Brussels Edition
Ukraine said meeting with US and European allies stoked optimism that Donald Trump’s administration will ramp up military aid.
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Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union. We’re keen to hear your views on this newsletter. Please participate in our short survey.

The Ukraine Recovery Conference in Rome, which concludes today, has been marked by a general feeling that Russia’s relentless war on its eastern neighbor is unlikely to end anytime soon, raising the question of how long Kyiv’s allies can sustain adequate weapons supplies. President Volodymyr Zelenskiy said talks with US and European partners stoked optimism that Donald Trump’s administration will bolster military aid, citing a “positive dialog” with the US president on the delivery of additional Patriot air-defense systems. German Chancellor Friedrich Merz, who this week confirmed his government is negotiating with Washington to secure more Patriots, said those talks are still ongoing. Trump, meanwhile, said he plans to make a “major statement” on Russia on Monday and that he expects the Senate to approve a bill toughening sanctions on the Kremlin. “They’re going to pass a very major and very biting sanctions bill, but it’s up to the president as to whether or not he wants to exercise it,” he told NBC News.

Michal Kubala

What’s Happening

Gaza Deal | The EU and Israel reached an agreement to allow more aid into Gaza, Kaja Kallas, the bloc’s chief diplomat, told Bloomberg TV. The EU deal will reopen several aid routes into Gaza through Egypt, and other crossing points are expected to resume in the northern and southern areas of the Gaza Strip that border Israel.

French Pressure | French Prime Minister Francois Bayrou called on the European Central Bank to do more to support the euro-region economy. “I dream of the ECB feeling it has a role to play for growth in the EU,” Bayrou told LCI television, in a rare critique of the central bank by a senior French official. “In other words, to support activity rather than putting brakes on activity.”

Banking Spat | Germany’s finance minister urged UniCredit CEO Andrea Orcel to abandon his pursuit of Commerzbank, after the Italian bank doubled its equity stake in its German rival. “We expect UniCredit to abandon its takeover attempt,” Lars Klingbeil, who is also the vice chancellor, told news agency DPA, reiterating that the government views the approach as “unfriendly” and supports Commerzbank’s independence.

AI Code | The EU published a code of practice to guide companies through its AI Act that includes copyright protections and transparency requirements. Developers must provide documentation on their AI features, respect requests from writers and artists to keep copyrighted work out of datasets, and address copyright infringements.

Crypto Concerns | Europe’s markets regulator criticized crypto oversight in Malta for falling short in several areas related to an unidentified entity it authorized. The review also focused on whether Malta had adequately used its powers to react to events that happened after the provider was licensed.

Around Europe

Ship Delays | Germany’s navy faces delays to one of its biggest procurement projects — six new multipurpose combat frigates — after Dutch shipbuilder Damen Naval informed officials in Berlin about production problems. The setback in the  €9 billion project casts a shadow over Europe’s efforts to flex its military muscle following US demands for the continent to contribute more toward its own defense.

Satellite Boost | The UK will invest €163 million in Eutelsat, the European competitor to Elon Musk’s Starlink that’s seen as vital for the continent’s sovereignty. The additional funds bring the amount Eutelsat has raised to €1.5 billion.

Relaunching Sale | Portugal plans to sell a 49.9% stake in TAP, its latest attempt to privatize Europe’s largest wholly state-owned airline. The continent’s biggest carriers — Air France-KLMDeutsche Lufthansa and British Airways owner IAG — have all publicly stated they’re interested.

Sweeping Reformer | The man tapped to lead Banco Santander’s staid wealth and insurance unit was first seen as an outsider with limited background in either of the two businesses he’d been put in charge of. Now, he’s seen driving an ambitious revamp. Read about Javier Garcia-Carranza here.

Chart of the Day

Ferrero agreed to acquire WK Kellogg in a $3.1 billion deal, pushing itself further into the US market and diversifying its portfolio beyond chocolate at a time of higher cocoa prices. The deal pairs the maker of Nutella with the company behind cereals like Froot Loops and Frosted Flakes, and prompted Kellogg shares to soar.

Today’s Agenda

All times CET

  • 8:45 a.m. Informal meeting of EU environment ministers in Denmark (day 2)
  • 10 a.m. EU Trade Commissioner Maros Sefcovic speaks at customs forum
  • Commission President Ursula Von der Leyen meets directors of the Green 10 coalition of environmental organizations in Europe
  • Ukraine Recovery Conference in Rome (day 2)
  • EU foreign affairs chief Kaja Kallas attends ASEAN regional forum in Malaysia (day 2)

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