AGP Executive Report

Liechtenstein Finance: LGT has broken the 400 billion franc mark, lifting first-half 2026 group profit 17% to 281.6m francs and adding 12.3bn francs in organic net new assets, while LLB Group: reported 105.0m francs net profit (+15.3%) and 2.23bn francs net new money in the first half. Royal & Governance: Liechtenstein ended male primogeniture after 400 years, switching to absolute primogeniture, and Pope Leo XIV named Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, adding private-wealth expertise to Holy See finance oversight. Cyber & Data: Liechtenstein said it will not pay ransom after a major breach of its foundations and trusts registry, as officials still assess next steps. US Drone Trade: The US set Section 232 tariffs on imported drones and components starting Sept. 3, with duties up to 100% for larger and thermal-imaging systems; qualifying imports from Liechtenstein and the EU face a lower 15% rate, raising costs and supply-chain pressure for drone makers and users.

UAS Trade Shock: The US has signed Section 232 tariffs on imported unmanned aircraft systems and key components, with duties up to 100% for larger drones (over 25kg), thermal-imaging models, and related docking stations and sensitive parts; 25% applies to smaller drones, while qualifying imports from the EU, Japan, Liechtenstein, South Korea, Switzerland and Taiwan face 15% and the UK 10%. Liechtenstein Angle: Liechtenstein is explicitly named among the lower-rate “qualifying” markets, but the reduced rates hinge on strict origin rules and certification. Implementation Timeline: The main tariffs start Sept 3, 2026 (about 21 days after signing), while some component measures run on a longer schedule (up to 180 days). EU Sanctions Alignment: The EU welcomed Liechtenstein and other non-EU partners joining restrictive measures tied to Belarus’s support for Russia’s invasion of Ukraine. Cyber & Finance Risk: Liechtenstein’s government reiterated it will not pay ransom after a major cyberattack on its foundations and trusts registry. Vatican Finance Appointments: Pope Leo XIV appointed Liechtenstein’s Princess Gisela Bergmann to the Vatican’s Council for the Economy, bringing engineering and private-wealth management experience into Holy See financial oversight.

Liechtenstein in EU foreign policy: The EU welcomed eight countries—including Liechtenstein—aligning restrictive measures against Belarus tied to Russia’s aggression against Ukraine. Vatican finance with Liechtenstein expertise: Pope Leo XIV appointed 36-year-old Princess Gisela Bergmann of Liechtenstein to the Council for the Economy, bringing an engineering background and experience in investment and wealth management to oversee Vatican budgeting and financial practices. Liechtenstein-linked cyber risk spotlight: Liechtenstein’s own recent foundation-and-trust registry hack remains unresolved, with officials saying they won’t pay ransom and still assessing next steps. US drone tariffs hit Liechtenstein supply chains: Under a Section 232 move, the US set duties up to 100% on sensitive drones and components, with lower rates for qualifying allied markets including Liechtenstein (15%), reshaping sourcing and pricing for drone hardware. LLB Group results: LLB reported H1 2026 net profit of CHF 105.0m (+15.3%), with operating income up slightly and expenses down, alongside record assets under management. Trade deal watch: Thailand’s trade representative highlighted the Thailand–EFTA Free Trade Agreement as a growth driver for Norwegian firms, with Liechtenstein included among the EFTA partners.

Drone supply-chain shock: The US has signed a Section 232 proclamation imposing new tariffs on unmanned aircraft systems and key components, with duties up to 100% for selected “sensitive” drones (including thermal-imaging and certain docking stations/components) and 25% for smaller, less sensitive models; lower rates apply to qualifying allied supply chains, including Liechtenstein at 15% (and the UK at 10%), with some component measures delayed up to 180 days. Liechtenstein cyber resilience: Liechtenstein officials say they won’t pay ransom after a major breach of the confidential registry of foundations and trusts, while authorities still assess scenarios and legal constraints. Vatican finance with Liechtenstein expertise: Pope Leo XIV appointed Princess Gisela Bergmann of Liechtenstein to the Council for the Economy, bringing engineering and private-wealth management experience to oversight of Vatican budgeting and financial practices. Data privacy pressure in Europe: France’s tax data breach involving about 678,000 people is raising fresh EU privacy and security concerns, with calls for audits and a temporary halt on bulk data transfers. Industry hiring signals: LGT Wealth India named Harsh Agarwal as CIO for equities, while UK government roles highlight ongoing demand for digital, data, and property transformation talent.

Drone tariffs hit Liechtenstein-linked supply chains: The US has moved to raise costs on imported unmanned aircraft systems under a Section 232 proclamation, with up to 100% duties for selected drones and parts (notably larger systems and thermal-imaging categories), 25% for smaller drones, and lower rates for qualifying allied origins including Liechtenstein (reported at 15%, with 10% for the UK). The plan starts in about three weeks for drones, with longer timelines for some components, and is framed around national security and onshoring incentives. Liechtenstein cyber stance: After a major breach of Liechtenstein’s foundation and trust registry, officials say they still don’t know the attackers, but the government has ruled out paying ransom. Vatican finance appointment: Pope Leo XIV named Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing engineering and private-wealth management experience to oversight of the Holy See’s budget and financial practices. Government hiring (UK digital/legal): New roles were posted across UK government legal and property agencies, signaling continued investment in data, digital services, and public-sector transformation.

Drone supply-chain shock: The US has issued a Section 232 proclamation imposing new tariffs on unmanned aircraft systems and key components, with up to 100% duties on selected drones (notably those over 25kg and/or with thermal imaging), plus docking stations and certain critical parts; 25% applies to other smaller drones and less-sensitive components, with some component measures delayed up to 180 days. Liechtenstein link: The tariff regime includes lower rates for qualifying allied supply chains, listing Liechtenstein among the jurisdictions eligible for a 15% cap (conditional on origin rules). Local cyber resilience: Liechtenstein says it will not pay ransom after a major data breach tied to the compromise of its foundations and trusts registry. Trade deal watch: Thailand’s trade representative highlighted how the Thailand–EFTA Free Trade Agreement could expand market access and services trade, with Liechtenstein included among the EFTA partners. Vatican finance appointment: Pope Leo XIV named Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth and environmental engineering credentials into Vatican financial oversight. Industry finance staffing: LGT Wealth India appointed Harsh Agarwal as Chief Investment Officer for equities, expanding leadership over equity products and strategies.

U.S. Drone Tariffs: President Trump signed a Section 232 proclamation imposing up to 100% duties on “particularly sensitive” unmanned aircraft systems—covering drones above 25kg, thermal-imaging models, plus docking stations and certain critical components—while 25% applies to smaller drones and less-sensitive parts; tariffs start in 21 days (components later, up to 180 days). Liechtenstein Angle: The White House sets a 15% tariff cap for qualifying imports from Liechtenstein (alongside the EU, Japan, South Korea, Switzerland and Taiwan), but only if substantially all key hardware/software originates in approved markets. Supply-Chain Reality Check: Industry reporting flags a hard engineering bottleneck: even “U.S.-made” drones still rely heavily on China-made magnets and battery cells, so price relief may be slow. Local Relevance: Liechtenstein also appears in the policy’s allied carve-outs, making it a direct reference point for regional manufacturers and logistics providers watching U.S. sourcing shifts. Cyber & Finance: Liechtenstein officials say they won’t pay a ransom after a major data breach, while Pope Leo XIV appointed Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, underscoring the principality’s private-wealth expertise.

Drone Supply Chain Shock: The US has announced new Section 232 tariffs on imported unmanned aircraft systems and components, with a 100% duty for “particularly sensitive” drones (over 25kg, thermal-imaging equipped) plus docking stations and key parts, and a 25% rate for smaller, less-sensitive models; allied imports get lower caps—15% for the EU, Japan, South Korea, Switzerland, Taiwan and Liechtenstein, and 10% for the UK—if origin rules are met, with most duties starting Sept. 3 and some component tariffs delayed to Feb. 2027. Liechtenstein Cyber & Finance: Liechtenstein says it will not pay a ransom after a major data breach hit its foundation and trust registry, while Pope Leo XIV appoints Liechtenstein Princess Gisela Bergmann to the Vatican Council for the Economy, bringing private-wealth expertise into Vatican financial oversight. EU Sanctions Alignment: The EU extended Iran sanctions over support for Russia’s war in Ukraine, with Liechtenstein among countries joining the alignment. Industry Signals: A Liechtenstein-linked note highlights Hilti as a key player in the detection tools market, while global coverage also flags how drone tariffs could reshape engineering and component sourcing.

Drone Tariffs (US): President Trump signed a Section 232 proclamation imposing up to 100% tariffs on “particularly sensitive” imported drones and certain components, with a 100% tier for drones over 25kg, thermal-imaging systems, docking stations and listed critical parts, and a 25% tier for smaller, less sensitive models; qualifying imports from the EU, Japan, Liechtenstein, South Korea, Switzerland and Taiwan face a 15% cap, while the UK can reach 10% if origin rules are met. Liechtenstein Angle: The US explicitly includes Liechtenstein in the lower-rate group, but the policy still signals tighter scrutiny and higher costs for drone supply chains. Cyber & Finance (Liechtenstein): After a major data breach targeting the confidential registry of foundations and trusts, Liechtenstein officials say they won’t pay a ransom; the attackers remain unidentified and no demands have arrived. Vatican Finance (Liechtenstein): Pope Leo XIV appointed Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth management expertise to financial oversight. EU Sanctions (Regional): The EU extended Iran sanctions, with Liechtenstein among additional countries aligning national policies.

Liechtenstein Cyber Policy: Liechtenstein says it will not pay a ransom after a major data breach hit its confidential registry of foundations and trusts, with officials still unsure who attacked or what they want. Vatican Finance & Liechtenstein Capital: Pope Leo XIV appointed 36-year-old Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth and asset-management experience from Industrie- und Finanzkontor Etablissement into the Holy See’s budget oversight. US Drone Tariffs (Liechtenstein in the mix): The Trump administration announced new Section 232 tariffs on imported drones and components—100% for “particularly sensitive” systems (including thermal imaging and certain heavy drones), 25% for smaller models, and a capped 15% rate for qualifying imports from allies including Liechtenstein—aimed at reducing reliance on foreign supply chains and boosting domestic production. Supply-Chain Reality Check: Even with the tariff wall, analysts note key drone inputs like magnets and lithium-ion battery cells remain heavily China-sourced, suggesting any US “drone renaissance” will be slower than markets expect. Industry Signals for Liechtenstein: A new market outlook flags Hilti (Liechtenstein) as a key player in detection tools used across construction and utilities, as demand grows for safer, non-destructive inspection.

Cybersecurity & Finance: Liechtenstein says it will not pay a ransom after a major hack hit its registry of foundations and trusts, with officials still unsure who was behind the breach or what they want. Vatican Governance: Pope Leo XIV appointed Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth and asset-management experience into Vatican financial oversight. Trade Policy Impacting Liechtenstein: The US announced new drone import tariffs under Section 232, with rates up to 100% for “sensitive” drones (including thermal imaging) and 15% for qualifying imports from the EU, Japan, Liechtenstein, Switzerland and others—conditional on where key technology originates.

Drone Tariffs Hit Sensitive Tech: President Trump signed a Section 232 order imposing up to 100% duties on imported drones and key parts deemed “particularly sensitive” for national security—covering drones over 25 kg, thermal-imaging systems, docking stations, and certain critical components—while smaller drones face 25%. Liechtenstein in the Lower Band: Qualifying imports from the EU, Japan, Liechtenstein, South Korea, Switzerland, and Taiwan are capped at 15% (UK at 10%), but only if substantially all critical hardware, software, and technology originate in the listed partner economies and/or the US. Supply-Chain Pressure: The White House says the move targets foreign reliance (especially China) and aims to force onshoring via a Commerce-led incentive program; tariffs start in about 21 days, with less-sensitive component duties later. Local Industry Angle: For Liechtenstein-linked suppliers, the key question is whether products can meet the origin and technology rules to stay in the 15% bracket.

US Drone Tariffs: President Donald Trump signed a Section 232 proclamation imposing duties up to 100% on imported drones and key components, with 100% hitting drones over 25 kg and models with thermal imaging, plus docking stations and certain critical parts; 25% applies to smaller drones, while EU, Japan, Liechtenstein, South Korea, Switzerland and Taiwan face a 15% cap and the UK a 10% rate if origin rules are met. Liechtenstein Angle: Liechtenstein-made drones qualify for the 15% band, but only when substantially all core hardware, software and technology originate in the listed economies or the US. Implementation Timeline: Most tariffs start in 21 days; less-sensitive components follow after 180 days. Industrial Push: The order also authorizes a Commerce-led onshoring/investment program to expand US drone manufacturing capacity. Supply-Chain Impact: Analysts warn the move could raise costs and complicate substitution, even as Washington frames it as a national-security fix.

Drone Tariffs: The U.S. will hit drone imports with up to 100% duties under a new proclamation tied to national security, with a 25% rate for smaller drones and a capped 15% rate for imports including from Liechtenstein (plus EU, Japan, South Korea, Switzerland, Taiwan), taking effect in stages starting Sept. 3. Solar Supply Chain Pressure: Separate U.S. Section 232 action sets minimum import prices and a 15% tariff on polysilicon derivatives effective Dec. 4, with price floors across polysilicon, ingots/wafers, solar cells, and modules—aimed at reshoring chip and solar inputs. Food Tech Investment: RiceTec opened a new greenhouse facility in Alvin, Texas, expanding rice breeding and research capacity, with Liechtenstein’s Princely Family chairing the long-term owner’s involvement. Crypto Infrastructure: Copper Markets (US) Inc. gained FINRA membership as a qualified custodian, signaling continued build-out of regulated digital-asset collateral services. Industry Integrity: Forbes-branded “Liechtenstein” and “LA” sites were flagged as fake, with AI-generated paid promotional content tied to a PR agency.

Cybersecurity Disruption: Liechtenstein’s beneficial ownership register breach is escalating fast. The Liechtenstein State Administration says four more government financial systems are temporarily offline, including the VAT e-portal, the judicial system, the central account register, and the main tax information portal, while EU-style notification letters go out and investigators continue to hunt for the attackers. Trade & Industry Shock: The U.S. has signed Section 232 measures on polysilicon supply chains: a 15% tariff on certain derivatives plus minimum import prices (from $21/kg polysilicon to $0.38/W modules) taking effect Dec. 4, with capped combined rates for imports from Switzerland and Liechtenstein. Finance Regulation Watch: Copper Markets (US) Inc. has been accepted as a FINRA member and registered broker-dealer, positioning the firm for qualified custody, staking, financing, and OTC services in the U.S. Local Talent & Governance: Pope Leo XIV appointed Princess Gisela of Liechtenstein to the Vatican’s Council for the Economy, highlighting the principality’s growing footprint in finance and engineering circles. Climate & Logistics: Drought is threatening Rhine shipping, a key trade artery for Switzerland and its cross-border links through Liechtenstein.

Cybersecurity Fallout: Liechtenstein’s beneficial ownership register breach has widened: the LLV says four more government financial systems are temporarily offline (VAT e-portal, judicial system, central account register, and tax portal) while EU-style notification letters go out and investigators keep hunting for the attackers. Trade & Industry: The US has set Section 232 minimum import prices and a 15% tariff on polysilicon derivatives from Dec. 4, with price floors across the solar and chip supply chain; Taiwan and other covered markets say impacts may be limited, but the rules will reshape procurement. Energy & Logistics: Drought is threatening Rhine shipping, raising the risk of disruption to Switzerland’s key trade route that runs through Liechtenstein. Finance Regulation: Switzerland’s FINMA is highlighted as a major economic engine, with crypto regulation still pending as the regulator expands oversight across banks, insurers, and digital-asset firms. Business & Growth: India reports ~15% export growth in April–July and points to its expanding FTA network, including an EFTA bloc deal that covers Liechtenstein. Digital Services Jobs: UK government digital roles keep rolling—IT service management, data product leadership, and cyber risk leadership—showing continued demand for operational tech talent.