Former Prince Andrew Arrested, BBC Reports

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Luke Vargas (0:19)

As the US amasses forces and Iran deploys troops, could the countries be on the brink of war? Plus, President Trump prepares to convene his Board of Peace for the first time, and we'll look at the baby formula recall dogging Nestle and Danone.

Emma Look (0:34)

It's led to recalls in over 60 countries, and all these companies have had to change their suppliers as a result of it, which has had significant financial impact.

Luke Vargas (0:44)

It's Thursday, February 19th. I'm Luke Vargas for the Wall Street Journal, and here is the AM Edition of What's News, the top headlines and business stories moving your world today. We begin with some breaking news, as the BBC reports that British police have arrested Andrew Mountbatten-Windsor on suspicion of misconduct in public office. Thames Valley Police said this morning they had arrested a man in his sixties and were carrying out searches at addresses in Norfolk and Berkshire where the former prince is currently living. Andrew has faced numerous allegations over his links to convicted sex offender Jeffrey Epstein and has consistently denied any wrongdoing. Buckingham Palace didn't have any immediate comment.

The US and Iran are seemingly preparing for war in spite of ongoing diplomatic efforts to avoid one. While President Trump hasn't decided whether to strike Iran, Washington has now assembled the greatest amount of air power in the Middle East since the invasion of Iraq in 2003 According to flight tracking data and a US official, there is now a significant number of US fighter jets and support aircraft in the region. And while both Tehran and Washington are pushing for a deal on Iran's nuclear program, journal reporter Margarita Stancati says the regime has been deploying troops and moving to fortify its nuclear sites.

Margarita Stancati (2:05)

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. What we've seen in recent weeks is that Iran is stepping up high-profile military drills, both air maneuvers focused on the air defense systems as well as naval exercises in the Strait of Hormuz, which is this narrow waterway that separates the Persian Gulf from the wider Indian Ocean, and it's also a key transit route for world oil supplies. So one of the sticking points 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. Iran really wants a nuclear deal with US and has been willing to make some concessions in pursuit of the deal, but US says that it's still falling short of red lines set by Washington, which wants Iran to be completely deprived of the ability to make a nuclear weapon.

Luke Vargas (3:02)

The heightened tensions are also having a market impact with oil and European natural gas prices climbing over fears of disruption to shipments in the Strait of Hormuz. Meanwhile, investors nervous about the perceived risk of war have sent gold back above $5,000.

President Trump is set to convene his Board of Peace for the first time today. The invite-only coalition was proposed last fall as part of efforts to rebuild Gaza, but its mandate has since expanded, with Trump hinting that it might even replace the United Nations. I asked the journal's Marcus Walker how the board's convening is being seen around the world.

Marcus Walker (3:39)

Many people will be watching to see whether this Board of Peace is largely about Gaza or whether it is something bigger, whether Trump really pushes a more global ambition for this board. A number of US allies from the Middle East have signed on very quickly, but very few democratic countries have. And that is because especially European democracies and other democracies around the world see this as a rival to the UN that's both parallel to the UN and also under the personal leadership and control of Donald Trump. In theory, potentially for much longer than he's actually US president.

Luke Vargas (4:13)

European representation on the board is sparse, but not content to be fully shut out of the room. Marcus says that Italian Prime Minister Giorgia Maloney is trying to thread a needle with the board that will be closely watched by others trying to determine how to deal with Washington.

Marcus Walker (4:28)

She is trying to perform a balancing act. She doesn't want to be too close to Trump because he's deeply unpopular in Italy. And if he does things that are bad for the Italian economy, like imposing tariffs and are bad for European security, like threatening to seize Greenland and roiling NATO, then this can reflect badly on her. But on the other hand, she has cast herself as one of the European leaders who can talk to Trump, who can be a bridge, who can try and keep NATO and the Atlantic Alliance together at this time of tensions. And her solution was to say, well, I can't be a member, so I'll be an observer. And I won't go in person to this meeting in Washington, but I'll send my Foreign Minister, Antonio Tajani.