WSJ What’s News — February 19, 2026
Episode Theme:
The episode covers major breaking news, market-moving political developments, and corporate updates, including the arrest of Andrew Mountbatten Windsor (formerly Prince Andrew), escalating tensions between the US and Iran, President Trump’s new “Board of Peace,” the global baby formula recall, and key earnings from European industry titans.
1. Breaking News: Former Prince Andrew Arrested
[00:44 – 01:30]
- BBC reports that British police have arrested Andrew Mountbatten Windsor (the former Prince Andrew) on suspicion of misconduct in public office.
- Thames Valley police confirmed arresting a man in his 60s and searching his addresses in Norfolk and Berkshire.
- Andrew has long faced allegations related to ties with Jeffrey Epstein but consistently denied wrongdoing.
- Buckingham Palace declined immediate comment.
“British police have arrested Andrew Mountbatten Windsor on suspicion of misconduct in public office.” – Luke Vargas, [00:44]
2. US-Iran Tensions: Military Buildup and Nuclear Diplomacy
[01:30 – 03:35]
Military Developments
- The US amasses air power in the Middle East — the largest deployment since the 2003 Iraq invasion.
- Iran deploys troops, fortifies nuclear sites, and conducts prominent military drills to show resolve despite inferior capability.
“Iran knows that its capabilities are way inferior to the US Military's capabilities, but they're flexing their muscles the best way they can.” – Margarita Stancati, [02:05]
Diplomatic Deadlock
- Both nations aim for a nuclear deal, but differences persist:
- Iran refuses to eliminate its missile program.
- The US demands Iran be “completely deprived of the ability to make a nuclear weapon.”
Market Fallout
- Oil and European natural gas prices spike on fears of disruption in the Strait of Hormuz, a vital oil shipping lane.
- Gold surpasses $5,000 as investors seek safe havens.
3. President Trump’s “Board of Peace” Debuts
[03:35 – 05:06]
- First convening today at the US Institute of Peace in Washington.
- Promoted as a coalition for Gaza reconstruction, its remit appears to be expanding, with hints it could “replace the United Nations.”
- Rapid alignment from US Middle East allies; democratic nations are wary due to Trump’s personal control and potential to rival the UN.
“Many people will be watching to see whether this Board of Peace is largely about Gaza or whether it is something bigger...” – Marcus Walker, [03:39]
European Response
- Italian PM Giorgia Meloni maintains distance, sending her foreign minister as observer, wary of political costs at home but seeking to keep dialogue open.
- “She is trying to perform a balancing act... She has cast herself as one of the European leaders who can talk to Trump, who can be a bridge...” – Marcus Walker, [04:28]
4. Corporate Updates
a) Baby Formula Recall Rocks Nestle & Danone
[06:01 – 09:41]
- Nestle slightly beat earnings forecasts, but operational focus is on a massive infant formula recall impacting over 60 countries.
- The crisis started after detection of cerelulide, a toxin from a Chinese oil supplier, affecting products from both Nestle and rivals like Danone.
- Firms running factories 24/7 to meet demand; all have switched suppliers.
- US market unaffected by the recall (due to separate supply chains), but scrutiny is increasing under Health Secretary Robert F. Kennedy, Jr.
- Ongoing regulatory overhaul in the US regarding infant formula safety and strategy.
“The recall was now complete and... the company was running factories around the clock to keep up with supply.” – Emma Look, [07:55]
b) Nestle’s Strategic Refocus
- Divesting its global ice cream business to concentrate on four core categories: coffee, pet care, nutrition, and food.
- Recent leadership upheaval and job cuts as the new CEO aims to revive fortunes.
c) Airbus Hit by Engine Shortage
[09:50 – 11:07]
- Production of the top-selling A320 jets is trimmed due to ongoing delivery issues from supplier Pratt & Whitney.
- Airbus faces headwinds just as Boeing’s production recovers, aided by new US trade deals.
- Airbus shares fall 6% on the news.
“What we've seen today is Airbus issuing this rare rebuke of one of its biggest suppliers at Pratt and Whitney.” – Ben Katz, [10:09]
d) Pernod Ricard and Consumer Trends
- The French distiller (Absolut, Jameson) sees US and China sales drop, echoing broader trends for drinks giants amid shifting consumer behavior and tighter budgets.
5. Notable Quote Round-Up
- “Iran is stepping up high profile military drills… one of the sticking points is, is that Iran doesn't want to give up its missile programs because it does have the capability to hit US Interests and allies in the region and also to disrupt the global oil supply.” – Margarita Stancati, [02:05]
- “The FDA said that Nestle's voluntary recall didn't affect US products because they use a different supplier. But... they're going to be closely monitoring the situation.” – Emma Look, [09:16]
- “Some senior partners at America's biggest law firms are now commanding rates as high as $3,400 an hour.” – Luke Vargas, [11:43]
6. Other Quick Hits
- US legal fees hit new highs: Top partners at law firms now command up to $3,400/hr, up 16% in a year. Use of AI could reduce billable hours for junior lawyers.
- Boeing’s resurgence: Trade deals aid recovery and orders surge, intensifying long-term rivalry with Airbus.
Key Timed Segments
- 00:44 – Breaking news on Prince Andrew’s arrest
- 01:30 – 03:35 – US-Iran escalating tensions and market impacts
- 03:39 – 05:06 – Trump’s Board of Peace and European response
- 06:01 – 09:41 – Nestle/Danone formula recall, company pivots
- 09:50 – 11:07 – Airbus, Pernod Ricard earnings, legal market shifts
Overall Tone and Takeaway
The episode delivers urgent, concise reporting on breaking news and global market movers, with a straight-talking, fact-driven tone, supplementing headlines with on-the-ground journalistic analysis and expert commentary. True to the WSJ approach, the focus is on how political and corporate turbulence ripple across markets, industries, and global affairs.