FT News Briefing – September 2, 2025

Episode Title: Russia suspected of GPS interference on EU official's flight
Host: Josh Gabardoyant, Financial Times
Key Contributors: Henry Foy, FT Brussels bureau chief; Gloria Lee, FT South China researcher

Overview

This episode centers around three major global business stories:

1. Suspected Russian GPS interference targeting a flight with European Commission President Ursula von der Leyen onboard
2. Political and financial pressures on Israeli banks during the ongoing war with Gaza
3. Chinese tech giant Xiaomi's aggressive expansion into electric vehicles and advanced manufacturing

In addition, there's a brief segment updating listeners on the trial of former Brazilian president Jair Bolsonaro and its geopolitical consequences.

1. Russian GPS Interference on EU Official’s Flight

Primary story timestamp: 00:18 – 05:26

Background and Event

• A plane carrying European Commission President Ursula von der Leyen experienced GPS jamming during a flight from Warsaw to Plovdiv, Bulgaria.
• The incident forced pilots to land manually using paper maps, as electronic navigation was disabled.

On-the-Scene Reporting [01:29]

• Henry Foy (FT Brussels bureau chief) was onboard:
  “President von der Leyen was on a seven country, four day tour of frontline states of the EU… to bring attention to the threat posed by Russia and the need for European governments to spend more on defence.” (01:29)

• As they approached Plovdiv, Bulgaria, the plane circled the airport past the planned landing time.
  “It was only when we actually got on the ground that we were told the reason for the delay was because the GPS services weren’t working… the pilot was not able to use the standard electronic navigational systems and had to land the plane manually using maps.” (01:45)

Targeted Attack? [02:27]

• Bulgarian aviation officials noted GPS was disabled only in the immediate area, and Henry reports:
  “Ours was the only flight in and out for a large amount of time. So it appears as if that particular flight was targeted with a more regional GPS spoofing or interference of some kind.” (02:42)

Growing Trend of GPS Jamming [02:53]

• Since Russia's invasion of Ukraine in 2022, Henry notes a sharp increase in such incidents, particularly in Baltic states and Nordic countries, with potential to cause:
  “major air crashes, there’s a huge risk to the public, and of course, there’s just disruption to normal daily life…” (03:10)

EU Response and Implications [03:36]

• The European Commission confirmed the incident as “suspected Russian interference” and highlighted broader security needs.
  “It shows the constant, daily, almost efforts by Russia to destabilize frontline Eastern European states… they need to invest in their defence and security, and not just things we think about around military and tanks and troops, but civil infrastructure and cybersecurity…” (03:41)

Calm Response Onboard [04:44]

• Despite the unnerving experience, Henry says:
  “The security personnel on the plane were brilliant in essentially remaining very calm. The President herself remained very calm. It was a clear, nice afternoon… but it is quite unsettling... Something that in some circumstances really could have endangered her safety.” (04:48)

Notable Quote

• Henry Foy: “It was unsettling for all of us on board to note that a foreign actor, and as I said, suspected Russian interference, knew that the President of the European Commission was on the plane and did something that… could have endangered her safety.” (05:01)

2. Israeli Banks’ Wartime Profits Under Scrutiny

Segment timestamp: 05:32 – 06:46

• Israel’s central bank is pressuring the country’s largest banks to return some wartime profits, following criticism of record earnings during conflict with Gaza.
• Banks have promised relief in the form of cash, mortgage rate cuts, and other measures to ease the burden on households and small businesses.
• The episode also highlights continued Israeli military action in Gaza, mounting civilian distress, and international condemnation—including a statement from the International Association of Genocide Scholars.
  (No direct quotes—host summary)

3. Xiaomi: From "Budget Brand" to Tesla/Apple Competitor

Segment timestamp: 06:46 – 10:05

Xiaomi's Evolution and Product Expansion

• Gloria Lee (FT South China researcher) describes Xiaomi: “I think the company initially did attract a certain type of customers, young tech savvy geeks, mostly males living in major Chinese cities… now every person I know… has definitely bought at least one Xiaomi branded product at some point in their lives.” (06:54)

• The company has diversified from smartphones into home goods and, more recently, electric vehicles.
  “Started with smartphones… relied on this huge network of suppliers and source everything externally… but [the] founder obviously wanted to change the company’s image and it started to invest in building out its in house manufacturing facilities.” (07:37)

• Aggressive expansion includes a major EV factory (opened 2020), multiple smartphone factories, and a new air conditioner plant currently under construction in Wuhan.

Strategic Shift: Vertical Integration

• Xiaomi is now building its own chipsets (“system on the chip”), joining Apple, Samsung, and Huawei as a rare example of this level of vertical integration in smartphones.
  “To achieve that, the company really wants to transform from a simple assembler to a hard tech manufacturer.” (08:37)

Challenges and Risks

• The tech market in China is brutally competitive, with persistent price wars.
• Xiaomi’s value-for-money reputation could hinder its premium ambitions.
• U.S. sanctions risk is significant due to Xiaomi’s reliance on U.S.-developed chip technologies:
  “If the US Government impose like a new or another level of sanctions, then Xiaomi’s chip efforts could hit huge, huge obstacles.” (09:12)

4. Brief: Bolsonaro Trial’s Global Fallout

Segment timestamp: 10:12 – 11:12

• The trial of former Brazilian president Jair Bolsonaro, accused of plotting a coup, is ending soon.
• The U.S. president is attempting to pressure Brazil’s judiciary, threatening further tariffs if Bolsonaro is convicted.
• Bolsonaro, an ally of former president Trump, could face decades in prison if found guilty.

Memorable Quotes (with Timestamps)

• Henry Foy on GPS Jamming:
  "A lot of Baltic states… have been complaining about regular use of GPS jamming, or GPS interference, which is affecting commercial flights. And some governments have even said… we're going to see major air crashes, there's a huge risk to the public…" (02:53-03:10)

• Henry Foy on the Experience:
  "It is quite unsettling, and it was unsettling for all of us on board to note that a foreign actor... knew that the President of the European Commission was on the plane and did something that in some circumstances really could have endangered her safety." (04:44-05:01)

• Gloria Lee on Xiaomi’s Ubiquity:
  "Now every person I know… has definitely bought at least one Xiaomi branded product at some point in their lives." (06:54)

• Gloria Lee on U.S. Sanctions Risk:
  "If the US Government impose like a new or another level of sanctions, then Xiaomi’s chip efforts could hit huge, huge obstacles." (09:12)

Key Timestamps (MM:SS)

• 00:18: Main headlines and introduction of GPS interference story
• 01:29: Henry Foy details what happened on the flight
• 02:53: Discussion of GPS jamming trends in Europe
• 03:36: EU officials’ response to the incident
• 04:44: Personal reflections from Henry Foy on being aboard
• 05:32: Israeli banks’ wartime profits controversy
• 06:46: Xiaomi’s rise and business strategy (with Gloria Lee)
• 08:34: Xiaomi’s move into chip design/manufacturing
• 09:12: Xiaomi’s risks amid U.S.-China tech tensions
• 10:12: Update on Bolsonaro’s trial and US-Brazil tensions

Conclusion

This FT News Briefing episode provides firsthand detail and analysis on Russian GPS jamming targeting a top EU official; scrutinizes the business conduct of Israeli banks during war; and offers an insider view into Xiaomi’s tech ambitions. Each segment combines on-the-ground reporting, business context, and geopolitical insight, making it essential listening for anyone tracking security, finance, and technology trends in today’s volatile world.