AGP Executive Report

Biotech Deal Sprint: UCB is in “built to be bought” mode, stacking US and global buys—most recently its planned $2.2bn Candid Therapeutics acquisition—showing how Belgian mid-caps are moving faster to secure biotech pipelines. CO₂ Recycling Funding: Belgian deep-tech D-CRBN just raised €17.5m to scale CO₂ recycling from pilots to first commercial installations, betting heavy industry needs practical fossil-free carbon now. Energy & Shipping Milestone: Axpo completed Naples’ first LNG bunkering for a cruise ship (Sun Princess), using the Green Zeebrugge tanker—another step for alternative marine fuels in the Mediterranean. Belgium in the Spotlight: Lakefront Biotherapeutics filed a transparency update after Bank of America crossed the 5% voting threshold. EU/World Tensions: 50 UN member states, including Belgium, condemned Russia’s intensified attacks on Ukraine’s civilians and infrastructure. Sports Logistics: FIFA confirmed base camps for all 48 World Cup teams, with Belgium-linked co-production and Belgian participation echoing across the tournament build-up.

Hydrogen Build-Out: Gasunie has signed with German grid operators Open Grid Europe and Thyssengas to develop a Netherlands–Germany hydrogen pipeline, targeting Zevenaar–Elten by 2031 and reusing parts of existing gas lines to cut cost and impact. EU Consumer Watch: A German court case on Milka bars adds pressure to the shrinkflation debate: even when weight labels are accurate, regulators may still judge packaging changes as misleading. Belgian DeepTech Funding: Antwerp’s D-CRBN secured a €17.5m Series A to scale electrified plasma recycling of industrial CO₂ into circular carbon molecules. Cyber & Data Storage: Belgian startup Capsyra teamed with German Ewigbyte to pair cryptographic governance with immutable photonic glass storage for long-term data integrity. Finance Ops in Luxembourg: Financial Services Luxembourg expanded support for SPVs and AIF structures as regulatory reporting demands keep rising. Belgium in the spotlight: A Leuven court convicted nationalist activist Dries Van Langenhove for hate speech tied to a 2024 lecture.

World Cup Logistics, Iran-Mexico: Mexico’s President Claudia Sheinbaum says there’s “no issue” hosting Iran’s national team after FIFA-approved relocation of the squad’s base from Tucson, Arizona to Tijuana—because the US didn’t want the team staying overnight on American soil. EU Trade Pressure on China: A coalition of major EU states (Spain, France, Italy, Netherlands plus Lithuania) is pushing Brussels toward tougher China measures, including faster emergency tariffs and broader safeguards, as the Commission prepares a China policy debate. Belgian Shipping Security: Russia reports magnetic mines found on an LPG tanker arriving from Belgium’s Antwerp port, with authorities opening a criminal case after devices were reportedly neutralised. Belgium in the Spotlight: Belgian cycling delivered a strong note with Pau Miquel taking second at Antwerp Port Epic. Food Safety: A Belgium-made Godiva Kunafah & Pistachio chocolate bar was recalled in Saudi Arabia over a labelling error involving undeclared eggs.

Ukraine-Russia Escalation: Russia says it is starting “systematic strikes” on Kyiv’s defense-industry facilities and warns foreign nationals to leave, after a claimed drone attack on a student dormitory in Starobilsk; Ukraine denies targeting civilians and says it hit a Russian drone unit instead. Maritime Security: Russia also claims it found NATO-made magnetic mines on the Arrhenius gas tanker arriving from Belgium’s Antwerp, with devices later neutralised. Belgium Energy Build: Belgian co-ops are constructing a 100-MW/250-MWh battery storage project in Ruien, aiming for grid support from autumn 2027. AI in Farming: PerPlant raised €1m to add AI “eyes” to tractors, targeting up to 90% lower herbicide use. EU Industry Push: The Commission awarded €400m to 65 industrial heat decarbonisation projects, including Belgium, to cut emissions over the next decade. Public Health Watch: Ebola fears grow in DR Congo as the outbreak spreads amid weak supplies and delayed response.

Court Shock in Australia: Dezi Freeman’s final moments in the August 2025 police killings were laid out in court, including claims he told a fatally wounded officer to “die in hell” before shooting again, as prosecutors described a search warrant tied to alleged child sexual assault and child abuse material. Maritime Safety for Industry: Belgium’s FPS Mobility, EXMAR and Lloyd’s Register helped get IMO ammonia-fuel safety guidelines approved—another step for cleaner shipping rules. Energy & Chemicals Watch: US ethylene exports to Europe stayed elevated after Middle East disruption tightened supply, with Belgium among key destinations. Heat Dome Alert: Europe braces for a record late-May heatwave as a “heat dome” pushes temperatures well above normal across Western and Central Europe. Trade & Food Security: The Philippines lifted its ban on Belgian poultry products after reviewing bird-flu safeguards. Logistics Innovation: Port of Antwerp-Bruges is positioning itself as a testbed for autonomous truck operations. World Cup Logistics: FIFA approved Iran’s move of its 2026 training base from the US to Mexico, with Belgium listed as a group opponent.

Cannes Shockwave: Romanian director Cristian Mungiu’s “Fjord” won the Palme d’Or at a star-studded Cannes closing, a win that spotlights a debate over tolerance, child welfare and political polarization. Belgium Defence Watch: Belgium’s navy is staring at a potential frigate capability gap as delays in a joint Netherlands procurement push first delivery to around 2034. World Politics: EU leaders condemned large-scale Russian strikes on Ukraine and promised continued support for Kyiv, while NATO failed to pass a proposal for a uniform military spending ratio to back Ukraine. Iran Logistics Pivot: FIFA approved Iran’s move of its 2026 World Cup training base from the US to Mexico (Tijuana), citing visa and security concerns—while Iran still plays group matches in the US, including Belgium on 21 June. Industry & Tech: GA-ASI completed the first flight of an MQ-9B fitted with Saab AEW pods, advancing a surveillance development effort aimed at 2026 demonstrations.

Cannes Shockwave: Romanian director Cristian Mungiu’s “Fjord” just won the Palme d’Or, with the jury praising its sharp look at tolerance, inclusion and empathy—while also spotlighting conservative-versus-progressive tensions in Europe. EU Energy Strain: New forecasts warn oil and gas prices could stay elevated through 2027, as geopolitical shocks keep supply tight and planning hard for industry. IMF Warning for Europe: The IMF says EU public debt could climb to 130% of GDP by 2040 unless major reforms land—aging, defence costs and weak productivity are the big drivers. Belgium Watch: A Belgian survey finds rising anxiety in Flanders over immigration and cultural change, including fears of being “replaced” by migrants. Tech for Industry: Researchers at KU Leuven are among those using a new Iranian ice-adhesion test machine to better measure how ice sticks to critical surfaces—useful for aerospace, energy and transport.

Belgian Navy Crunch: De Morgen reports Belgium’s new frigates are slipping again, with the first delivery now pushed to 2034—so the navy could face years with no replacement ships as the current Leopold I and Louise-Marie near the end of their service life. Cost Overrun: The price tag has already jumped from about €600m per ship to around €1bn, with another €250m expected. Interim Options: Emergency talks are reportedly looking at stopgaps like converting minehunters or leasing frigates until the programme catches up. FIBA Spotlight (Belgium): Antwerp started the FIBA 3x3 World Tour Shanghai 2026 perfectly, setting up a strong run after two wins on Day 1. World Cup Logistics (DR Congo): DR Congo’s squad faces a 21-day isolation requirement before entering the US, with preparations also disrupted by an Ebola-linked cancelled camp in Kinshasa.

Deal Watch: LTM has tabled an offer to buy Randstad’s Technology and Consulting Services business across France, Germany, Belgium, Luxembourg and Australia in a €160m cash deal, aiming to scale AI and domain-driven services in regulated sectors like aerospace, automotive, utilities and BFS. Legal Pressure: A U.S. court rejected attempts by Belgian-linked pension plans to toss out the Belgian government’s €124m tax-fraud dividend refund suit, keeping the case moving. Customs Modernisation: Brussels Airport, Liège Airport and Ostend-Bruges Airport are aligning on a new digital customs support system for cargo declarations, with a rollout targeted before end-2026. Health Policy: Belgium’s vape flavour ban is confirmed, set to start in September 2028, with advocates warning it could spread across the EU. Industry Signals: World crude steel output fell 1.9% in April 2026, with the EU down 1.8% year-on-year.

Conviction Shock in Paris: Pakistani fashion figure Mehmood Bhatti has pleaded guilty to tax fraud (2009–2012) and aggravated money laundering before the Paris Court of Appeals, upending a decades-long “self-made” public image. Diplomacy With a Teacup: Xi Jinping hosted Vladimir Putin for a “tea chat” in Beijing, underscoring personal rapport as the visit wraps up. Belgian Logistics Upgrade: Brussels Airport, Liège Airport and Ostend-Bruges are digitising air-cargo customs by letting operators exchange import/export/transit declarations through shared national portals—aiming for go-live before end-2026. Trade & Shipping: DP World’s Atlas service links Morocco’s fresh-produce routes to London Gateway and Antwerp, using dedicated vessels and reefer capacity. EU Watch: The Commission has issued objections over alleged synthetic-turf recycling and pricing cartels in the Netherlands and Germany, with Belgian firms named. Food Demand Shift: Belgian consumers are buying more chicken and eggs while beef demand softens as prices bite.

Pentagon Shock: The Pentagon says the latest F-35 upgrade is “predominantly unusable,” triggering a major 2026 procurement cut and forcing allies to rethink order plans. Belgian Business Watch: Jan de Nul is at the centre of a US political storm over a $10bn Argentina dredging tender, with lawmakers alleging “Chinese malign influence” via its local partner. EU Policy Push: EU climate chief Wopke Hoekstra wants less “drama” at COP31 and more implementation, including electrification and coalitions of willing countries. Culture & Media: Belgian director Lukas Dhont’s Cannes entry “Coward” spotlights softer wartime performances, while the BBC is reportedly moving ahead with a major Poirot reboot for late 2027. Tech & Industry: Anker Innovations signs a multi-year Tomorrowland partnership, and CMB.TECH shareholders approve 2025 accounts and a minimum USD 130m distribution.

Argentina Contract Watch: U.S. House Foreign Affairs chair Brian Mast warns China may be steering a workaround in Argentina’s $10bn Parana River dredging tender, alleging Belgian dredger Jan De Nul links via an Argentine partner; a decision is due in days. EU Macro Mood: The European Commission cuts growth forecasts to 1.1% for 2026 and lifts inflation to 3.1%, citing energy shock spillovers and weaker consumer confidence. Belgium in the Spotlight: Belgian defence firm FN Herstal unveils an updated FN MAG “TACTICAL” variant with a long-rail kit and dual optic capability. Energy Transition Push: EIF backs Copenhagen Infrastructure Partners with €200m to scale biomethane and advanced bioenergy, including projects in Belgium. Security & Spending: NATO leaders including Mark Rutte say many allies still aren’t paying enough to support Ukraine. Markets Signal Stress: Foreign governments’ Treasury selling is accelerating, adding to bond-market jitters.

Europa League: Unai Emery delivered again as Aston Villa thrashed Freiburg 3-0 in the final in Istanbul, with Tielemans, Buendía and Rogers doing the damage and Martínez keeping it comfortable. Belgium Industry & Tech: IBA launched Rhodotron® LITE, a low-power X-ray accelerator aimed at smaller irradiation operators and in-house medical sterilisation, while Nyxoah disclosed new shares tied to its convertible-bond receivable. Finance & Payments: Qivalis, the euro stablecoin project backed by European banks, added 25 new members to reach 37, with a launch targeted for the second half of 2026. Manufacturing & Supply Chains: ASML’s CEO warned the chip boom will stay “tense” with supply bottlenecks as AI, satellites and robots outpace capacity. Energy & Security: NATO chief Rutte said allies are repositioning assets to keep the Strait of Hormuz open as traffic doubles and tensions rise. Food & Consumer: YouGov data shows Belgians are eating more chicken and eggs, while beef consumption slips as prices bite. Legal/Justice: Belgium’s Etienne Davignon died before the Lumumba assassination trial could proceed.

EIB Advisory Boost: The European Investment Bank will advise Romanian pharma group Antibiotice on strengthening corporate governance, risk management and transparency to improve its ability to attract financing and fund strategic investment. Semiconductor Supply Crunch: ASML’s CEO tells Reuters that AI-driven demand will keep the chip market “tense” for the foreseeable future, with High-NA EUV tools arriving in the coming months but costs and qualification still a concern. Energy Security vs Fossil Lock-in: A TotalEnergies–EPH deal aims to deliver “flexible” backup power across several countries, but critics warn it could deepen Europe’s dependence on imported gas. Belgium Digital Safety: Child Focus reports a record rise in Belgium’s child online sexual exploitation cases in 2025, with AI-generated “deepnudes” cited as a key driver. Trade Deal: The EU approves the “Turnberry” tariff deal with the US, capping most EU exports at 15% to avoid a fresh tariff clash.

Strait of Hormuz Watch: NATO’s top commander says he’s “thinking” about a possible role in securing the Strait of Hormuz, but insists no formal planning is under way—while Belgian shipping group CMB.TECH reports disruption and profit gains as the closure tightens tanker supply. Sanctions & Security: The US Treasury expands Iran- and counterterrorism-linked sanctions, adding new names and networks across Europe and beyond, as NATO also stresses that European-funded weapons under the PURL list are already in service in Ukraine. Food Safety Shock: Nestlé and Danone face fresh scrutiny after new reports allege delays in notifying authorities and recalling infant formula contaminated with cereulide. Belgium Industry Signal: imec’s CEO pushes for stronger European AI chip design capabilities ahead of Chips Act 2.0. Trade Policy: Pakistan keeps anti-dumping duties on hydrogen peroxide imports from Belgium and others for five more years.

Maritime Earnings Surge: CMB.TECH says Q1 profit more than tripled as Strait of Hormuz disruption tightened tanker supply and pushed spot freight rates higher; EBITDA rose to $558.3m and the company booked a $267m capital gain from vessel sales, with shares up in Brussels. AI Chips Push: imec CEO Patrick Vandenameele urges Europe to build home-grown AI chip design talent ahead of “Chips Act 2.0,” arguing the next win is design ecosystems, not just manufacturing. Cyber Risk: Microsoft Exchange on-premises users face an actively exploited flaw via crafted emails in Outlook Web Access, with no permanent patch yet. Belgium Politics at the Airport: Brussels Airport border queues spark a federal–Flemish blame fight over staffing versus physical capacity, with expansion plans now on the agenda. Prison Pressure: Belgium’s prison overcrowding jumped to 19.27% by end-2025, described as nearing a humanitarian crisis. Tech & Industry: Iteris launched VantageNode™ to bring AI intersection detection to smaller, under-equipped sites.