AGP Executive Report

Swedish Trade: Sweden’s foreign trade surplus shrank in July to SEK 1.2bn, down from SEK 3.5bn a year earlier, as imports rose faster than exports (Statistics Sweden: exports +4.0% y/y; imports +6.0%). M&A in Tech & Maritime: Hexagon agreed to buy Guidance Marine, adding relative-positioning sensors for vessels, with completion expected by end-2026. Mining Deal: Boliden will acquire Votorantim’s 64.7% stake in Nexa Resources, taking a 64.68% holding and planning a tender for remaining shares. Energy Storage: Battery energy storage systems are gaining momentum as grids and renewables need flexibility, with the sector’s push tied to faster deployment and rising demand. EU Geopolitics & Finance: EU states including Sweden urged Brussels to restart plans to use immobilised Russian assets to fund Ukraine aid. Automotive Safety: Volvo expanded its Connected Safety system so new electric models can warn each other about large animals, cyclists, pedestrians, roadworks and accidents ahead. Public Sector IT: Stockholm schools will replace the long-used Book-IT library system with Systematic’s Cicero platform. Health Tech: A wearable study in Science Translational Medicine suggests hidden hormone bursts behind some high blood pressure cases could be caught earlier at home.

Sweden Security & Defence: The Swedish Armed Forces have asked the government to seize Russian-owned property near the Muskö naval base, citing drone threats and the site’s strategic value for anti-drone systems. EU Budget Fight: German Chancellor Friedrich Merz is rallying leaders from several EU states to push for hundreds of billions of euros cut from the bloc’s next seven-year budget, with defence and security priorities and tighter democracy-linked conditions. Tech & Regulation: Australia’s under-16 social media ban is now in force, while the EU and other countries weigh similar restrictions; the latest U.S. settlement also targets claims that platforms are designed to keep children hooked. Swedish Business & Consumer Tech: IKEA and Xbox unveiled a gaming furniture collection at Gamescom, built from Xbox controller design files—turning gaming shapes into real home pieces. Nordic Markets & Infrastructure: Netmore, Aarhus Vand and Kamstrup are rolling out about 69,000 connected water meters across Aarhus, enabling remote readings and earlier leak detection. Corporate Moves: Kao is expanding Curél dry-skin care across Sweden, Norway, Denmark and Finland from September, continuing its Nordics rollout. Global Trade & Risk: A Reuters report highlights how oil prices are reacting to shifting U.S.-Iran signals and Middle East security developments.

Spotify & Equal Programme: Spotify marks five years of its Equal initiative with five new Spotify Singles, spotlighting women artists across Europe, North America and Africa, including Sweden’s Namasenda. Sweden Inflation Watch: Sweden’s producer price inflation eased to 6.4% year-on-year in July as energy price growth slowed. H&M Expansion: H&M appoints a general manager for its Argentina entry, with the first store planned for 2027 in Buenos Aires. Meta Smart Glasses Legal Risk: An Indian legal notice challenges Meta’s liability over Ray-Ban Meta glasses filming people without consent, pushing for takedown and damages. Swedish Industry & Climate Tech: LKAB and Scania-backed electric trucks are now hauling iron ore deep underground in Sweden, part of efforts to cut mining emissions. Business Deal: FORTE acquires Vega Global, expanding its workplace tech and audiovisual footprint across Sweden and the wider APAC region. Regional Security: France seeks tighter EU rules on Ukraine’s non-EU defense purchases, aiming to steer more spending to EU suppliers. Crime Crackdown: INTERPOL’s Operation Jackal IV nets 58 arrests tied to West African organised crime and money laundering.

EU Digital Justice: The e-Evidence rules start landing on covered U.S. providers’ EU addressees, with penalties up to 2% of global turnover and a fast legal clock that raises new compliance pressure across Europe. Cross-Border Crime: INTERPOL’s “Operation Jackal IV” wrapped an eight-month crackdown on West African organised networks, leading to 58 arrests and 263 suspects identified across 22 countries, including cyber-enabled fraud and scams. Swedish Security & Property: Sweden’s armed forces ask the government to expropriate a Russia-owned beach plot near Muskö naval base, citing drone threats and security concerns. Nordic Defence Industry: Saab pitches Canada for a Gripen production centre if selected, while Blykalla submits a Swedish nuclear plant proposal with up to 440 MWe from lead-cooled small modular reactors. Retail & Payments: Walmart expands tap-to-pay at stores (including Apple Pay and Google Pay) and plans a wider rollout across its U.S. footprint. Fintech/BNPL: Klarna’s latest quarter shows revenue growth and improved profitability, with active consumers and merchant partnerships rising. AI Advertising: OpenAI expands ChatGPT Sponsored ads to 31 European markets, including Sweden, aiming at conversion-focused targeting.

Nordic Defence Procurement: Denmark and Sweden unveiled new combat uniforms built on Crye Precision designs, with Denmark’s M/26 set to replace parts of its NCU after quality issues and Sweden’s MSU26 using Swedish M90 camo; deliveries are expected from Oct 2026 into 2027. Swedish-Linked Air Defence Deal: Poland’s Mesko signed an €1.9bn SAFE-financed contract for Piorun systems for Poland plus NATO partners Norway, Lithuania and Latvia, with “several hundred” launchers and “several thousand” missiles. Markets Watch: Global investors brace for tighter US Iran sanctions and Nvidia’s results, while gold and bitcoin gain as dollar worries grow. Nordic Banking Strategy: SEB’s Marcus Lindholm outlines a push to grow asset management in Asia by focusing on Nordic equities/fixed income, European AT1 and private markets. Electric Logistics in Sweden: Einride expands its Lidl partnership, nearly doubling annual electric freight volumes in Sweden to 832,000 km. Health & Regulation: Sweden’s APL says antibiotic production can’t be fully self-sufficient without imported active ingredients, highlighting a key constraint in domestic pharma resilience. EU Defence Innovation: BraveTechEU grants back six defence startups from the Nordics and Baltics to test technologies in Ukraine.

Nordic-Baltic Security Diplomacy: Sweden’s foreign minister Maria Malmer Stenergard meets Latvia’s Baiba Braže in Rosenbad, with regional security, defence, support for Ukraine and EU issues on the agenda, followed by a lunch for Swedish and Latvian business leaders. EU Defence & Ukraine Funding: European Council President António Costa kicks off a tour of EU capitals focused on Ukraine, EU enlargement, competitiveness, migration and the 2028–2034 long-term budget, with missile defence and Ukraine’s defence needs high on the list. Swedish Defence Industry in Focus: Saab will assist the Hungarian investigation after a Gripen C crash near Szolnok; Hungary has suspended Gripen training flights while the probe continues. EU Fuel Aid for Industry: The European Commission approved a EUR 4.5m German fuel aid plan for commercial fishing and aquaculture to offset higher costs linked to the Strait of Hormuz disruption. Sweden’s Business Pulse: MTG CEO Maria Redin says the Swedish mobile games group aims to double in size again within 3–5 years, using further acquisitions after the Plarium deal. EV Market Signal: Europe’s BEV share hit 25.7% in key markets in July, but Italy’s drop to 5.9% shows how subsidy design and funding continuity can make or break adoption. Tech & Infrastructure: Magnora secured a firm grid connection for its Hämeenlinna data centre in Finland, targeting Q1 2029 (with a possible faster path to H2 2028). Payments Expansion: Walmart starts rolling out tap-to-pay options across US stores, a reminder that checkout costs and convenience remain board-level priorities.

M&A Watch: Steadfast’s shareholders are set to vote on a $7.7B private equity takeover, with Dragoneer and KKR-backed Kohlberg Kravis Roberts offering $6 a share and planning to sell parts of the business to Amwins. Ukraine Politics: President Volodymyr Zelensky pushed back on wartime elections, calling them a “tsunami” that could split the country, as pressure grows after the dismissal of a key ally. Football Governance: Nordic associations including Sweden have lost confidence in FIFA boss Gianni Infantino and want reforms plus guarantees that tournament governance won’t be handed to private investors. Sweden Security: Police are investigating a TikTok account they believe is linked to the suspect in Sweden’s school sword attack, after a post appeared shortly before the killing of a 17-year-old and injuries to three boys. Energy & Industry: Europe’s EV market kept climbing in July, with Sweden among the more electrified Nordic markets, while Swedish tanker owner Furetank prepares a liquid biomethane-capable vessel for its fleet. Climate Protest: Thousands marched in Stockholm ahead of the general election, arguing current climate policy threatens Sweden’s emissions targets.

Nordic Security & Ukraine: NB8 leaders (Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, Sweden) reaffirmed support for Ukraine in Kyiv, pledging continued political, military, financial and winter-readiness help, with extra focus on protecting and repairing critical energy and port infrastructure. Sweden Climate Politics: About 10,000 people marched in Stockholm against human-made climate change ahead of Sweden’s Sept 13 election, criticizing the government’s weaker transport emissions path and petrol-tax cuts. Saab Defense Tech: Saab unveiled the full-scale A3-001 uncrewed combat air concept and outlined its Autonomous Collaborative Platform roadmap, aiming for fighter-like autonomy missions such as electronic warfare and precision strikes. Personal Finance Regulation: Sambla Group activated its Credit Market Company authorisation with Sweden’s financial regulator, signaling a push to expand personal finance services under a stronger regulatory framework. Electric Freight Push: Swedish Einride plans to deploy 500 Tesla Semi trucks across North America starting in September, betting on AI-led fleet coordination to scale electric logistics. Norway Ukraine Aid: Norway will allocate 85 billion kroner for Ukraine in 2027, matching its 2026 level, with most funding aimed at military support via the Nansen Support Programme.

Sweden Climate Politics: Around 10,000 people are expected at a Stockholm climate demo on Sunday, with organisers and experts warning the Kristersson government’s transport policy risks missing emissions targets ahead of the Sept. 13 election. Public Safety & Online Influence: Swedish police are probing whether a TikTok account promoting school violence may have influenced an 18-year-old accused in a deadly sword attack at a high school in Fagersta; investigators are checking whether a pre-attack sword photo was posted from inside the school. Defence Industry: Saab unveiled the full-scale A3-001 unmanned combat aircraft concept at Malmen, pitching autonomous teaming with Gripen for roles like electronic warfare and SEAD, with flight demonstrators planned before 2030. Markets & FX: ING says the yen may be about 20% undervalued and points to expectations of faster Bank of Japan rate hikes after a late-July intervention. Energy & Industry: France authorised EDF to start preparatory work for two new EPR2 reactors at Gravelines, moving the project toward construction. Sports Business Angle: Liverpool’s new era without Mohamed Salah puts Sweden striker Alexander Isak at the centre as the club seeks goals and chance creation.

Swedish Security & Defence: Sweden’s Air Force and Saab have completed the first Taurus cruise-missile test from a Gripen C, aiming for full integration by 2028 as part of the fighter modernization push. Saab Aviation R&D: Saab also unveiled the full-scale A3-001 unmanned combat aircraft concept at the Jubilee Air Show, showing how crewed and uncrewed systems could work together in high-risk missions like electronic warfare and precision strike. Nuclear Power (EU): France’s EDF has received environmental authorization to start site preparation for two new EPR2 reactors at Gravelines, including civil works and relocation of rail and protected habitats. AI & Education Impact: New research on nearly 27,000 Chinese students finds AI-assisted homework boosts grades and speed, but independent exam results fall sharply—raising concerns about real learning. Public Safety (Sweden): Police are investigating a sword attack at a Swedish high school in Fagersta that killed a 17-year-old and injured three others, including whether online communities helped inspire the attacker. Israel/West Bank Housing: Israel has opened tenders for 1,234 homes in the E1 area, drawing international condemnation over legality and the two-state solution. Business Expansion (Sweden-linked): Dometic plans to expand operations in Sparta, Tennessee, relocating steering and helm manufacturing to create about 90 jobs.

EU Settlement Pressure: The European Commission and 14 countries, including Sweden, condemned Israel’s E1 West Bank settlement plan as “unacceptable” and urged Israel to retract construction tenders, warning it undermines the two-state solution and urging firms to avoid bidding. Energy & Data Centres: Vattenfall is exploring offshore wind-powered data centres with the Netherlands’ Project Enki, aiming to use wind capacity more efficiently and reduce grid congestion—another sign Sweden’s renewables sector is moving fast into AI-era infrastructure. Retail & Circular Economy: IKEA is rolling out a second-hand marketplace in the UK after pilots in Sweden and Norway, letting customers buy and sell pre-loved IKEA items with IKEA-backed verification and buyer protection. Sweden Security: A sword attack at a Swedish higher education school in Fagersta left multiple people injured; police took the attacker into custody and sealed nearby schools. Defence Tech: Saab unveiled its roadmap for a stealthy supersonic “fighter drone” concept under its Autonomous Collaborative Platform programme, targeting service in the 2030s.

School Violence in Focus: A sword-wielding attacker injured several people at Brinellskolan high school in Fagersta, central Sweden, with police detaining the suspect after reports they shot him in the leg; lockdowns were briefly imposed on nearby schools as authorities searched the building. Tobacco Regulation & Competition: The US FDA authorized 11 new nicotine pouch products from Philip Morris, including higher-strength Zyn Ultra variants made by Swedish Match USA, as the company pushes to defend market share amid intensifying competition. Swedish Tech & Privacy: Mullvad’s Android beta adds “when needed” automatic multi-hop routing and a more interactive server map, aiming to keep privacy tools usable as surveillance pressure grows. Retail & Consumer Sentiment: Ikea’s Irish unit reported pre-tax profits more than doubling to €15.75m despite flat revenues, citing improved margins and cost efficiencies while consumer confidence stays subdued. Digital Identity Compliance: IDnow received certification to issue EU eIDAS 2.0-compliant Qualified Electronic Attestations of Attributes (QEAAs), targeting a key gap in regulated onboarding and AML-related workflows. Business Markets: Europe’s Stoxx 600 ended the week slightly higher as eurozone confidence improved and flash PMI data pointed to faster growth, even as bond worries lingered.

Sweden’s Defence Industry Boost: Sweden will co-finance SEK 500m in ammunition-capacity projects under the EU’s EDIP Energetic Components programme, backing firms tied to Archer propellant charges and fuzes, small-calibre ammunition and explosives to ease domestic bottlenecks. EU Cash Buffer Demand: Despite smartphone payments, the ECB says the value of banknotes in circulation in the EU keeps rising, driven by anxiety over war and cyberattacks; households are urged to keep cash in emergency kits. Nordic Energy & Industry: Finland’s offshore wind expansion faces subsidy and tendering uncertainty, while Sweden’s broader push includes new ammunition materials co-financing and ongoing industrial investment signals. Legal & Finance: A US appeals court revived Signature Bank collapse claims, a win for shareholders led by Sjunde AP-Fonden, keeping pressure on alleged misrepresentation of liquidity risks. Business & Tech: OpenAI expands ChatGPT ads across 31 European markets, while Epidemic Sound highlights a simpler, pre-licensed music approach as social-media licensing lawsuits keep escalating. Markets Watch: Europe is set for a modestly firmer open amid mixed APAC trading and attention on upcoming PMIs, consumer confidence and wage-growth data.

Swedish Defence Procurement: Sweden has ordered strike drones for the army for the first time, awarding a 350m kronor contract to Danish Nordic Wing for Astero ISR and Raptor 2 strike drones, with delivery planned for Q2 2027. Nordic Household Finance: Danske Bank’s 2026 survey shows weaker financial confidence across the Nordics, with Finland lowest and Sweden down to 6.1 from 6.2, as energy-price and inflation worries bite. Payments & Retail Banking: Klarna says two top leaders will leave early next year as it transitions CFO Niclas Neglén and CMO David Sandström, while the firm tempered full-year guidance and shares slid after weaker outlook. Construction & Industry: Volvo Construction Equipment is ramping up US production in Shippensburg, starting output of first American-built excavators and large loaders and adding 11 more models to cut lead times. AI Startup Model Shift (Sweden): A report highlights how AI is changing startup economics, pointing to Swedish software maker Lovable’s rapid growth with far smaller headcount than traditional peers. Energy & Security Context: The wider European energy picture remains tense, with Germany’s gas storage reported at just over half full, underscoring supply-risk concerns. Local Innovation: Skellefteå opened a pink “Crystal Sauna” powered by electric vehicles, blending public art with battery-powered heating experiments.

Sweden & EU Business: Essity has agreed to buy Kenvue’s feminine care business in Brazil for $284m (about SEK 2.7bn), adding brands Carefree, Sempre Livre and o.b.; closing is expected in Q2 2027 pending approvals. EU Policy & Deals: A new EU FDI screening regulation entered into force, with member states required to implement it by Jan 2028—dealmakers will need to plan filings earlier since reviews stay national. Procurement Politics: EU governments remain split over a “Buy European” push that would steer public contracts toward EU-made and low-carbon products, with tougher rules likely from 2029. Markets & Inflation: Eurostat reports EU inflation at 3.0% in July; Sweden is among the lowest at 0.3%, while Romania tops the list at 8.2%. Corporate Moves: EQT is buying a majority stake in Australia’s Melbourne Storm, reshaping ownership while keeping key leadership in place. Tech & Finance: AppLovin and CoreWeave both reported quarter results, with investors watching revenue trends as CoreWeave expands infrastructure in Sweden. Energy & Industry: Volvo marks its 100-year truck milestone with a special-edition FH range focused on safety and efficiency. Consumer & Media: OpenAI is expanding ChatGPT ads across 31 European markets, raising fresh questions about how to measure performance when ads target AI agents instead of people.

AI Infrastructure & Chips: Nvidia is “matchmaking” in the Nordics, linking certified GPU colocation sites with data-center operators to secure compute demand for AI builds. Digital Advertising: OpenAI will roll out ChatGPT Ads to 31 European markets next week, including Sweden, with ads shown to Free and Go users while Plus/Pro stay ad-free. Nord Stream Probe: A second Ukrainian suspect was arrested in Croatia over the 2022 Nord Stream sabotage, with extradition to Germany sought. Swedish Finance & Legal: A US appeals court revived Signature Bank collapse lawsuits, a win for shareholders including Sweden’s Sjunde AP-Fonden. Energy & Climate Tech: A Berlin startup says it can match beef mince pricing by fermenting koji mold in a repurposed brewery, signaling sustainable food shifts from science to scale. Sweden in the Spotlight: Queen Silvia visited Belgium’s record wildfire front lines after Sweden sent water-bombing aircraft via the EU civil protection system. Humanitarian Angle: UN Women highlights Sudanese women rebuilding lives amid conflict on World Humanitarian Day.