Iran's Pezeshkian says barter trade helps economy withstand sanctions
President Masoud Pezeshkian has defended his administration's economic performance under longstanding Western sanctions and severe wartime conditions,...
British Steel has secured a multi-million-pound order to supply rail for a major high-speed railway in Türkiye. Backed by UK Export Finance, the deal will see 36,000 tonnes of rail used on a 599km line between Ankara and İzmir, prompting the company to resume round-the-clock production.
The eight-figure contract has been awarded by ERG International Group, which is delivering the Ankara–İzmir High-Speed Rail Project on behalf of the Turkish government. Once completed, the line will be operated by Turkish State Railways.
The new high-speed railway is expected to reduce journey times between Ankara and İzmir by more than 10 hours. It will also help cut carbon emissions by providing a cleaner alternative to road and air travel.
For British Steel, the contract represents a significant commercial milestone. The scale of the order has led to the creation of 23 new roles and the resumption of 24/7 rail manufacturing operations at its Scunthorpe site for the first time in more than a decade.
Lisa Coulson, Chief Commercial Officer at British Steel, described the agreement as a prestigious win that underlines the company’s global competitiveness.
“The deal highlights British Steel’s capability to deliver sustainable track systems for major infrastructure projects and reinforces its importance as the UK’s only rail manufacturer,” Coulson said.
The new contract comes after the UK government took control of British Steel’s plant in Scunthorpe in April to prevent its closure.
Industry Minister Chris McDonald said the order was positive news for UK steelmaking and aligned with the government’s Steel Strategy.
“Every tonne of British-made steel used in projects at home and abroad helps sustain skilled employment and reinforces its quality for the world’s most ambitious engineering projects,” he said.
U.S. President Donald Trump said there was an "all-day negotiation" on Tuesday with Iran, characterising the talks positively while also threatening to hit Iran "really hard" if a deal was not reached.
Shipping traffic through the Strait of Hormuz and the Bab el-Mandeb Strait, two key maritime chokepoints in the region, decreased significantly from the previous day, according to shipping data.
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Kazakhstan’s main oil export corridor was disrupted by drone strikes near Russia’s Black Sea coast in July, forcing a temporary suspension of crude loadings and raising fresh concerns over the vulnerability of regional energy infrastructure to the war in Ukraine.
Ukrainian President Volodymyr Zelenskyy has dismissed the country's ambassadors to Tajikistan, Kyrgyzstan and several other countries. The removals came after a speech on Monday in which he said embassies would be judged on their effectiveness in securing weapons for Ukraine.
President Masoud Pezeshkian has defended his administration's economic performance under longstanding Western sanctions and severe wartime conditions, saying barter trade with neighbouring countries has expanded to help Iran cope with financial restrictions, according to his office.
The installation of the first fibre-optic cable across the bottom of the Caspian Sea has been completed, marking a major step in the development of a new digital corridor connecting Europe and Asia.
Saudi Arabia has warned of a growing regional security threat after a Houthi attack wounded 11 civilians in the kingdom's southern Najran province, raising fears that further coordinated strikes could follow.
A bomb planted inside a minibus has killed two people and injured 13 others in the Damascus suburb of Jaramana, adding to concerns over security in an area that has seen repeated tensions in recent months.
Pakistan’s critical minerals sector is attracting renewed interest from American companies, with investors exploring opportunities in copper, antimony and other strategic minerals as global competition intensifies to secure supplies for defence, artificial intelligence and clean energy industries.
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