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At Aquinore. UK. Good morning from the Financial Times. Today is Thursday, May 30th, and this is your

F.T. News briefing. It turns out that NATO's air defenses have a pretty serious weak spot,

and Israeli bonds are a huge hit in the United States.

Plus, private equity firms aren't exactly known for being cuddly.

They have a reputation for being rapacious, asset stripping, job cutting, nasty people.

I mean, they used to get called locusts in Germany.

But that might all change with profit cheering. I'm Mark

Filipino and here's the news you need to start your day. Russia's war against Ukraine has underscored just how important it is for Europe to protect its skies.

But NATO's own internal figures show that its defenses are not quite up to snuff.

The military alliance can only provide 5% of the air defense

needed to protect Eastern European members from a full-scale attack. And this vulnerability is a big deal. Some European leaders and military

officials think Russia might be able to attack a NATO member state by the end of

the decade. So the hope is to solve the problem quickly. There's a NATO summit in July

where a main goal is to beef up European defences. Believe it or not, one of the biggest investors in Israeli bonds is not a

trader on Wall Street.

He's an elected official who's in charge of investing the tax dollars

from people living in Palm Beach County, Florida.

And he's not the only U.S. municipal official putting putting voters money into Israel's bonds.

The F.T's emerging markets corresponded Joseph Kottrell is here to explain.

Hey Joseph?

...