A broker linked to the US Secretary of Defense, Pete Hegseth, allegedly attempted to make a multi-million dollar investment in the arms sector weeks before the joint US-Israel attack on Iran, according to the Financial Times, citing sources familiar with the matter.

The stock of productive foreign direct investment (FDI) in Spain reached 627,795 million euros in 2024, representing an increase of 1.6% compared to the previous year and the consolidation of a decade of uninterrupted growth. "This trend confirms the sustained confidence of international investors in the Spanish economy, as well as the quality of its business environment," highlighted the Ministry of Economy, after learning the updated figures on foreign investment positions for the 2024 fiscal year.

The Spanish National Securities Market Commission (CNMV) downplays the risk of private debt funds, an investment instrument currently experiencing a crisis in the United States, with limited liquidity for investors in some cases, such as a playpenIn Spain, only eight of these free collective investment instruments operate, with a total of €913 million. This figure represents less than 1% of the total assets of this type of fund. In fact, the stricter controls primarily affect those acting as lenders, which have a quarterly or monthly liquidity window—shorter than other funds—for investors to withdraw their money. It does not affect free investment funds that invest in stocks, real estate, and other assets. Furthermore, there are practically no individuals or families among the capital of these free investment funds; the vast majority are institutional or professional investors, according to sources at the stock market regulator. The limited impact of these instruments, which manage around two trillion dollars in the US and have experienced periods of withdrawal restrictions, is due to European regulations and the oversight exercised by the CNMV (Spanish National Securities Market Commission). This structure, which provides loans to companies in exchange for offering participants higher returns in exchange for greater risk than other financial assets, also has many individual investors in the US. In Europe, it generally has a smaller presence.

The Governing Council of the Generalitat has given the green light this Tuesday to the new collaboration agreement between the Catalan executive and the other shareholder entities of Fira 2000 for the financing of the expansion of the Fira de Barcelona venues. Within the agreement, it stands out that the cost of the so-called Hall Zero, the new Fira building at the Gran Via site in L'Hospitalet de Llobregat, will increase from the initially planned 200.8 million euros to 365.4 million, as reported by the Generalitat this same Tuesday. This "variation in the budget" for the construction of the building, amounting to nearly 165 million euros, is due to "the increase in construction costs and expropriations, and the built surface area of the project," according to a statement from the Government. The complex, located just opposite the Fira de Barcelona's current venue in L'Hospitalet, will feature an exhibition hall and an office building, and is approximately halfway through construction. The construction of the new Hall Zero pavilion on Gran Via is intended to expand Fira de Barcelona's capacity to host large congresses. Currently, world-class trade fairs such as the Mobile World Congress (MWC), held this week, or ISE, which took place last month, have expressed their desire to remain in the Catalan capital while continuing to grow in visitors and exhibitors, which will require more space. Furthermore, the office tower will initially be occupied by the Generalitat and Fira itself, although the door remains open to renting it out to third parties.

If ERC ultimately endorses the project, Catalonia will have a budget for 2026 for the first time in the last three years. In 2024, 2025, and up to the present day, it has had to extend its budgets due to a lack of support. It's close to 50 billion, a threshold that has been surpassed for the first time in history.This budget represents an increase of €9.1 billion in spending compared to the last budget approved three years ago, which at that time exceeded €40 billion for the first time. This time, the Catalan public accounts will no longer include the European Next Generation funds, which expire this year. Social spending will account for 74.3% of the total budget, the same as in 2023, but with increased resources and the incorporation of housing policies and public transport subsidies. The budget anticipates spending growth that will be slower than revenue growth, which includes record collections of over €6.4 billion in regional and transferred taxes. Unprecedented spending

Non-financial spending by the various departments will increase by 24.8% compared to the 2023 budget, reaching €40.399 billion. For Health, which usually exceeds the forecast – last November it already surpassed €14 billion due to spending from previous years – €13.840 billion is projected, representing a 21.3% increase compared to 2023, below the overall departmental average (24.9%); for Education, €8.356 billion, a 24.5% increase, also below the average; and for Social Rights and Inclusion, €4.248 billion, a 28% increase, above the average.

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The investment deficit in road network maintenance has increased from €9.453 billion in 2022 to €13.491 billion currently, according to calculations by the Spanish Road Association (AEC). Given these figures and the poor condition of some roads, such as the A2 between La Panadella and Cervera, which required emergency repairs on Friday after more than 20 vehicles suffered flat tires and car windows were broken by flying stones, the use of other road services is being considered. A user-pays system, which the Chamber argues should be applied to all high-performance roads in Spain, in accordance with the European Union's "user pays" and "polluter pays" principles, is being called for. The Chamber believes that the revenue from this user-pays system could guarantee the proper maintenance and improvement of the roads. However, the institution headed by Josep Santacreu makes it clear that the toll model "should be unique and equitable for the entire country," and its revenue should be allocated "exclusively to the improvement and digitization of the roads." The Chamber cites the Catalan example, where tolls were lifted in 2021, due to the end of the concession, on the AP-7, AP-2, C-32 North, and C-33, leading to a significant increase in traffic. In fact, the Chamber points out that the AP-7 "is already operating at its capacity limit," and in five years, the number of light vehicles has increased by 37% and the number of heavy vehicles by 55%. The result, according to the Chamber, is "congestion, accidents, and wear and tear on the infrastructure." It is worth recalling that the tragic train accident in Gelida, in which a train driver died, was caused by the collapse of a retaining wall on that highway.

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The Spanish government has put figures to the state's response to the recent chaos on the commuter rail network. The Secretary of State for Transport, José Antonio Santano, confirmed this morning that the investment in 91 emergency works initiated after the Gelida train crash—around 70 of which are still pending—has already exceeded 80 million euros. "We are close to 90 million and it is possible that [the figure] will increase," he said from Barcelona, ​​at a joint press conference with the Catalan Minister of Territory, Silvia Paneque.

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More than 1 billion euros. That's the investment that the European Investment Bank (EIB), the financing arm for EU projects, allocated in 2025 to the state railways, which are now under scrutiny following the tragic accidents in Adamuz and Gelida. triggers of a virtually unprecedented service and reputational crisisOf this amount, €250 million was part of an agreement signed in December to improve the commuter rail fleet (specifically, 101 trains), as detailed by the president of the European Investment Bank (EIB) and former Spanish Minister of Economy, Nadia Calviño, this Monday. In fact, this is the first tranche of a €500 million loan that will be fully disbursed in the future, she explained. The data was released on the same day that the EIB detailed its investment in Spain for 2025, as well as its global investment plans. The institution reiterated that it invests based on the "demands" of its member states. In the case of the transport sector as a whole, it allocated €1.5 billion, representing 13.6% of the total investment in Spain: €11 billion throughout 2025, to which must be added an additional €2.9 billion from the Resilience Fund linked to European anti-pandemic funds. In total, investment in Spain represents 14% of the EIB's overall budget in 2025.

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Two weeks of unprecedented rail chaos and the Catalan rail network is still operating at half capacity, with many sections shut down and undergoing safety inspections. Now that the initial shock has subsided, the question is: How will this mess be fixed? No one doubts that it will take many years (and many millions) to bring the network up to date. But just as important as the injection of funds and the renovation work is improving organization, coordination, and integrating climate change into future planning.

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The savings rate among Spanish citizens has increased in recent years. However, it's well known that keeping money in the bank without investing it is losing money, because the interest rates on current accounts in Spain are among the lowest in Europe, below the inflation rate. If you have money and don't invest it, its real value decreases over time. Furthermore, the real estate sector is the preferred investment for citizens when they have savings, which ultimately also contributes to rising housing prices. For this reason, the Spanish government is preparing a new financial product, already launched in other European countries: a savings and investment account, bearing the Finance Europe label. Currently, the Ministry of Economy, headed by Carlos Cuerpo, has launched a public consultation on this product. It would be an account where citizens could deposit a portion of their savings and, similar to investment funds, allocate the money to various products such as stocks, bonds, investment funds, and others. The objective is twofold: to ensure savers obtain a higher return on their money, and to ensure these funds are used to finance European businesses and economies.

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The Catalan government has allocated more than €60 million to industrial aid in 2025, an investment that has benefited 491 industrial projects and mobilized €325.6 million in private capital, as reported this Monday by the Department of Business and Labor. At the presentation of the impact of industrial aid in Rubí (Vallès Occidental), the President of the Generalitat, Salvador Illa, emphasized the importance of ensuring that industrial prosperity reaches all of society and celebrated the sector's history of stability and quality employment. For his part, the Minister of Business, Miquel Sàmper, reaffirmed the role of industry as a historical economic engine for Catalonia, specifying that the government now wants a better, "digitalized and internationalized" industry, but one that retains its "territorial focus." The bulk of the resources provided by the Government, €49 million, has been concentrated on aid for new industrial investments, benefiting 397 companies and expected to mobilize a total investment of €288.11 million, consolidating 26,845 jobs. Other aid has been directed towards financing guarantees (€8.4 million), reindustrialization programs (€2.8 million), interest rate subsidies (€600,000), and equity participation through Avalis SGR (€381,000). 85% are SMEs

The majority of beneficiaries (85%) are small and medium-sized enterprises (SMEs), and half belong to the three largest export sectors of the Catalan economy: metal and automotive manufacturing, the agri-food sector, and the chemical sector. Nearly 40% incorporate initiatives related to decarbonization or the circular economy.

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Catalans who are able to set aside a portion of their income generally invest more in assets than the average Spaniard. Specifically, they invest almost €3,000 more per year in various investment instruments, such as deposits, stocks, and shares in investment funds. They also show a greater preference than the Spanish average for investing in stocks, bonds, and fixed-income products, as well as cryptocurrencies. This is all revealed in a study conducted by Fidelity International, one of the world's largest asset managers, which indicates that, on average, residents of Catalonia who are able to save allocate an average of €13,900 per year to different investments, compared to less than €11,200 for the rest of the population. The asset manager, which produces a report on European investor sentiment, interviewed a total of 1,000 people in Spain, 160 of whom reside in Catalonia. However, the possibility of investing is not a habit accessible to everyone. According to Idescat, the at-risk-of-poverty rate was 17.4% last year, and around 10% of salaried workers fall into the category of those whose jobs do not lift them out of poverty and who have few or no opportunities for social mobility. This means they are excluded from any possibility of saving and, therefore, of investing. In any case, despite investing more in absolute terms than the national average, this does not mean they are the ones who allocate the largest portion of their income to savings. As reflected in an analysis by the Unión de Créditos Inmobiliarios (UCI), last year the average savings of Catalans stood at 18.4% of their income, above the national average (17.8%), but below that of the Basque Country (23.5%), Castilla-La Mancha (20.9%), Aragon (19.6%), La Rioja (19.2%), and the Balearic Islands (18.7%). One factor that could explain why the proportion of income allocated to savings in Catalonia—the fourth-highest region in terms of per capita income, according to data from the National Institute of Statistics—is lower than in other regions could be the higher cost of living. In fact, in Madrid, the region with the highest per capita income, this proportion is even lower, at 16.4%, according to the same study. In both Catalonia and Madrid, inflation in 2024 was 2.9%, above the national average of 2.8%. Data from the Bank of Spain on savings, which calculates savings as a percentage of gross disposable income after adjusting for seasonal and calendar effects, placed it at 12.4% in the second quarter of this year for the country as a whole, compared to 12.8% in the previous quarter.

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The Spanish economy continued to grow during the summer at a rate significantly higher than that of most other European countries. Business investment and household consumption were the two main drivers of growth at a time when the external sector (exports and tourism) slowed its activity.

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Family businesses view the economic situation with some optimism, giving it a score of 5.66 on a scale of 0 to 9, higher than they estimated a year ago. Nearly half expect moderate economic growth and limited net job creation, at 48%; although another 47% believe growth will be fragile without net job creation. 52% estimate they will maintain their current workforce.

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Miquel Sàmper, Minister of Business and Employment of the Generalitat (Catalan Government), believes that the threat of the trade war unleashed by Donald Trump can be transformed into an opportunity for growth and market diversification for Catalonia and its companies. The government will mobilize €25 million in direct aid. The goal is to reach 19,000 Catalan companies that regularly export (with sales abroad in the last four years) and to open 300 subsidiaries of Catalan companies abroad, adding to the existing ones to reach 3,500. What is the international trade strategy?

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The vast majority of industrial companies are located in industrial estates, and there are currently 817 in the province of Barcelona. Industrial estates are the responsibility of municipalities and, therefore, become the main instrument of transformation they have at their disposal to promote industry and generate wealth in their territories. However, at the same time, these are infrastructures that require a high level of maintenance to ensure the competitiveness of the companies that operate there and attract new investment.

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The Spanish startup ecosystem is experiencing a boom. Although in recent years there have been warnings of a lack of investment—especially in the early stages—a report prepared by the Dutch data management company Dealroom, in collaboration with BBVA Spark, Endeavor, Enisa, GoHub, Kfund, Spaincap, and Wayra, points to a record valuation. startups Spanish: Since 2020, the ecosystem has doubled its value, which now exceeds €110 billion, and could close 2025 at €112 billion, a figure higher than last year's forecasts.

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The Catalan economy will maintain the expected growth rate over the next two years, provided that the trade war initiated by US President Donald Trump does not escalate further than it has so far, according to forecasts by the Barcelona Chamber of Commerce.

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Recently, two emblematic publications have been presented that take stock of the Catalan economy of the previous year and point out perspectives for the current year: Economic report of Catalonia, published by the thirteen Catalan chambers of commerce for 60 years, and theAnnual report, Prepared by the Department of Economy and Finance of the Generalitat. Both publications agree in highlighting a change in the growth pattern in which domestic demand is progressively taking over from external demand, in a context marked by geopolitical uncertainty, unleashed by the reckless tariff policy of the United States.

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This week I saw an ad on social media that said, "Invest with us and you'll get a guaranteed 35% annual return." I couldn't help but clutch my head. A word of advice: if you ever see an investment that's too attractive, be wary. As a basis for any investment, the higher the risk, the higher the return.

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