets: JPMorgan starts coverage of Atalaya Mining at “overweight,” citing a growth path from Galicia and the Riotinto base. Infrastructure/Spain: Ceuta’s Tarajal maritime buoy is again deflated, raising questions for border-control equipment ahead of renewed migration pressure.

CNMV Reform: Spain’s stock market watchdog (CNMV) has wrapped up a public consultation on a new circular for semi-annual results, aiming to cut the number of reporting items while keeping full financial comparability—new rules are set to apply to periods starting Jan. 1, 2027. Housing & Finance: In Madrid, tenant groups are staging “The Neighborhood” counter-summit to “The District,” pushing back against big real-estate capital as rents, touristification and neighbor displacement rise. Real Estate Investing: Investment funds in Spain are stepping up bets on major property deals in 2026, with large landlords still dominating despite new entrants. Energy/Infra Deals: Ares Management is considering a minority stake in Denmark’s Copenhagen Infrastructure Partners, targeting “green” infrastructure exposure in Europe. AI/Data Centres Backlash: Protests continue over Google’s planned data centre in Austria, with Spain also seeing legal action over major data-centre buildouts. Transport Electrification: Irizar has delivered 31 electric buses to Poland’s GZM network, adding charging infrastructure alongside the fleet.

Ibex 35 Rebounds: Spain’s main stock index closed up 1.25% at 19,724.4 points as oil slipped below $100 amid Middle East diplomatic moves, with markets watching the risk of renewed sanctions and supply disruptions. AI Policy Push: Prime Minister Pedro Sánchez unveiled the 12-month Plan IA360, warning that AI concentrated in a few hands could be “devastating” and promising tighter safeguards alongside investment in infrastructure and new models. EU Cybersecurity Warning: The European Court of Auditors says EU cyber defenses are weakened by poor cross-border incident information sharing, calling it the “Achilles heel” of the system. Tourism Backlash: Thousands protested Aena’s airport expansion plans in Barcelona, Palma and Ibiza, arguing the €3.2bn upgrades will worsen overtourism and housing pressure. Energy & Industry: Moeve (ex-Cepsa) started construction of Onuba, a green hydrogen hub in Huelva aiming for 2GW electrolysis capacity, while a Renewable Fuels Platform report urges Spain to align renewable fuel tax rules with the EU. Banking & Savings: Bank of Spain data shows Andalucía’s bank savings rose over 43% since Covid, reaching nearly €184bn. Corporate/Finance: COFIDES-backed Elian secured €40m to expand plant-based protein production at the Port of Barcelona, targeting more local protein supply.

Cybersecurity & Regulation: Spain’s Cybersecurity Coordination and Governance Law is set for approval at the Council of Ministers, aiming to transpose the EU’s NIS2 rules with clear risk-management duties, incident reporting and security-officer requirements. Banking & Digital Services: Bank of China has launched a multilingual portal (all six UN languages) to expand global access to financial information and services. Energy & Markets: The EU is weighing a windfall tax on energy firms “at this stage” without committing to a bloc-wide move, while warning fuel-price pressure could trigger political fallout—Spain is among the countries facing elections next year. Spain–Africa Agri Ties: Spain’s agriculture minister met Nigeria’s ambassador to discuss deeper cooperation in agro-food production, livestock, irrigation and technology transfer. AI Infrastructure in Spain: iPronics and the Barcelona Supercomputing Center are partnering on programmable optical networking to boost GPU-based AI performance and cut latency and energy use. Cross-border Security Costs: Ceuta police allowances are under fire, with unions saying the €77/day hospitality allowance hasn’t been updated since 2005 despite soaring costs.

Public Finance & Energy Costs: France’s public debt is set to hit 119.3% of GDP in 2026 and 121.7% in 2027, the highest since 1978, as deficits stay high—while diesel prices in France hit fresh records amid Middle East-driven oil supply disruptions, keeping pressure on household budgets. EU Banking/Regulation Tech: The European Commission is pushing a “Kids Act” to restrict social media access for children under 13, using an EU-built open-source age-verification app rolled out via member states including Spain. Spain Diplomacy: Foreign Minister José Manuel Albares heads to UNGA in New York to back protection of international law and multilateral reform, with Spain also spotlighting Ibero-American priorities. Sports Finance & Media: PSG chief Nasser Al-Khelaifi is under French judicial scrutiny over a suspected conflict of interest tied to 2024 French league TV rights deals involving DAZN and beIN Sports. Spain-Linked Markets/Trade: A separate EU policy debate targets Chinese auto competition, with a proposal to limit hybrid-car sales shares in the EU—aimed at easing deindustrialisation fears.