Europe

the graph that proves that Europe plays something else

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Today the rich are richer than ever and there are more of them than ever in the history of humanity. However, their distribution throughout the planet is very different from how they did a decade ago because, quite simply, there are countries where the ultra-rich grow more. Only in this last five years, 162,191 new ultra-rich “appeared”, that is, 89 people crossing the economic threshold of 30 million dollars a day (the barrier of high net worth individuals, or HNWI for short). Understanding where money is concentrated is the first step in anticipating investments, influences and geopolitical tensions. The club of the very rich. The graph you see below these lines has been prepared by Visual Capitalist and orders the states of the world according to two parameters: how many new ultra-rich people gain and how fast that club of very rich people grows. Combining the two makes sense: a high number may not be that high in a broad-based country like the United States, and a high percentage increase implies that something new is making people rich there. The data comes from the real estate consultancy and wealth manager Knight Frank through its report “The Wealth Report 2026“, which uses its own economic growth model including variables such as GDP growth, inflation, interest rates or the behavior of financial markets. Where there are more and more rich people. Visual Capitalist Why is it important. In a sentence: because money calls money. Where the ultra-rich live, capital also comes: buyers of luxury properties, investors in startups, investment funds, demand for high-level services… On the other hand, these people who concentrate wealth are also the subject of regulations in order to reduce economic and fiscal inequalities in a kind of tug-of-war of attracting and retaining capital in the face of economic imbalances in welfare economies. The United States is a factory of the rich: It is home to almost 40% of all the world’s rich people with more than 10 million dollars, almost double that of China (second). In the segment of 100 million or more, it also exceeds 40% of the world total. The explanation for this accumulation of wealth lies in a mix of a highly developed stock market, low tax pressure on capital, a mature and solid entrepreneurial ecosystem, and a legal system that firmly protects private property. Between 2021 and 2026, the US has added almost 67,000 new ultra-rich people, triple that of China. It is the largest manufacturer of great fortunes on the planet, notably compared to the second. That economic phenomenon called India. India is the most interesting case on the entire list because it combines speed and scale. In the last five years, its population of ultra-rich grew by 63.4% thanks to technological entrepreneurship, the digitalization of the economy and the development of its capital markets. It is not inherited or extractive wealth: it is wealth created by entrepreneurs and companies. Thus, the Asian giant has already taken bronze after the United States and China and is imposing a ferocious pace: India already has 207 billionaires and by 2031 the projection points to 313, 51% more. It is, in short, the only country that simultaneously appears in the top positions in both percentage growth and absolute volume of new great fortunes, thus becoming the economy with the greatest potential for private wealth creation in the next two decades. Europe is on another roll. Europe grows piano piano and not without internal tensions. Germany, Switzerland and France occupy third, fifth and seventh place respectively in terms of increase in ultra-rich people, but if we look at the speed of growth, they almost disappear from the ranking in favor of unexpected ones like Romania or Greece. The problem is not so much the numbers but the fiscal pressure, and stricter regulation where private property collides head-on with the welfare state. However, within the continent itself there are tremendously unequal policies, from the Swiss tax haven to France and your plan to tax the richest. Those covered: Poland, Qatar, Indonesia and Vietnam. Just a decade ago these countries did not appear in any pool of private wealth, but there is Poland as the outstanding leader in percentage growth of ultra-rich people between 2021 and 2026 with 109.2%, which has meant going from 1,442 to 3,017 individuals. Qatar follows with an increase of 106.9% and then Türkiye, with 93.6%. It is, in any case, double or triple the average. Of course, there is an essential nuance: they start from very small bases, hence in absolute terms they are still small groups compared to Germany or France. In the next five years the ranking is completed with other emerging countries: Indonesia leads the projections with an expected growth of 82%, followed by Saudi Arabia and Poland with 63% each. Just behind, Vietnam with 59%. What do they all have in common? Improve the scenario for private capital: more legal certainty, accelerated industrialization and in the case of Middle Eastern countries, almost zero taxation accompanied by residency programs for large assets. In Xataka | The countries with the highest number of billionaires among their population, brought together in a very revealing graph In Xataka | Seven of the ten largest fortunes in the world in 2026 are due to AI: this illustrative graph makes it very clear Cover | Visual Capitalist

France has been determined to rob Spain of its position as a data center power in Europe

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The French country has hit the table in its ambition to become a technological benchmark in Europe. He agreement reached between Emmanuel Macron and Masayoshi Son (CEO of SoftBank) aims to deploy up to 5 GW of computing capacity for AI data centers in northern France. This movement competes with all the projects that are underway in Spain, one of the countries that until now had attracted the greatest interest from hyperscalers. The problem is that neither France nor Spain will gain much from these initiatives. Nuclear counterattack. France has taken advantage your energy network —with a clear prominence of its nuclear power plants— to attract AI supercomputing projects. The SoftBank project will start in the Hauts-de-France region with an initial phase of 45 billion euros to build data centers in regions such as Dunkirk. In this first phase we want to achieve that the total capacity rise to 3.1 GW in 2031followed by a second phase that could reach 5 GW. Spain, data center paradise. Faced with this French movement, Spain has been closing agreements in that same area for months. It totals more than 22,000 million euros in recently announced projects. Giants like AWS (15.7 billion in Aragon), Microsoft (more than 7,000 million) and Blackstone have chosen our country to create these data centers. The Spanish advantage is its renewable energy productionwhich has attracted that type of investment. The harsh reality: Europe (probably) loses. Although both this announcement and those made in Spain are very striking, the reality for the Old Continent is quite stark. The data centers in Spain are not Spanish, and those in France are not French either. Europe is becoming the powerhouse for foreign multinationals that invest here because it suits them strategically. Energy resources are great for Microsoft, Amazon, Meta or Softbank, but the real benefit of this computing does not remain in Europe. The accounts. There is a clear difference between the strategies of Spain and France. Spanish soil is filled with hyperscalers like AWS or Microsoft that build, operate their own clouds and then control the flow completely. In the case of France, the initiative depends on a Japanese conglomerate allied with sovereign funds from the Middle East. SoftBank operates here more like a real estate developer– Create the data center and then rent it to third parties. Source: FT. Sovereignty, little. Emmanuel Macron and Pedro Sánchez can sell the message that these projects promote this ambition to have sovereign AI. The problem is that these data centers are simply delegations of big technology companies taking advantage of the advantages offered by their European partners. There may be options in the French project for the country to boost its AI companies —Mistral is the clear example—, but the truth is that these movements do little to help this objective of avoiding the independence of foreign technology companies. Rather they make the situation worse. The other European rivals. Europe’s traditional technology markets, grouped under the acronym FLAP-D (Frankfurt, London, Amsterdam, Paris and Dublin) are giving way to projects in other countries like France or Spain. There are also other protagonists in this new map of decentralized infrastructures: the Nordic countries are also interesting for their cold climates, ideal for helping to cool these centers. The real bottleneck. Beyond the billions of euros that are on the table, the big battle in the coming years will be access to hardware components, especially now that the memory crisis has made everything significantly more expensive. Demand far exceeds supply and it does not seem that this imbalance will be resolved soon, so all of these initiatives could suffer delays and changes in their final costs. In Xataka | Mistral does not generate hype, it is a discreet AI, it does not boost the shares of any company, but it already makes more money than Grok

One of the most feared airports in Europe faces a new problem. And it comes from the Atlantic

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There are airports that seem designed to remind us how complex flying is. It also depends on the exact place where you are trying to land. In Madeirathat reality is understood very quickly: Cristiano Ronaldo airport It coexists with the Atlantic, with difficult terrain and with winds capable of altering operations. The novelty is not that it is a demanding airport, something well known, but that Portugal has put figures to a problem that seems to have worsened. The data. He put the information on the table Hugo Espírito SantoSecretary of State for Infrastructure of Portugal, during a parliamentary hearing held at the end of May. According to DNOTICIAS.PTweather records show an “abnormal variation” in wind speed starting in 2015 at Madeira airport. The average climb is around three knots, approximately 5.5 km/h, a figure that may seem small from the outside, but which in an infrastructure so sensitive to the wind has very concrete operational consequences. In the words of the president himself, this increase “makes a large part of the operations unviable.” An airport conditioned by its geography. To understand why three knots matters so much, you have to look at where the runway is. Euronews describes the airport as one of the most demanding in the world due to an unpleasant combination: one end built on concrete pillars, terrain that rises quickly in the vicinity, cliffs near the other end and winds generated by the nearby mountains. This mix can translate into local turbulence, waiting in the air, detours or cancellations when the weather is not good. Looking for an explanation. After recognizing the average increase of three knots, Espírito Santo explained that the Portuguese Institute of the Sea and Atmosphere and the National Civil Engineering Laboratory are analyzing the phenomenon to determine its causes. That caution is relevant: we know that the records show an abnormal variation in wind speed, but not why. In an airport so exposed to local conditions, this difference between confirming the problem and explaining its origin is key to not taking for granted what is still being investigated. New system. The MAWINDS system combines LIDAR and X-band radar to analyze weather conditions in almost real time around Cristiano Ronaldo Airport. The project was presented by the Portuguese Government in December 2024 with an investment of 3.5 million euros assumed by NAV Portugal, although its technical incorporation was not yet fully closed in May 2026. Its purpose is to better detect episodes of turbulence and adverse wind before they affect the operation. Technology still in development. Everything seems to indicate that installing such a system is not equivalent to fully incorporating it into operations from one day to the next. The Portuguese infrastructure manager acknowledged that there were still no preliminary reports on MAD Winds and attributed the delay in its certification to the complexity of an unusual technology. As he explained, before being installed in Madeira this technology had only been deployed in four airports. That is to say, the airport already has a more advanced tool for observing the wind, but its full use still depends on technical work that cannot be simply accelerated. The roadmap. When MAWINDS was presented in December 2024, it was explained that a one-year pre-operation phase was opening to generate data and give ANAC the necessary information before considering, in the future, a possible revision of the wind operating limits. The system is not only designed to better look at the weather, but to build a sufficiently solid database to allow regulatory decisions to be made without lowering the priority of safety. Images | Madeira Airports In Xataka | The biggest move in history will be in Dubai: 35 billion dollars to build the largest airport in the world

The US has had an idea to reassure Europe. Instead of soldiers, he is going to bring his nuclear weapons very close to Russia

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In 1983, tens of thousands of women surrounded a British air base to protest the deployment of American nuclear missiles. That mobilization, known in time as Greenham Commonbecame one of the major antinuclear symbols of the Cold War and showed the extent to which the location of these weapons could alter European politics. Less soldiers, more “nuclear”. Europe has been trying to figure out what it really means for months the strategic turn of the United States. The reduction of troops, the withdrawal of some military systems and the increasing priority given to the Indo-Pacific have fueled fears that Washington is progressively moving away from the continent. However, conversations within NATO point to a very different response than expected. Instead of reinforcing the conventional presence, the United States would be willing to expand the deployment of nuclear capabilities in Europe to demonstrate that its commitment to the defense of the continent remains intact. The idea is simple but powerful: if there are fewer American uniforms on the ground, the nuclear umbrella must remain visible and credibleeven “closer.” The closer the interest is to Russia. There is no doubt, the allies most interested in this possibility are precisely those who observe Russia from the first line. Poland has been leading for years the list of candidates to host US nuclear capabilities and some Baltic countries have also shown interest in participating in future deterrence formulas. The invasion of Ukraine and Putin’s continued references to its nuclear arsenal have profoundly changed the perception of security in Eastern Europe. I remembered the financial times that, for these countries, hosting aircraft capable of using US nuclear weapons would have enormous political and military value, since it would turn any threat against them into an issue directly linked to Washington’s strategic credibility. The legacy of the Cold War. The proposal does not involve creating a new system, but rather expanding a mechanism that has existed for decades. Currently Belgium, Germany, Italy, the Netherlands, Türkiye and the United Kingdom participate in the program nuclear delivery of NATO, through which they store American nuclear weapons under exclusive control of Washington and train their air forces to operate within that scheme. This model was born during the Cold War to guarantee that European allies could participate in the Alliance’s nuclear strategy without having to develop their own atomic weapons. More than half a century later, the formula is once again gaining prominence in a continent that watches with concern the deterioration of the relationship with Moscow. Europe seeks to replace some capabilities, but not others. European capitals have assumed that they will have to spend more in defense and rebuild conventional capabilities that for decades were delegated to the United States. From anti-missile systems to strategic transportation to military intelligence, much of the current conversation revolves around how to fill those gaps. However, there is one area that many governments they consider it impossible to replace in the short term: the American nuclear deterrent. Although France and the United Kingdom have their own arsenals, Washington’s umbrella continues to be perceived as the central element of the European security architecture and as the ultimate guarantee against any military escalation. The signal that Washington wants to send. They told in the Times that for now there is no final decision and the conversations remain highly confidential. Still, the mere fact that the possibility is on the table reveals how Western strategy toward Russia is changing. For years the US military presence in Europe was measured in bases, brigades and deployed troops. Now the discussion increasingly revolves around another type of message. While Washington concentrates resources in Asia and requires its allies to assume a greater share of the defensive effortthe signal it seeks to convey is that nuclear protection remains intact. In a way, the new formula to reassure Europe is not to bring more soldiers closer to the Russian borders, but to bring closer what for decades has served as a last guarantee of security: American nuclear weapons. Image | Air Force, SJOERD HILCKMANN In Xataka | Spain’s great fear is not an invasion: it is a slow hybrid war with Morocco against its two most vulnerable cities In Xataka | To become technologically “independent” from the US, the European Union already has a plan: four desperate measures

The Chinese brand that sells the most cars in Europe decides on Spain

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MG will manufacture cars in Spain. It is official after weeks of rumors in which we had been hearing that the Spanish region was one of the best positioned to produce cars from the Chinese firm of British origin. It is its first major investment outside China in almost a decade and, without a doubt, an endorsement of its European plans. The advertisement. MG has confirmed it: Galicia is the region chosen for the return to MG manufacturing in Europe. The announcement had been advanced by Alfonso Ruedapresident of the Xunta, this morning but it was not until this afternoon when the MG herself confirmed the news. For months it has been known that the Xunta de Galicia has been in talks with the Chinese brand to settle on Spanish soil for its new arrival in Europe. And in April, Rueda himself held a series of meetings with representatives of the brand between April 23 and 25 in China, according to The Automotive Tribune. The project. The company assures that, from the outset, the project has an investment of 200 million euros and that it will create “more than 2,000 jobs in Europe, establishing a strategic center for the next phase of MG’s growth.” That is, the press release provided by the company does not specify how many of these jobs will be in Spain and how many will be created by the increase in cars in the European market. The company assures that this new plant is scheduled to come into operation in 2028 and that it will have an annual capacity to manufacture up to 120,000 vehicles. At the moment, it has not been confirmed what types of vehicles will be manufactured (pure combustion, hybrid or electric) nor have the models been specified. For its part, in information collected by The Worldthe Xunta raises the figure to 2,300 jobs, of which 1,000 would be direct, another 1,000 indirect and 300 would be related to the company’s activity in As Pontes (a town near Ferrol). In this location, the company is expected to build a components plant. Some doubts. For now, what is known is that the company will establish itself in Ferrol and build an auxiliary plant in As Pontes. The choice of Ferrol is determined by its port, which has already served as a gateway for other Chinese manufacturers for sale in Spain or subsequent distribution throughout Europe. What has not been confirmed, in addition to the type of vehicle used, is what manufacturing method will be carried out. The Chery Group in Barcelona uses the DKD method where the local impact is minimal. The companies (Omoda/Jaecoo/Ebro) have repeated that they will increase the number of operations that will be carried out in Barcelona but, for the moment, the cars arrive semi-assembled in containers and on Spanish soil only the last pieces of the puzzle are being put together. At the moment, in its information SAIC (owner of MG) does not refer to whether the cars will arrive more or less assembled on Spanish soil. The more processes that need to be carried out in the Spanish plant, the more direct jobs and the more work will be given to auxiliary companies in the area. “In Europe, for Europe”. That is, according to MG, the maximum of this landing in Galicia. And the company has found a vein in our continent with the sale of cars with all kinds of technologies at very low prices. In Europe it is the Chinese brand that sells the most carsplacing in 2025 a total of 211,014 units in the European Union and 305,717 units if we put the Nordic countries and the United Kingdom into the equation. These sales are understood because the SAIC Group has found in MG a vein to sell cheaply in Europe. The brand, previously British, is not unknown to the public and both its hybrids and electric ones are cheap compared to traditional European proposals. In Spain, so far this year, the MG ZS is among the 10 best-selling non-plug-in hybrids and is the sixth best-selling car in the sum of all technologies, according to ANFAC data. Furthermore, the brand is the tenth best-selling company in our country. Duty. It remains to be known, as we said, what the bet is in terms of specific models but it is clear that the landing of Chinese brands such as BYD in Hungary and Turkey or the Chery Group in Barcelona is directly associated with the implementation of European tariffs on Chinese electric cars. SAIC, which owns MG, is the company facing the highest tariffs. Manufacturing in Europe may allow them to compete, even more, on price, but the European Union has already made it clear that it will be necessary to make a minimum number of investments to consider that the car is European. This does not mean that the car is electric. Although cars with combustion engines do not have tariffs, rumors point to greater European shielding of their economy. And producing in Europe for Europe can help, even more, to lower the price of cars with combustion engines, partially alleviating the economic effort that the company has to make with electric cars. Photo | MG and Counting Stars In Xataka | Spain has a new brand of Chinese cars and it arrives with an ambitious plan: “Five million units by 2030”

China has found a giant “tunnel” to introduce its cars into Europe without Europe. And it is facing Spain

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In 2007, when Morocco inaugurated the port from Tangier Med off the Spanish coast, many saw it as an ambitious logistical gamble. Less than two decades later, that port has not only become the largest of the Mediterranean and Africabut has begun to surpass historic European giants like Algeciras in traffic. What seemed like a regional infrastructure ended up becoming one of the main commercial gateways to Europe. A half-open door to Europe. Europe has been trying for years reduce your dependency China’s industrial sector and, more recently, protect its manufacturers against the avalanche of electric vehicles from the Asian giant. The tariffs imposed by Brussels, in fact, respond precisely to that objective. However, I remembered the weekend the financial times that, while attention was focused on Chinese ports and factories in the country’s interior, Beijing began to build a much closer alternative: an industrial network located on the other side of the Strait of Gibraltar. The growing concern in Brussels does not arise because China is exporting more cars from its territory, but because it is transferring part of its production capacity to a country that enjoys privileged access to the European market. Map of the surroundings of Tangier, with Tanger Tech City (to the south), Tanger Automotive City and the port of Tangier Med Morocco as an industrial platform. It explained the means that the transformation is visible around Tangier and Kenitrawhere Chinese investments in tires, brakes, electronic components, battery materials and future gigafactories are multiplying. What is emerging are not simple isolated plants, but a supply chain increasingly complete capable of feeding the European electric car industry. Morocco offers practically everything you are looking for manufacturers: geographical proximity to Europe, competitive labor costs, renewable energy, tax advantages and an extensive network of trade agreements. For many Chinese companies, producing there is more attractive to continue manufacturing in China and then face the growing European trade barriers. The fear of Brussels. European concern does not lie solely in foreign investment. What is worrying is the possibility that Morocco will become in an indirect way so that products backed by Chinese capital, technology and subsidies enter Europe with much more favorable conditions. The European Commission already has detected cases in which components manufactured with Chinese financial support end up benefiting from preferential agreements. The challenge is to distinguish where it ends an authentic Moroccan industrialization and where a strategy designed to circumvent tariffs begins. Put another way, the more complex supply chains become, the more difficult it becomes to answer that question. Beijing’s geographical advantage. If you like, China too. has understood that geography can be as important as technology. Off the Spanish coast is a country connected by trade agreements with Europe and the United States, equipped of modern ports and increasingly integrated into global production chains. From the Chinese perspective, installing factories in Morocco does not mean abandoning Europe, but rather get even closer to her. Instead of shipping finished products from thousands of miles away, companies can manufacture components and vehicles a few hours of the main European markets. The strategy reduces costs, limits commercial risks and makes the application of protectionist measures difficult. A battle for European industry. What happens in Morocco reflects much broader economic competition. Europe tries to protect an industrial base that consider strategicas China looks for new ways to keep its huge manufacturing capacity running despite increasing Western restrictions. The result is that North Africa is becoming a space increasingly disputedwhere the interests of Brussels, Rabat and Beijing intersect. For Morocco, investments mean jobs, infrastructure and growth. For China, they represent a privileged platform next to the gateway to the European market. And for the European Union they constitute a uncomfortable question: If Chinese production can be installed just on the other side of the Mediterranean, to what extent are tariffs really capable of slowing its advance? Image | Adam Cle, The Spanish Monkey In Xataka | China and Europe do not trust each other when it comes to electric cars. And someone is taking advantage of it: Türkiye In Xataka | The Chinese auto industry is moving to colonize Africa and Latin America. Also to be your springboard

Europe has a shitty plan (sorry) to end the fertilizer crisis: manure

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He blockade of the Strait of Hormuz After the attacks by the US and Israel on Iran, it has had consequences that we have noticed from day one, such as the rise in fuel prices. There are others that threaten on the horizon and that are even more fearsome: according to United Nations dataApproximately a third of the world’s fertilizer trade and 20% of global LNG, an essential ingredient for manufacturing nitrogen fertilizers, pass through there. And fertilizer is providential so that food from the garden and farm reaches our table. Europe, which manufactures most of its fertilizers by burning imported natural gas, found itself overnight with skyrocketing prices and a very dark horizon. With prices 70% higher than in 2024the farmers don’t get the bills. For consumers, it seems clear that filling the shopping basket is going to be more expensive. So the European Commission has a contingency plan: the Fertilizer Action Plan. A literal shitty alternative. The central proposal from Brussels is to expand the recycling of slurry and agricultural waste to convert them into fertilizer following the program RENURE. The idea is not new: already in 2024 the Commission proposed to modify the Nitrates Directive to allow certain fertilizer materials derived from livestock manure to function as an alternative to chemical fertilizers under certain conditions. In fact, it is neither new nor sufficient. As MEP Herbert Dorfmann bluntly summarized: “manure can contribute, but it can never replace fertilizers based on urea and nitrogen.” From a technical point of view, this is an incontestable reality: synthetic fertilizers produced through the process of Haber-Bosch They have much higher available nitrogen densities than digestate or processed slurry. Why it is important. Because the Nitrogen fertilizers are the basis of modern industrial agriculture. Without them, having the supply and quantity of products that we have and at that price would be simply impossible. According to Mosaic Crop Nutrition data For agricultural production in the US, average corn yields would fall by 40% without nitrogen fertilizers. For wheat, long-term studies point to similar drops of 40%. In short, it is the pillar on which the ability to feed the planet’s population is supported. The fertilizer crisis once again puts Europe’s strategic dependence on the table, in this case on its agriculture, on fossil fuels (from third parties) and everything that its use entails: water, soil and air pollution, greenhouse gas emissions and public health risks. Every time there are geopolitical tensions in a gas-producing region, Europe trembles faced with the possibility of being cold or go hungry. Context. We mentioned being cold because not too long ago Europe looked into the abyss: the start of the conflict between Russia and Ukraine in 2022 brought with it an increase in the price of gas and fertilizers, which caused farmers on the old continent to reduce the use of fertilizer (and therefore, lower their yields). At that time the EU put a patch on it and now, four years later, seen in the same scenario and with the same structural problems. The current plan mentions necessary solutions such as improving nutrient management or promoting organic farming (environmental MEP Thomas Waitz also has said loud and clear that Europe is addicted to fertilizers derived from fossil fuels), but there are no concrete actions or obligations. We insist: RENURE is not something new, when the Commission proposed it a couple of years ago it already had the support of Spain, the Netherlands, Belgium and Romania, among others. Of course, its application was at a standstill due to regulatory issues. How do they want to do it?. The mechanism consists of modifying the EU Nitrates Directive to allow more digestate to be applied to agricultural fields, putting it on a par with mineral fertilizers. The digestate is what remains after fermenting the slurry in biogas plants: it contains nitrogen, phosphorus and potassium, although in concentrations and forms of assimilation significantly lower than those of the synthetic fertilizer. In parallel, the plan mentions measures such as improving integrated nutrient management and promoting a transition towards organic agriculture, although without specific commitments or binding calendars. Yes, but. The big underlying problem is that Europe does not lack nitrogen, quite the opposite. In fact, the EU already has more nitrogen than their soils can safely absorb, which promotes the eutrophication and deterioration of rivers and lakes, in addition to ammonia emissions and contamination of drinking water. Adding more slurry to soils that are already saturated is neither a solution to shortages (and prices) nor is it good for the environment. A recent UNECE report estimates that Europe wastes between €20 billion and €60 billion in nitrogen resources each year, while the environmental and health costs of excess nitrogen pollution reach, according to the European Commission itselfbetween 70,000 and 320,000 million euros annually. The real solution is to get rid of fossil gas in the long term (and have plans similar to those with oil, with long contracts, diversification and strategic reserves) and bet on alternative technologies such as green ammonia. In this scenario, slurry can play a role in a circular economy, but it is certainly not an emergency patch. In Xataka | We are wasting a valuable resource: urine is helping solve the fertilizer crisis In Xataka | The Iran war has disrupted the global fertilizer trade. And that’s bad news for the shopping cart. Cover | Daniel Quiceno M and Markus Spiske

The great deindustrialization of Europe, on a map that divides the continent into two

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Europe is a continent and many different realities and the economy is no exception. we see it in the industrial fabric, in GDP, in salaries and on the map that you see above these lines: the weight of the industry in employment, or what is the same, what population that works does so in a factory. Although we are going to see it in a big way and with the legend, at first glance something stands out: while there are states that have industry as their main source of employment, in others what rules are services. The weight of the industry in employment in Europe. More specifically, the map represents the percentage that factory employment represents in total employment in each European region in a range that goes from 3% (the lightest areas) to 34% (the dark red areas). The map in question is the work of the cartographer of Milos Popovic and for its preparation it takes the data corresponding to 2023 from Eurostatthe official statistical office of the EU, which publishes these series systematically for member states, allowing them to be compared. Why it is important. Because beyond offering direct employment, the industry is the sector that contributes the most to productivity growth throughout the economy, according to data from Eurostat and the analysis of the European Center for Austrian Economics Foundation. When there is no industry (or there is it in small doses), the services that replace it tend to concentrate on activities with lower productivity and lower wages. On the other hand, losing industry implies dependence on third parties: we saw it in the pandemic when buying masks and we continually suffer it in strategic products such as semiconductors. And it also takes its toll on exports and deteriorates R&D capacity. What percentage of total employment does the industry occupy? Eurostat via Milos Popovic The two Europes: that of industry and that of services. Broadly speaking, Europe is divided into two blocks: the center, the east and some exceptions in the north of the Iberian Peninsula concentrate between 24 and 35% of its employment in manufacturing. On the other side of the coin, Ireland, the Nordic countries, Greece or southern Spain are below 13%. This division is due to several moments but the reasons are identical. Central Europe is the factory of the old continent and much of the blame lies with the EU enlargement in 2004a moment in which European and global multinationals relocated their production to those economies, taking advantage of low labor costs, the existence of labor and, obviously, this new scenario of access to the common market. Germany, the exception and the industrial anchor of Europe. Germany is simply an anomaly in Europe. While France, the United Kingdom and the Nordic countries have been reducing their industrial weight for decades, Germany has been able to maintain robust manufacturing: it represents around 19.7% of the country’s gross added value compared to the European average of 15.6% thanks to an industrial fabric made up of medium-sized companies specialized in machinery, automotive, chemicals and capital goods. But it is not being easy at all: energy is expensive, competition (especially Chinese) is fierce in industries such as the automobile industry and the drop in demand is forcing the Central European country to undergo a profound restructuring. And layoffs: without going any further, ThyssenKrupp Steel advertisement in 2024 a workforce cut from 27,000 to 16,000 workers, an example that summarizes what is happening throughout Teutonic heavy industry. The deindustrialization of the West. Industrial weight loss in Western Europe is not new and does not stop: according to the GMK Center with data from the World Bankthe EU’s share of global industrial added value fell from 20.8% in 2000 to 16.3% in 2023 and between 2018 and 2024 alone, 700,000 jobs were lost in the old continent in the industry. France is a magnificent example because it is the most illustrative case: the industry barely represents 10.6% of its gross added value, almost half that of Germany. Spain stands at 11.7% although it has abysmal differences between the more industrial north (La Rioja and Navarra) and the tourist south. In Xataka | There is one fact that summarizes Europe better than any speech: the minimum wage gap between the east and west of the continent. In Xataka | The best paid jobs in Spain in 2026: from 56,000 euros for a doctor to 250,000 for directing private banking Cover | MilosGis

Europe is preparing four measures to become independent from United States technology. The problem is that he doesn’t know how

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The European Union has been ruminating for some time that depending on third parties to manage its data, its chips and its digital infrastructure is a risk that it can no longer afford, so next Wednesday, June 3, it will put on the table a package of measures to achieve its technological sovereignty (or at least, to depend less on countries like the United States or China) whose draft they have already had access to. Financial Times either Political. The sovereignty package is so ambitious that it aims to mark a before and after at the level of the RGPD and it is not something general and intangible: there are four specific measures so that vulnerabilities such as that of Nexperia don’t happen again. But the dependence on the United States is just as worrying, as the slam of the Netherlands on the purchase of Solvinity. Two concrete examples from two different countries for the same problem: European critical infrastructure is in the hands of others. The EU package of measures. Next Wednesday, technology commissioner Henna Virkkunen will present the review of two laws known as the Chips Act and the Cloud and AI Development Actin addition to an open source software strategy and a roadmap for the digitalization of the energy sector. More specifically: The cloud, tested. Audits and stress tests to discover vulnerabilities and thus anticipate a possible US blackout. Chips Act 2. The Commission imposes the power to, in an emergency, cancel semiconductor supply contracts in the event of a shortage, fine companies that hide information about their supply chain and act as a central buyer for the 27 member states, as it did with vaccines during COVID. Open source as an alternative way. The EU wants to promote European free software companies, will encourage collaboration between states and create an instrument to maintain indigenous solutions against US proprietary software. A lot of financing: 200 billion euros are needed to expand data center capacity until 2036 and another 20 billion to execute digitalization and AI plans in the energy sector. Where from? Fundamentally, attracting private investment. Why is it important. Because Europe does not manage its own data or control the core of its critical industry and this has clear and direct consequences. The old continent has already seen the wolf’s ears. A good example is the cloud: three American companies occupy 70% of the European market, according to Sinergy datacompared to a pyrrhic 15% made in Europe. These are hospitals, public administration, defense of all of Europe operating on servers where Washington rules. In terms of chips, it has already experienced it with Nexperia: the Dutch government took control of the company to prevent China from destroying it and Beijing responded by cutting off the supply of chips, which resulted in a shortage of processors and even stops in an industry as essential for the old continent as the automobile. Context. This package of measures comes with clear bases: the recommendations of the Mario Draghi’s competitiveness report of 2024 and the Competitiveness Compass of the EU and in reality it is not more bureaucracy, but a way of simplifying everything to see the objective more clearly. In fact, a year ago the European Parliament defined what he understood as technological sovereignty: “the ability to build capacity, resilience and security by reducing strategic dependencies, avoiding dependence on foreign actors and single suppliers, and safeguarding critical technologies and infrastructure.” Regarding the chip manufacturing industry, a paradigm shift is observed: we have gone from the practical “just in time” to streamline inventories seeking efficiency and low cost to manufacturing “just in case”, something that is already contemplated by both the European chip law and its American counterpart. Europe’s problem is that it arrives late and with a tiny manufacturing muscle. Yes, but. The European record invites us to take this ambitious plan with caution. The different projects to manufacture chips in the old continent have progressed unevenly, the funds from the original law were dispersed among different state projects without a common industrial strategy (for example, Germany negotiated with Intel and France with STMicroelectronics) and the reality today is that chip manufacturing conditions in Europe continue to be worse than in China, South Korea or the United States. That Europe legislates and each state goes to war on its own also applies to the cloud: the government of each state has the power to decide what to do after the relevant audits. The new package of measures starts from the same point and runs the same risks of fragmentation. On the other hand, there is the economic issue: public financing may be dispersed, but private financing for data centers is not yet assured. And finally there is a big underlying problem: Europe has laws, but it lacks a powerful and complete industrial ecosystem to achieve technological sovereignty. In Xataka | Europe has proposed to become technologically independent from the US: And it has started with the most difficult thing: chips In Xataka | Europe is moving from words to action in its “independence” from Microsoft and Google. First step: critical data Cover | Intel and Carl Gruner

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