The Spanish economy is holding its ground despite the war in the Middle East, or at least that's what the Bank of Spain projects. The supervisory body estimates that it will grow by 2.3% in 2026 and 1.7% in 2027, as published this Thursday, thus maintaining the growth forecast from last March unchanged. At that time, however, only a few weeks had passed since the attack by the United States and Israel on Iran had passed since the attack by the United States and Israel on Iran. However, despite seeming to save face in a context of strong global uncertainty, there are some "structural problems" that could shake economic activity in the State, among which, once again, access to housing stands out: "It can lead to significant macroeconomic and social effects," according to the Annual Report of 2025Annual Report of 2025 published this Thursday by the supervisory body.

The defense company Santa Bárbara, a subsidiary of the North American General Dynamics, maintains its legal battle at the National Court against the allocation of a part of the Spanish government's contracts to strengthen the military and defense industry in the State. This Wednesday, the company presented its appeal to the National Court regarding the resolutions that awarded two contracts from the Spanish government's Special Modernization Programs (PEM): the ATP Wheels contract and the ATP Tracks contract, according to company sources. Both contracts amounted to 7.24 billion euros and were awarded to the temporary joint venture formed by Indra and Escribano Mechanical & Engineering (EM&E).

A few days ago it was the auditorium of the Iese business school, and this Wednesday it was the turn of one of the main halls of the Palace of the Dukes of Santoña, headquarters of the Madrid Chamber of Commerce. These have been the two venues in the Spanish capital where Marc Armengol has debuted as CEO of Banco Sabadell. In the first forum, among the audience there were mostly students of finance or business management, while in the second, Madrid businessmen and investors took center stage, especially those linked to the Madrid Chamber of Commerce. And Armengol was aware of this. When Ángel Asensio, president of the Madrid organization, asked him about the role of the Spanish capital, the CEO of the Vallesana entity did not hesitate to praise its economic dynamism: "Madrid is the economy [of the State] that stands out the most". He also pointed to the audience listening to him, and in particular the Chamber of Commerce, as responsible for this feat: "Congratulations on the work you do. It is essential and explains the dynamism of the [Madrid] economy," said Armengol.

The president of the Spanish employers' association CEOE, Antonio Garamendi, has raised his tone regarding the political situation the State is going through and which is marked by different judicial fronts: "The [Spanish] panorama is devastating [...] We are heading for institutional drift," Garamendi denounced during the closing of the CEOE General Assembly held this Wednesday in Madrid. The employers' leader also called to "lift the carpets, because the cases of corruption are incredible".

"Running a household is always complicated," reflects a voice that has been working hand in hand with Cani Fernández, the until now president of the National Markets and Competition Commission (CNMC), whose term expires this Wednesday. She has experienced this firsthand, especially because these six years at the helm of Competition have been marked by historic milestones in the field of competition: from the investigation into the massive power outage or the rise in fuel prices due to the wars in Ukraine and the Middle East to BBVA's hostile takeover bid for Banco Sabadell, as well as the approval of historic fines such as the €413 million to Booking, although it was later suspended by the National High Court.

Two of the parties involved in the European AI gigafactory to be built in Móra la Nova, in the Ribera d'Ebre region, have taken a step forward to move the project forward. On the one hand, the Spanish government has approved an injection of 719 million euros to the Spanish Society for Technological Transformation (SETT), the so-called technological SEPI of the central executive, so that it can dedicate it to this future artificial intelligence factory. In addition, the Council of Ministers this Tuesday also authorized SETT to be part of the commercial company that is to drive the project and present the candidacy to Europe, which has not yet been constituted.

The latest changes to public transport in the Community of Madrid have sparked a dispute between Renfe and the government of Isabel Díaz Ayuso (PP). Since this Monday, the census registration has become an indispensable requirement to obtain the public transport pass in the community, something Renfe rejects. The Spanish railway operator denounces that the regulatory change encourages "segregation" among users and "differentiation" when accessing a right and a service like public transport. The issue is that the Ayuso government's decision has caused controversy because it targets irregular migrant populations, who often face difficulties when registering in cities, as has been repeatedly denounced by various social entities or the Ombudsman himself. Furthermore, the change also comes at a time when the PP is embracing the "national priority" promoted by Vox, which means sidelining irregular foreign populations.

It has been a business, but also political, outcome that many imagined: the breakdown between France and Germany to move forward with a new European combat aircraft within the framework of the FCAS military program. But the fact that the news has not generated surprise – there had been speculation for some time about the friction between Paris and Berlin around this military project – does not mean that it is not a headache for some. The failure to move forward with this latest generation combat aircraft has left Spain, the other state that is part of the program, trapped. And particularly the defense company Indra.

The last year at the defense company Indra, whose main shareholder is the State, with 28% of the share capital, has been marked by changes in leadership and a failed operation – the possible merger of Indra with the company Escribano Mechanical & Engineering (EM&E Group)–. Regarding all this, and more, were the questions posed this Tuesday in the National Security Commission of Congress to two officials who have been involved in both controversies: Belén Gualda, president of the State Industrial Participations Company (SEPI, the investment arm of the Spanish government), and the director of the Office of Economic Affairs and G20 of the Spanish government, Manuel de la Rocha.

Florentino Pérez will be president of Real Madrid until 2030, or at least that's what the results of this Sunday's elections at the white club indicate, which will be remembered for a chaotic vote count. With this new four-year mandate, Florentino will be close to almost 30 years at the helm of the club (he has been there since 2000 with a single interruption between 2006 and 2009). Now, he begins a new stage marked by internal, but also external challenges. For the first time, he will have active opposition. Enrique Riquelme, his opponent in the elections, to whom 35% of the members have given their support –a figure that has been interpreted as a wake-up call to Florentino–, has made it clear that he has come to stay: "This is not the end of anything, but the beginning of a path". But what will this path be like? And above all, will he be the only stumbling block for the white president?

Florentino Pérez will continue to preside over Real Madrid after a chaotic night regarding the count. Despite the challenge of 1,000 mail-in votes in favor of Florentino, which caused the count to begin after 9 PM, the constructor emerged victorious from an election decided in the early hours, without debates and with little information. Pérez boasted to the press at 1 AM after defeating Enrique Riquelme at the end of a long day where information was lacking at times. In fact, while the count of the first election in 20 years at the club was underway, Madrid's television channel was showing past Champions League finals. And when Florentino announced his victory, he did so without providing official figures. At 2:12 AM, the club published the final results: Florentino won with 21,741 votes, 65% of the support, and Enrique Riquelme received 11,814 votes, 35%.

After assigning homework to politicians in a forceful intervention at the Royal Palace of Madrid, this Sunday the Pope continued in the same vein and addressed businessmen. At this afternoon's event at the Movistar Arena, which featured a combination of artists, athletes, and union and business representatives, Leo XIV once again raised his voice to ask businessmen to treat workers "with dignity".

For some time now, Spanish politics has been immersed in a permanent electoral campaign, due to the calling of elections at the state, autonomous community, or municipal level. On the other hand, they cannot say the same for the world of football and, in particular, for Real Madrid. Twenty years later, the Whites are holding elections this Sunday and the campaign has suggested that, whatever the result, it will inevitably mean a mutation of the club: Florentino Pérez, president since 2009, has opened Pandora's box of ownership by rolling out the red carpet for a private investor. Meanwhile, Enrique Riquelme, his first opponent in history, has emerged as a critique of the model of recent years, promising a sporting structure that is "serious, modern, and profoundly madridista" and capable, he says, of leaving behind the low points the white team is going through. He has also promised a way of governing that is "transparent" and "more democratic." During the campaign, there has, of course, been talk of players and coaches. The candidates have promised the signing of great players, but depending on what happens, Madrid will experience very profound changes off the field.

Seven days. Madrid, Catalonia and the Canary Islands. About twenty events and some 2,500 kilometers. This is the summary of the visit of Leo XIV, the third pontiff to travel to the State – the first was John Paul II and the second, Benedict XVI–. His journey began this Saturday in Madrid, where thousands of believers were waiting for him, many of them pilgrims, among whom he took a recurring crowd bath, after his first institutional event at the Royal Palace, some of the most central streets of the Spanish capital with the popemobile. His will be a religious and symbolic journey, but also with a high political content, as has already become evident in his first public speech: "I come among you to confirm, encourage and inspire a renewed fidelity of believers to the Gospel, as well as a deeper reconciliation and cooperation between the different forces" in the State, the pontiff expressed from the Hall of Columns of the Royal Palace and under the watchful eye of 250 people including institutional authorities and representatives of civil society and the diplomatic corps.To call for "reconciliation" in Spanish politics, where for years confrontation has reigned, Leo XIV has even looked to the past: "Its own history suggests that it is not the culture of confrontation, but that of encounter, that generates stability and prosperity," he expressed in what was understood as an implicit reference to the Spanish Civil War. The kings, Pedro Sánchez, the leader of the opposition, Alberto Núñez Feijóo, and Santiago Abascal, leader of Vox, listened from the front rows. Before them, Leo XIV defended rowing against those who "gain popularity by feeding the fire of polarization." But he also looked to Pope Francis, his predecessor, whom he paraphrased to defend the "constant dialogue" between ideas and reality. Francis never visited Spain, unlike John Paul II and Benedict XVI, considered conservatives or traditionalists and whom Leo XIV has not cited. However, the popularity and influence of the former has always been higher in the State.

Cuba has been immersed in a severe economic and energy crisis for months, and tourism is one of the casualties. The fuel shortage that the island has been suffering for some time due to the United States' oil strangulation has led some airlines to cancel flights to Havana. This is the case of Iberia, which since this Monday no longer operates the route between Madrid and the Cuban capital. Now, the threat of sanctions also from the United States is added regarding foreign hotels that manage assets owned by Gaesa, the Cuban army's conglomerate. Pressure that has already led different hotel firms to withdraw from the island. This Wednesday, Meliá, the hotel chain of Mallorcan origin, announced that it was ceasing operations at 15 hotels on the island, while on Tuesday the Spanish firm Iberostar did the same with 12 of its 18 establishments. The decision of both means the partial withdrawal of the most important Spanish hotel chains in Cuba.

The Ministry of Finance is confident that all autonomous communities will agree to meet bilaterally in the coming weeks to address the reform of the regional financing model. After the department now led by Arcadi España sent a letter to the territories on Monday to arrange these meetings, the minister himself has expressed confidence that this will happen, even despite criticism from communities governed by the PP: "I hope that all [the CCAA] want to sit down. I can't fathom the reasons for not doing so," Spain reflected at the press conference following this Tuesday's council of ministers.

The moderation of energy prices and, therefore, of the inflation rate in April and May – when it stood at 3.2% – implies that the Spanish government's shock plan approved in March due to the war in the Middle East will follow the planned schedule. Despite the context of uncertainty regarding the evolution of the conflict, starting this Monday, June 1st, some of the tax reductions that have been applied to energy until now will disappear, while other measures will remain in place until June 30th. In any case, families and businesses will already notice this in their electricity and gas bills.

Changes in the governing bodies or management positions of companies are not only driven by new hires. Sometimes, departures gain more weight. In just a few days, two of the main Ibex-35 companies have experienced this firsthand: Naturgy and Indra. In fact, a question mark hangs over the composition of their boards of directors due to the departure in Indra's case of the Escribano brothers, who held 14.3% of the company's share capital, while at Naturgy, it was the English investment fund CVC (13.8%) that divested. Other musical chairs are added to these movements.

Green light from Brussels to the Spanish anti-blackout mechanism, which includes millionaire aid to electricity companies to guarantee the stability of the electricity supply. The European Commission has authorized the Spanish state to compensate with up to 9 billion euros over 10 years (900 million each year) the most stable technologies – such as gas thermal power plants – so that they provide "firmness" to the electricity system and are available when it is necessary to inject more electricity into the system or control demand.

The current pension system, a result of Pedro Sánchez's government's last major reform, gets a barely passing grade in a new examination by the Independent Fiscal Responsibility Authority (Airef). The body, now headed by Inés Olóndriz, confirmed this Friday morning that the system complies with the pension spending rule, and therefore, the Spanish government will not be forced to approve additional measures to adjust spending and income. However, the Fiscal Authority is once again casting doubt on the system's sustainability and, in fact, questions it.