AGP Executive Report

India–Nordics Energy Push: Prime Minister Narendra Modi arrives in Norway today for talks expected to advance the India–EFTA Trade and Economic Partnership Agreement (TEPA) and unlock new business and tech collaboration, with trade and energy supplies set to dominate. EFTA Link to Liechtenstein: TEPA, now in force since Oct 2025, covers Switzerland, Norway, Iceland and Liechtenstein and targets major investment and jobs—so today’s agenda is a direct read-through for Liechtenstein’s cross-border industrial and wealth-management ecosystem. UAE Energy Pacts: Earlier in the week, Modi’s UAE leg pointed to LPG and strategic petroleum reserve agreements, framed around energy security amid Strait of Hormuz disruption. Clean Energy Capital: Lightrock launched a $500m fund to back growth-stage clean energy firms across Africa and Asia, with investors including Equinor, Shell, TotalEnergies and LGT. Markets & Tech: Liechtenstein’s regulator is referenced in coverage of tokenized-stock trading on Hyperliquid, while a Liechtenstein court foundation ruling continues to spark debate in wealth-structure circles. Aviation Milestone: Canada’s RCAF training aircraft program hit factory acceptance for the first CT-157 Siskin II built in Switzerland.

Modi’s Nordic push: Prime Minister Narendra Modi arrived in Norway with trade and energy at the top of the agenda, as talks with Prime Minister Jonas Gahr Støre aim to take stock of the India–EFTA Trade and Economic Partnership Agreement (TEPA), now in force since October 2025, and to spur new business and technology collaboration. EFTA momentum (incl. Liechtenstein): TEPA covers Switzerland, Norway, Iceland and Liechtenstein, targeting $100bn in investment and near-total tariff coverage for India’s exports—so the Norway stop is a key checkpoint for the pact’s next phase. Geopolitics on the table: Alongside commercial talks, leaders are expected to discuss conflicts in Ukraine, Iran and Gaza. Clean energy capital: In parallel, Lightrock launched a $500m clean energy fund, Accelerate7, backing growth-stage power and clean-cooking, mobility and storage firms across Africa and Asia, with investors including Equinor, Shell, TotalEnergies and LGT. Local relevance for Liechtenstein readers: The TEPA agenda is the week’s clearest direct link to Liechtenstein’s economy.

Clean energy capital: Lightrock just launched a $500m clean energy fund (Accelerate7) backing growth-stage power, clean cooking, electric mobility and storage businesses across Africa and Asia, with investors including Equinor, Shell, TotalEnergies and LGT. Energy diplomacy: India’s PM Modi kicked off a six-day tour starting in the UAE, with talks aimed at LPG and strategic petroleum reserves pacts as Iran–US tensions keep pressure on global energy flows. Health approvals: The EU greenlit expanded use of Pfizer’s HYMPAVZI for hemophilia patients with inhibitors, widening options for adolescents and adults. Aviation milestone: Team SkyAlyne completed factory acceptance of the first CT-157 Siskin II for Canada’s RCAF training program. Wealth & governance: A Liechtenstein foundation dispute continues to spark debate after courts upheld a succession-control transfer—raising questions for practitioners about when structures “fail” versus simply follow their deed. Tech & markets: Fuutura rolled out a non-custodial, multi-asset trading protocol using self-custody plus on-chain identity.

Tax & Food Inflation Probe: Ahold Delhaize reportedly booked big profits in low-tax Switzerland despite having no shops there, with money routed via Geneva through royalties, interest and insurance—while investors bet on rising food prices tied to the Iran conflict. Clean Energy Capital: Lightrock launched a $500m clean-energy fund (Accelerate7) backing growth-stage firms expanding electricity access, clean cooking, electric mobility and storage across Africa and Asia, with investors including Shell, TotalEnergies and LGT. Energy Diplomacy: PM Modi kicked off a six-day push through the UAE and Europe, aiming to secure energy supplies and trade stability; India and the UAE are expected to firm up LPG and strategic petroleum reserve pacts. Healthcare Regulation: The EU approved expanded use of Pfizer’s HYMPAVZI for hemophilia patients with inhibitors aged 12+. Aviation Milestone: Team SkyAlyne completed factory acceptance of the first RCAF CT-157 Siskin II in Switzerland, ahead of delivery later this year. Border Tech Tweaks: UK airports plan to lower passport e-gate age limits to help families and cut queues.

Investigative Finance: A Dutch supermarket giant is reported to have booked huge profits in low-tax Switzerland despite having no shops there, with money routed via royalties, interest and insurance—while investigators also flag investor bets tied to rising food prices amid the Iran conflict. Clean Energy Capital: Lightrock launched a $500m clean-energy fund (Accelerate7) backing growth-stage firms expanding electricity access, clean cooking, electric mobility and storage across Africa and Asia, with investors including Equinor, Shell, TotalEnergies and LGT. Energy Diplomacy: India’s PM Modi starts a six-day push through the UAE, Netherlands, Sweden, Norway and Italy, with UAE talks expected to firm up LPG and strategic petroleum reserve pacts as Strait of Hormuz tensions keep energy markets jittery. EU Health Watch: The European Commission approved an expanded use of Pfizer’s HYMPAVZI for hemophilia patients with inhibitors, widening treatment options for adolescents and adults. Liechtenstein Angle: India-EFTA TEPA implementation is being pressed with Switzerland and Liechtenstein in focus, as non-tariff barriers and rollout issues are reviewed.

Clean Energy Capital: Lightrock just launched a $500 million clean energy fund, Accelerate7, aimed at growth-stage power and clean-energy businesses across Africa and Asia, with investors including Equinor, Shell, TotalEnergies and LGT Group. Energy Diplomacy: India’s PM Modi kicked off a six-day tour starting in the UAE, with energy security and keeping trade flowing amid West Asia tensions driving talks with President Al Nahyan, including expected pacts on LPG and strategic petroleum reserves. EU Health Tech: The European Commission approved an expanded use of Pfizer’s HYMPAVZI for hemophilia patients aged 12+ with inhibitors, widening options for a hard-to-treat group. Border Tech Pressure: UK and European travel rules are still reshaping passenger flows—EasyJet warned of longer passport control waits under the EU Entry/Exit System, while UK airport e-gates are set to accept children from age eight starting July 8. Liechtenstein Finance Context: A Liechtenstein court foundation case continues to ripple through wealth-management circles, sharpening debate over how foundation control and succession declarations can become irreversible.

Non-bank lending for the asset-rich: Global Mortgage Group and America Mortgages pitch cross-border refinancing for high-net-worth clients who get rejected by traditional banks—especially where US tax returns are missing. Crypto infrastructure: Fuutura launched a non-custodial, multi-asset, multi-chain trading protocol built around self-custody plus identity attestation at the protocol layer. Healthcare R&D: Menarini brings fresh ASCO 2026 data on elacestrant in combination with capivasertib for metastatic breast cancer, plus updates across its elacestrant program. Border friction hits travel: UK airports are lowering the e-gate age to 8 from July 8, but airlines warn the EU’s Entry/Exit System may still mean longer passport queues—so passengers should arrive early. Energy diplomacy: India and the UAE are set to firm up LPG and strategic petroleum reserve pacts during Modi’s UAE stop, as Strait of Hormuz tensions keep markets jumpy. Liechtenstein angle: A Liechtenstein regulator note appears in the tokenized-stocks story—prospectuses for Ondo GM were reviewed by the Liechtenstein regulator.

Pharma Spotlight: Menarini/Stemline brought fresh ASCO 2026 data on ORSERDU (elacestrant) and ELZONRIS (tagraxofusp-erzs), including early results for elacestrant plus capivasertib in ER+/HER2- metastatic breast cancer and updates across the elacestrant program. Border & Travel Ops: UK airports are lowering the passport e-gate age to eight from July 8, potentially easing queues for up to 1.5 million more children; meanwhile EasyJet warns the EU’s Entry/Exit System (EES) may mean longer passport-control waits and airlines “may not be able to wait” for delayed passengers. Energy Diplomacy: PM Modi’s UAE visit (May 15) is set to firm up LPG and strategic oil reserve pacts as Strait of Hormuz tensions keep energy markets jittery. Crypto Infrastructure: Fuutura launched a non-custodial, multi-asset, multi-chain trading protocol built around self-custody plus identity attestation. Regional Governance: Ukraine’s court placed former top aide Andriy Yermak in two-month custody in a corruption case tied to Energoatom-linked kickbacks. Liechtenstein Angle: India is pushing early fixes to implement the EFTA trade pact—EFTA includes Liechtenstein—so firms can use the agreement fully.

Energy Diplomacy: India and the UAE are set to firm up two deals on LPG cooperation and strategic petroleum reserves during PM Modi’s May 15 visit, with energy security front and center as US-Iran tensions keep pressure on the Strait of Hormuz. Wealth & Governance: Nevis Premier Mark Brantley used the STEP Caribbean Conference to argue that private wealth needs resilient governance and succession planning in a volatile world. EU Trade Pressure: Proposed EU steel import rules could tighten access for Ukrainian metal exports, with a July 1, 2026 start date looming. Liechtenstein Finance Angle: A Liechtenstein court case on foundation succession is still sparking debate in wealth circles—whether it shows a structure “failure” or the foundation working as designed. Travel Ops: EasyJet warns passengers to arrive early as the EU Entry/Exit System is causing longer passport-control waits. Defense Industry: SkyAlyne completed factory acceptance of the first RCAF CT-157 Siskin II training aircraft in Switzerland.

India–UAE Energy Push: Modi’s May 15 UAE stop is set to lock in new LPG and strategic petroleum reserve agreements, with energy security front and center after Iran’s Strait of Hormuz disruption and the UAE’s OPEC exit. EU Trade Pressure on Industry: Proposed EU steel rules could tighten access for Ukrainian metal exports, with tariff-rate quota cuts and higher out-of-quota duties due to start July 1, 2026. Sports Media Licensing: Bundesliga renews IMG’s archive licensing deal, extending global distribution of decades of match footage. Border Tech Meets Reality: Greece is easing some Entry/Exit System checks for UK travellers to cut airport delays, while EasyJet warns passengers to arrive early because planes may not wait for late arrivals. Liechtenstein Angle in Finance: A Liechtenstein court dispute over foundations and succession control is still sparking debate in wealth management circles. Aviation Milestone: SkyAlyne completes factory acceptance of the first RCAF CT-157 Siskin II (PC-21) for delivery later this year.

Geopolitical Order Under Strain: New reporting argues the US has used force to change leadership in Venezuela and Iran without multilateral authorization, accelerating “rules-based” erosion and normalizing leadership decapitation. UK Border Scrutiny: A London refugee charity faces potential UK law-enforcement attention after a sanctioned Ukrainian banker’s sister joined its board, raising fears of reputation laundering. EU Travel Friction: Greece is easing some checks for British travellers amid Entry/Exit System (EES) rollout delays, while EasyJet warns passengers to arrive early because passport-control waits may strand late arrivals. India’s Diplomatic Push: PM Modi begins a six-day trip to the UAE, Netherlands, Sweden, Norway and Italy, aiming to deepen trade and energy ties. Aerospace Milestone: SkyAlyne completed factory acceptance of the first RCAF CT-157 Siskin II (Pilatus PC-21) ahead of delivery to Canada. Markets & Liechtenstein Angle: Liechtenstein regulator review is noted in tokenized-stock trading developments, while a Liechtenstein court case continues to spark debate over how foundations handle control disputes.

Refugee Aid Under Scrutiny: UK law enforcement may investigate Barnet Refugee Service (New Citizens’ Gateway) after reports that a former Ukrainian banker’s sister joined its board days after her brother was sanctioned—raising fears that “refugee assistance” could be used to rehabilitate a sanctioned figure. Border Tech Disruption: Greece is easing some checks for British travellers as the EU’s Entry/Exit System (EES) triggers repeated biometric scans and queues; EasyJet is telling passengers to arrive early because planes may not wait for late arrivals. Diplomacy & Trade: PM Modi begins a six-day push across the UAE, Netherlands, Sweden, Norway and Italy, with energy and strategic ties front and centre. Aviation Procurement: SkyAlyne completed factory acceptance of the first RCAF CT-157 Siskin II (Pilatus PC-21) ahead of delivery to Canada. Markets & Finance: Liechtenstein regulators are mentioned in coverage of tokenized-stock trading on Hyperliquid, while a Liechtenstein court ruling continues to spark debate over how foundations handle control disputes.

Diplomacy & Trade: PM Modi kicks off a six-day tour to the UAE, Netherlands, Sweden, Norway and Italy, aiming to deepen strategic ties—especially energy cooperation—with the UAE, India’s major trade and investment partner. Aerospace Delivery Milestone: SkyAlyne has completed factory acceptance for the first RCAF CT-157 Siskin II (Pilatus PC-21) at Pilatus in Stans, a key step before aircraft transit to Canada for a 19-plane training fleet. Markets & Regulation: Ondo Global Markets’ tokenized stocks are now tradable on Hyperliquid, with Liechtenstein regulators having reviewed EU prospectuses—while the products remain loan-note structures, not direct equity ownership. Wealth Management Legal Debate: A Liechtenstein court upheld a foundation-related succession transfer that became irreversible in 2024 after a family challenge—fueling debate over whether the structure failed or worked as designed. Border Tech Hits Travel: EasyJet warns passengers to arrive early as Europe’s Entry/Exit System may slow passport control and airlines may not wait for delayed travelers. EFTA Implementation Push: India urges early resolution of EFTA trade pact implementation issues so businesses can fully use TEPA. Hydrogen Funding: The EU Hydrogen Bank selected nine projects for EUR 1.09B in grants, supporting large-scale electrolyzer capacity across multiple countries.

Wealth-Structure Ruling: A late-2025 Liechtenstein court decision is still sparking debate in wealth circles after it upheld a billionaire’s 2024 succession-control transfer into two Liechtenstein foundations—despite him successfully reversing a similar move in 2023. Practitioners are split on whether this shows a “failure” of the foundation model or, as the courts effectively found, that the structure worked exactly as designed once the children chose to contest. Cross-Border Trade Push: India is urging early fixes to implementation issues for the EFTA TEPA pact, with a Switzerland visit aimed at unlocking trade and cutting non-tariff barriers. Travel Friction in Europe: EasyJet is warning passengers that new border biometrics under the EES could mean longer passport queues—and planes “may not be able to wait” for delayed travelers. Local Stability Angle: A fresh Liechtenstein Finance piece argues the principality’s predictability and trusted institutions are becoming a competitive advantage as Europe fragments.

In the last 12 hours, the most concrete industry-relevant update is a corporate/biopharma development: Pharming Group reported preliminary Q1 2026 results, with total revenues of US$72.4m (down 8% YoY) driven by RUCONEST® revenue of US$58.4m (down 15%) amid “anticipated inventory drawdowns” and a planned exit from non-U.S. markets. Offsetting this, Joenja® revenue rose to US$14.1m (up 34%), described as reflecting strong patient uptake and momentum. The company also highlighted regulatory progress (including Japan approval and a positive CHMP opinion for APDS) and FDA resubmissions for pediatric sNDA for Joenja® highest doses, with plans for additional filings for lowest doses. (A separate “webinar” page appears in the feed but contains no substantive industry content beyond a technical “watch now” error.)

Broader “industry context” in the same 12-hour window is thinner, but the feed includes a global media freedom commentary (World Press Freedom Day) and a travel/tourism item about Bosnia and Herzegovina’s social-media-driven destination engagement—neither directly tied to Liechtenstein industry, but both reflect the wider information and tourism environment in which businesses operate. The remaining 12–24 hour items are also largely non-Liechtenstein-specific, including a sports feature and a press-freedom critique.

From 12 to 24 hours ago, the Pharming update is echoed by the same Q1 results coverage (with additional detail that it is “on track” for Joenja® U.S. pediatric label expansion and launches in Japan and Europe in 2026). The rest of that band is dominated by non-industry headlines (e.g., “The press in distress”), so the main continuity signal is that Pharming’s Joenja® growth and pediatric regulatory pathway remain the standout business thread.

Looking back 3–7 days, the feed provides supporting background on cross-border economic and regulatory themes that can matter to Liechtenstein-based firms, but without direct Liechtenstein-specific industrial outcomes. Examples include EU sanctions enforcement coordination (explicitly listing partners including Liechtenstein), EU border-check policy shifts affecting Schengen travel flows (with Liechtenstein mentioned as part of the Schengen coverage in one item), and trade/industrial policy narratives such as the EU’s “Made in Europe” approach in response to China and the Mercosur–EU trade deal entering provisional application. There is also a clear technology/industry-adjacent thread in the older material: electric vehicle market weakness globally (with Europe still showing growth) and Hilti India’s academia–industry lab collaboration—useful as signals of where industrial investment and demand pressures are moving, even though they are not directly tied to Liechtenstein.

In the last 12 hours, the most substantive industry-relevant development is Pharming Group’s preliminary Q1 2026 results. The company reported total revenues of US$72.4 million (down 8% year-on-year), with RUCONEST® at US$58.4 million (down 15%) attributed to anticipated inventory drawdowns and a planned exit from non-U.S. markets. Offsetting this, Joenja® revenue rose 34% to US$14.1 million, driven by patient uptake, and Pharming reiterated 2026 revenue guidance of US$405–US$425 million. The update also highlights ongoing regulatory momentum for Joenja® (Japan approval and a positive CHMP opinion for APDS), alongside FDA resubmissions for pediatric dosing tiers, and a scheduled conference call.

Also in the last 12 hours, coverage is lighter and more mixed in relevance to Liechtenstein’s industrial/financial ecosystem: a sports-focused piece on Bristol Rovers’ 2025/26 season player ratings, and a commentary on World Press Freedom Day and the state of global press freedom. The remaining “last 12 hours” items are more editorial than policy or market-moving, so they provide limited direct continuity for industry themes.

From 12 to 72 hours ago, the coverage becomes more policy- and market-oriented, with several items that indirectly matter for cross-border business conditions. EU travel and border administration appears repeatedly: Italy and Portugal are described as preparing to scrap new EU border checks after Greece’s suspension of EES biometric requirements for UK tourists, with concerns raised that abandoning checks could undermine the broader EES rollout. In parallel, EU-level regulatory coordination is covered via the European Commission welcoming approval of revised social security coordination rules, aimed at reducing administrative burdens and improving protection for people working or living across EU borders—an issue that can affect labor mobility and cross-border company operations.

Across the broader 7-day window, there is also clear continuity around Liechtenstein-adjacent finance and trade themes. A CEO Insight supplement includes an interview with Simon Tribelhorn of the Liechtenstein Bankers Association, framing Liechtenstein’s positioning around legal certainty, cross-border capability, and balancing innovation (including digital assets and sustainability) with trust and regulatory strength. On the trade side, multiple articles discuss EU external economic policy and market access dynamics—such as the “Made in Europe” law concept tied to an economic showdown with China, and the Mercosur–EU trade deal entering provisional application with tariff cuts on thousands of products—while sanctions enforcement against Russia is also highlighted as being intensified with coordination including Liechtenstein.

Overall, the most concrete “industry” signal in the most recent window is Pharming’s Q1 performance and regulatory pathway for Joenja®, while the rest of the latest coverage is dominated by travel/border administration and broader geopolitical/economic commentary. The evidence is strong for Pharming’s near-term corporate trajectory, but comparatively sparse for any single Liechtenstein-specific industrial event in the last 12 hours.