By Letara Draghia

Copyright euroweeklynews

Data centre expansion

SPANISH company Submer Technologies SL, a specialist in liquid cooling systems for data centres, has announced its entry into the Indian market with plans to build AI-focused data centres and expand manufacturing.

Founder Daniel Pope confirmed the firm had signed a memorandum of understanding with the Madhya Pradesh government in July to develop up to 1 gigawatt of data centre capacity. He said India would serve as a hub for Asia, adding that the country could represent 10 per cent of the global data centre market by 2030.

Submer will also set up a manufacturing facility in India, creating around 5,000 mechanical, electrical and plumbing jobs in the coming years.

Executives highlighted India’s young engineering talent pool and the opportunity to build ultra-efficient new infrastructure rather than modernise older facilities. The company aims to deliver projects in as little as six to nine months using modular construction techniques.

Money laundering

Spanish police arrested five people and charged five others in Ceuta during Operation SMOKE, which uncovered a network tied to online fraud in Spain and Portugal. The group tricked victims into paying for fake tobacco sales online, laundering over €7,000 through money mules who carried cash to Morocco. Investigators have identified 66 victims so far but suspect the real figure is higher. Two alleged ringleaders in Morocco remain at large. The investigation began in December last year.

Michelin’s leadership

MICHELIN Spain Portugal has announced three key management appointments to strengthen its industrial strategy. Fran Cardona will lead the Valladolid factory from November 1, while J. Bruno Arias will take charge of the Aranda de Duero plant on December 1. From January 1, 2026, Carlos Abril Barber will oversee agricultural tyre production in Valladolid. The company said the changes aim to consolidate operational excellence across its passenger car, truck, and agricultural tyre divisions.

Santander Zinia

AMAZON customers in Spain can now defer purchases of €60 to €3,000 over 4 to 40 months using Zinia, Santander’s consumer financing platform. The service, already available in Germany and Austria, marks Zinia’s debut in Spain. Customers can apply directly on Amazon.es by entering a DNI or NIE, with financing approved per purchase rather than through a permanent credit line. The move expands Santander’s consumer finance presence while offering Amazon shoppers more flexible and secure payment options.

Credit rating

SPAIN has received further recognition from global credit agencies, as Moody’s and Fitch upgraded its sovereign rating, following a similar move by S&P in recent weeks. Moody’s raised Spain from Baa1 to A3 with a stable outlook, while Fitch upgraded from A- to A. Both cited balanced growth, labour market recovery and a stronger banking industry as key factors. The upgrades come as GDP growth forecasts for 2025 are revised upwards to 2.6–2.7 per cent.

Wealthy Brits

AFFLUENT UK citizens are regaining confidence in the economy, though sentiment remains well below pre-Budget levels, according to the Saltus Wealth Index Report.

The index rose to 64.7 from February’s record low of 58.2, buoyed by stronger markets. However, this is still short of the 67.7 high in 2022.

While 66 per cent of respondents are optimistic about the economy, down from 84 per cent a year ago, concerns remain: 78 per cent expect tax rises within 12 months, with income tax, National Insurance and pension relief seen as likely targets.

Inflation (58 per cent) and tax policy (46 per cent) top the list of wealth risks.

UK wine merchants

INDEPENDENT wine merchants in the UK are turning to lesser-known regions and varieties to keep prices competitive amid inflation and higher taxes, according to The Drinks Business.

At a recent London tasting hosted by The Bunch (six top merchants including Haynes Hanson & Clark, Tanners and Corney & Barrow) chair Siobhán Astbury said demand was strong for wines under £20, especially affordable Bordeaux, southern France, and cru Beaujolais.

Tanners’ chairman James Tanner noted UK wine is at “a crossroads,” as consumers adjust to £20 bottles. Merchants also face challenges from red tape, packaging rules and new organic wine inspections.

EU–Mercosur deal

SPAIN’S Economy Minister Carlos Cuerpo said on September 29 that he expects the EU–Mercosur trade agreement to be ratified by year-end. The deal would remove tariffs on over 90 per cent of exports, though some EU states, including France, remain sceptical.

September’s inflation

SPAIN’S annual inflation rate climbed to 2.9 per cent in September, up from 2.7 per cent in July and August, according to INE data. The rise was driven by higher fuel and electricity prices. A year earlier, inflation was at 1.5 per cent.

Token sterling

UK Finance has launched a pilot for tokenised sterling deposits (GBTD), backed by major banks including Barclays, HSBC, and Santander. Running until mid-2026, the project will test faster, safer payments, fraud prevention, and digital asset settlement.

Jaguar Land Rover

THE UK Government will back Jaguar Land Rover (JLR) with a £1.5 billion loan guarantee to support its supply chain after a major cyber-attack. Business Secretary Peter Kyle said the move will help safeguard jobs across the West Midlands, Merseyside, and wider UK.

Bank closures

MAJOR UK banks including NatWest, Halifax, Lloyds, and Bank of Scotland will shut 97 branches and 45 mobile services from October. The closures, blamed on the shift to digital banking, add to more than 6,400 branch closures since 2015, consumer group Which? reports.

EIB & ACCIONA

THE European Investment Bank (EIB) has granted Madrid-based ACCIONA €120 million to drive research, innovation and digitalisation in infrastructure, renewables, and water treatment. The funding, part of a €150 million package, will support AI, automation, decarbonisation and IoT projects, aligning with EU goals on climate action and tech.

Hotel investments

SPAIN’S hotel market saw €2.1 billion in investments in H1 2025, its third-strongest first half ever, led by domestic buyers (66 per cent). Highlights included the €430m Mare Nostrum Resort deal in Tenerife. Strong demand, stable yields, and limited supply pushed RevPAR up 6.9 per cent, reinforcing Spain’s global investor appeal.

UK newcomers

UK-based Marshmallow has entered an exclusive partnership with Evolution Funding to offer motor finance to newcomers and migrants who often lack the credit history required by traditional lenders.

The deal marks Marshmallow’s first move beyond insurance since raising $90 million (€76.9 million) in April 2025. By integrating its risk models with Evolution’s distribution platform, the partnership will allow dealers to approve customers typically excluded from secured car finance.

Co-founder Oliver Kent-Braham said the initiative aims to support migrants locked out of fair financial services. Evolution CEO Lee Streets said the collaboration combines “credit models with distribution and insight” to expand inclusive lending.

UK hotel investment hit £1.04 billion in Q3 2025, up 28 per cent year-on-year, according to Savills. Single asset deals drove 92 per cent of activity, with London leading at £697 million. Regional markets also surged in Scotland, the South West, and West Midlands.

Spain–Liverpool

DUTCH carrier WEC Lines has upgraded its Spain–UK service, now called NWC Spain, adding a second vessel and ports including Gijón and Antwerp. The weekly route links Bilbao and Gijón to Liverpool and Dublin, offering faster, more reliable alternatives to road transport.

Statistic of the week

The annual change in the flash estimate of the CPI stands at 2.9% in September, two tenths higher than August. (INE)

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