The Monocle Minute

Ukraine’s first airstrike using US-supplied long-range missiles has predictably dominated the news. The Kremlin has called it an escalation and set out new conditions for when it would be prepared to use nuclear weapons. In Kyiv, the reaction to the strike was more measured. At the time, Volodymyr Zelensky was outlining plans to bolster his country’s defence industry. Despite support from international allies, those close to the president know that Ukraine needs to remain focused on building its own weapons, especially given the many uncertainties of the year ahead.

Ukraine’s ability to arm itself has come a long way since Russia launched its full-scale invasion in 2022. Driven by a mixture of domestic and foreign investment from allies such as Denmark, Norway and France, some of the world’s top arms manufacturers are now active on the ground. German firm Rheinmetall is leading the charge, with an aim to produce Lynx infantry vehicles at its Ukraine-based factory by the end of the year. The industry has also received an injection of about $4bn (€3.7bn) from Ukraine’s Ministry of Defence to increase its domestic capacity, so that it can produce four million drones a year and thousands of cruise missiles by mid-2025.

Ukrainians know that they face a hot winter of fighting. Thousands of North Korean troops are being deployed for a joint counteroffensive with the Russians, while Ukrainian cities, towns and villages are subject to daily missile and drone attacks. Observers of the conflict predict a sharp uptick in military activity before the next US administration enters office, when peace negotiations might be on the table. Against this backdrop, the use of US missiles should be viewed as bridging a gap in Ukraine’s domestic abilities. In 2025, irrespective of the status of US support, Ukraine’s military will need to strike bigger arms deals closer to home.

Julia Lasica is a writer and researcher at Monocle. For more opinion, analysis and insight, subscribe to Monocle today.

Spirit, the largest US low-cost airline, has filed for bankruptcy protection after a long run of losses and ill-fated efforts to merge with larger carriers. The process is expected to last until early 2025; the Florida-based airline has assured passengers and employees that its operations will continue as normal in the meantime. The news follows a turbulent year for budget carriers in many parts of the world. Canada’s ultra-low-cost Lynx Air made its final voyage from Calgary to Toronto in February and Australia’s Bonza airlines bid customers a final hooroo in April.

In the US, however, the challenges facing the industry are particularly acute. There is an escalating tussle for travellers as legacy carriers offer cheaper seats at the back of their planes, eating into the low-cost business model. Spirit helped to pioneer the model, scaling things back to save travellers costs. Now, as the airline seeks to restructure its debt and raise money, its future rests in the hands of investors with the ability to bring fresh equity. But as no-frills flying continues to soar in Europe and Asia, the big airline groups will also be hungrily eyeing up Spirit’s customers.

Kering, the world’s second-largest luxury-goods group, has appointed fresh CEOs at Saint Laurent and Balenciaga, two of the highest-earning labels in its portfolio. Balenciaga’s current chief, Cédric Charbit, will take the helm of Saint Laurent, returning to the French maison where he once held the position of executive vice-president of product and marketing. Meanwhile, Gianfranco Gianangeli will leave his position as chief commercial officer at Saint Laurent to usher in Balenciaga’s new era.

Following the latter brand’s recent advertising missteps (including a backlash after a 2022 campaign that featured children holding stuffed toys in bondage harnesses), fresh perspectives are certainly welcome. Following the reshuffle, both executives will report to Kering’s deputy CEO, Francesca Bellettini, who has been promoted with a streamlined portfolio. The high-end goods market has taken a hit in 2024, particularly in Asia. Kering will be hoping that a renewed outlook will offer stability and stimulate growth.

The 16th edition of Abu Dhabi Art opens today and will host more than 100 galleries in the Manarat Al Saadiyat culture centre. The fair’s line-up features a mix of regional and international galleries, as well as emerging talents and established artists from more than 30 countries. This year, three of the seven sections are new additions. “Something Bold, Something New” shines a light on creatives from the Middle East; “Collectors Salon” highlights artefacts and historical objects; and “Silk Road: Drifting Identities” showcases works from Central Asia and the Caucasus.

The Emirati capital’s cultural calendar has attracted thousands of big spenders to the city, with many of them keen to invest vast sums in art. This has not gone unnoticed. Reports suggest that Art Basel might soon take over as Abu Dhabi Art’s operator, in exchange for a $20m (€24m) investment.

We’re back on familiar soil this week as we head to the East London neighbourhood of Dalston. This vibrant slice of the capital is renowned for its hole-in-the-wall coffee shops, high-end wine bars and some of London’s most exciting restaurants. Here, Monocle’s Hanna Pham shows us her favourite spots.

To hear more insights and dispatches from food neighbourhoods around the world, tune in to ‘The Menu’ on Monocle Radio.