Poland sought a consultation of NATO powers after shooting down drones that crossed into its territory during Russia’s latest massive air strike on Ukraine. Prime Minister Donald Tusk said the airspace violation in the early hours of this morning amounted to an intentional provocation from Moscow.
The NATO and European Union member was forced to close its airspace and order citizens in the eastern part of the country to stay indoors. NATO Secretary General Mark Rutte denounced “Russia’s reckless behavior.” He also confirmed the alliance discussed the incident after Poland invoked Article 4 of their treaty, which triggers consultations and can open a path to coordinated action.
Top EU officials pledged solidarity with Poland, including Commission President Ursula von der Leyen in her State of the Union speech in Brussels. She called the incident a “reckless and unprecedented violation” of Poland and Europe’s airspace.
“Europe stands in full solidarity with Poland,” she said, while announcing that €6 billion ($7 billion) of loans for Ukraine would be front-loaded specifically for drones. — Jennifer Duggan
What You Need to Know Today
Sebastien Lecornu took over as France’s prime minister pledging big changes as he tries to engage opposition parties in reining in the country’s debt. He will begin meeting with leaders of political parties and labor unions to try to circumvent the political impasse. Lecornu, who served as defense minister in the previous cabinet, became the country’s fifth prime minister in two years. As he spoke at a handover ceremony, protests were taking place over the prior government’s budget proposals.
Novo Nordisk has pledged to move faster to catch up with Eli Lilly in the obesity market. The effort could make the company more like its US rival. It announced an 11% cut to its workforce and a new “performance culture.” This will probably mean a focus on return to office for workers, faster decision-making and slashing support staff and middle management, analysts said. It is a contrast to his predecessor’s rapid hiring and statements about ensuring employees aren’t too stressed and being responsible about the impact of the company’s decisions.
Hamza Lemssouguer became a star at Credit Suisse by making massive trades on risky corporate debt until he and the Swiss bank ended up parting ways. Now out on his own, he’s sticking with a familiar recipe. His London-based hedge fund didn’t exist four years ago and yet it’s become a dominant force in the increasingly cutthroat market for reworking the debt of Europe’s ailing companies. His latest blitz on Europe’s junk-debt market has paid dividends so far, with the firm posting a 17% return through August.
Hamza Lemssouguer Photographer: Chris J. Ratcliffe/Bloomberg
A gas field off the coast of Romania that’s set to become the largest producing asset in the EU is lining up additional buyers for its fuel. Operator OMV Petrom, which targets first deliveries from the Neptun Deep project in the Romanian Black Sea in 2027, has “a couple” of recent deals done. It has also signed a contract with Germany’s Uniper, OMV Petrom Chief Executive Officer Christina Verchere said in an interview. The project will help supply Romania and other countries at a time when the EU is progressively moving to phase out energy imports from Moscow.
African leaders chastised developed nations for failing to honor pledges to ramp up green financing and said they will tap the private sector to help protect their economies from climate change. The provision of climate finance support is “a legal obligation and not charity,” the leaders said in a statement on the final day of the second Africa Climate Summit held in the Ethiopian capital, Addis Ababa. While it’s only responsible for around 4% of global greenhouse gas emissions, the impacts of climate change on a number of African countries are among the most pronounced.
The European Commission said it would examine possible restrictions on social media for children under 16 years old. Commission President Ursula von der Leyen said she’ll put together a panel to advise on an approach to make social media safer for children in Europe by the end of the year. She said that she will watch the results of similar rules planned in Australia closely.
London’s Canary Wharf financial district bore the brunt of the city’s train and Tube strikes yesterday, as many finance and banking professionals sought to avoid the travel chaos that engulfed the capital. The number of people in Canary Wharf on Tuesday at 1 p.m. plunged 31% from a week earlier, according to data from mobile provider O2. That compares with a 16% fall across central London. London’s financial hubs have been hit hardest by the strikes given workers there are reliant on the London Underground network and the Docklands Light Railway service.
