US President Donald Trump has suggested that Greenland could come under Washington’s operational control before the end of his current presidential term.
Trump made this statement on 31 July in an interview with Steve Gruber, a presenter on the Real America’s Voice television channel. The journalist recalled his prediction that Greenland would come under US operational control before Trump leaves office, and asked whether the island remained of key importance for the defence of the Western Hemisphere.
“Yes, you’ll be right,” Trump replied, suggesting that the presenter “place that bet”.
The US President did not specify how Washington might gain control of the island, nor did he mention any new agreement with Denmark or the Greenlandic government. His remarks therefore remain, for the time being, a political statement rather than an announcement of an agreed plan or timetable for the transfer of the territory.
Back in July, Trump had already stated that Greenland should be under US control rather than Denmark’s. He explained his position by citing the island’s strategic location and the need to counter Russian and Chinese activity in the Arctic.
In response, Danish Prime Minister Mette Frederiksen stated that Greenland is not for sale and called on allies to respect the sovereignty and territorial integrity of the Kingdom of Denmark. The Greenlandic authorities also emphasise that the island’s future can only be determined by its inhabitants.
Greenland is a self-governing territory within the Kingdom of Denmark. It governs most domestic matters independently, whilst defence and a significant part of foreign policy remain under Copenhagen’s jurisdiction.
The US’s interest stems from Greenland’s location between North America and Europe, control over Arctic air and sea routes, a missile launch warning system, and potential deposits of rare-earth and other critically important minerals. The United States already operates the Pituffik Space Station on the island, formerly the Thule Air Base.
American interest in acquiring the island predates Trump by a long way. The US Congressional Research Service notes that the issue of a possible acquisition of Greenland was raised by Washington in 1868, 1910 and 1946.
The US came closest to exercising effective control over the island during the Second World War. Following Germany’s occupation of Denmark, the Danish ambassador to Washington, Henrik Kaufmann, signed a defence agreement with the US on 9 April 1941 concerning Greenland.
The document preserved Danish sovereignty but allowed the United States to build and safeguard military installations. In the established defence zones, the US was granted exclusive jurisdiction, with the exception of matters concerning Danish citizens and the indigenous population.
The US military built airfields, radio stations, meteorological stations and other infrastructure on the island. They ensured the defence of the territory and drove out the German units that had landed there.
It can therefore be said that during the war years, the US effectively controlled Greenland’s military security, key transport facilities and strategic areas. However, there was no full political control or American sovereignty over the entire island — formally, it continued to belong to Denmark.
After the war ended, Washington was reluctant to leave the island entirely. In December 1946, US Secretary of State James Byrnes proposed to the Danish leadership that they consider a direct sale of Greenland. The US military leadership considered the purchase of the island to be the preferred option, whilst long-term rights to station bases there were seen as an alternative. Copenhagen did not accept the proposal.
In 1951, the US and Denmark concluded a new defence agreement within the framework of NATO. It cemented the American military presence and allowed for the establishment of the Thule Defence Area. The base built there subsequently became a key element of the early warning system for missile attacks and space surveillance.
Thus, the US already has extensive military capabilities in Greenland without changing its state status. The US can use the agreed defence areas, station personnel and operate strategic infrastructure. According to the Experts Club information and analysis centre, the current debate concerns not so much access for the US military as Washington’s potential acquisition of political control or sovereignty over the island.
In 2019, during his first presidential term, Trump also proposed buying Greenland. Denmark and the island’s authorities rejected this proposal at the time. Upon his return to the White House, Trump has once again made establishing control over the island one of the key priorities of his Arctic policy.
Metinvest, Ukraine’s largest mining and metallurgical holding company, increased steel production by 13% in January–June 2026 compared to the same period last year—to 1.026 million metric tons—and pig iron production by 18%, to 934,000 metric tons.
According to a press release from the parent company, Metinvest B.V., published on July 31, in the second quarter, pig iron production at Kametstal rose by 13% compared to the previous quarter—to 496,000 metric tons—while steel production increased by 26%, to 572,000 metric tons. This growth was driven by the stabilization of the power supply since March 2026.
In addition, the first-half figures were compared to a relatively low base from last year, when blast furnace No. 9 was shut down for major repairs in April–June.
Production of commercial semi-finished products in the first half of the year increased by 19% to 357,000 metric tons. Production of commercial pig iron more than doubled to 64,000 metric tons, while production of billets rose by 6% to 293,000 metric tons.
Production of finished steel products increased by 6% to 1.303 million metric tons. Output of long products rose by 6% to 717,000 metric tons, thanks to increased production volumes at Kametstal and the Bulgarian company Promet Steel.
Production of flat rolled products decreased by 1% to 545,000 metric tons. Specifically, output of hot-rolled coils fell by 9%, and that of galvanized cold-rolled coils by 2%, while production of hot-rolled heavy plate remained virtually unchanged at 431,000 metric tons.
Pipe output totaled 41,000 metric tons following the group’s acquisition of the Romanian company Metinvest Tubular Iași in December 2025.
In the second quarter, finished product output fell by 3% compared to the first quarter, to 642,000 metric tons. This was due to a 13% decline in flat-rolled steel output caused by a temporary shutdown of the rolling mill at the Italian company Ferriera Valsider in March–May.
Coke production in the second quarter rose by 9% to 279,000 metric tons following the stabilization of coal supplies. For the first half of the year, the figure remained at the same level as the corresponding period last year, totaling 535,000 metric tons.
Metinvest is a vertically integrated group of mining and metallurgical companies. The group’s production assets are located in Ukraine, European Union countries, and the United Kingdom. The main shareholders are the SCM Group, with a 71.24% stake, and Smart Holding, with a 23.76% stake.
According to Serbian Economist, the Italian company Beretta Holding, the Croatian government, and Croatian investor Ivan Kapetanović have signed a memorandum of understanding to implement a project for the country’s first small-caliber ammunition manufacturing plant.
The document was signed on July 30 at the “Banski Dvori” government complex in Zagreb in the presence of Croatian Prime Minister Andriy Plenković. It was signed by Defense Minister Ivan Anušić, Beretta Holding President and CEO Pietro Gussalli Beretta, and Kapetanović.
The plant is planned to be built near the town of Obrovac in Zadar County. The exact location of the site has not yet been officially disclosed.
The total volume of joint investments is estimated at 125 million euros. Beretta is set to receive 50% of the capital of the future joint venture plus one share, which will give the Italian group control. The remaining stake will be divided between the Croatian government and private investor Ivan Kapetanović.
Beretta will also be responsible for technology transfer, supply chain management, and the establishment of production lines. The plant is scheduled to begin operations by mid-2029.
According to Italian media reports, once the plant reaches its design capacity, it will be able to provide approximately 250 jobs and generate 70–80 million euros in annual revenue.
The facility is expected to produce small-caliber ammunition, including rounds for machine guns mounted on armored vehicles, as well as ignition capsules. According to Pietro Gussalli Beretta, some of this ammunition is currently produced at the group’s Swiss facility, while the Beretta plant in Germany is fully occupied with the production of fuses.
The chairman of Beretta Holding described the project as a long-term investment that is not solely tied to the current growth in demand for ammunition. It is expected that the new plant’s products will be supplied not only to the Croatian Army but also to European and global markets.
However, the signed memorandum is currently a framework document. It provides for the further preparation of a final agreement and the establishment of a special project company in Croatia.
Beretta Holding brings together manufacturers of small arms, ammunition, optics, and related equipment. The history of this family-owned company dates back to the 16th century. The group has facilities in Italy, Germany, Switzerland, Sweden, Hungary, the United States, and other countries.
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Metinvest Group’s mining companies reduced iron ore pellet production by 17% in January–June 2026 compared to the same period last year, down to 2.717 million metric tons.
The decline was due to a temporary shutdown of one of the sintering machines in the first quarter caused by damage to the power supply system. The equipment resumed operations in April, according to the group’s official operating report published on July 31.
Production of pellets with an iron content of at least 65% decreased by 19% to 2.629 million metric tons. Output of pellets with an iron content of less than 65% more than doubled to 88,000 metric tons.
Total iron ore concentrate production in the first half of the year amounted to 7.763 million metric tons, remaining virtually unchanged from 7.725 million metric tons a year earlier.
The descriptive section of the official PDF erroneously states 7.263 million metric tons. However, the report’s table and the press release page list 7.763 million metric tons. This figure is also confirmed by the combined production volumes for the first and second quarters—3.882 million metric tons each.
Output of marketable iron ore products decreased by 5% to 7.144 million metric tons. At the same time, production of marketable iron ore concentrate increased by 4% to 4.427 million metric tons.
Production of concentrate with an iron content of less than 67% rose by 10% to 4.075 million metric tons, while production of high-quality concentrate with an iron content of at least 67% fell by 34% to 352,000 metric tons.
In the second quarter, production of commercial iron ore products increased by 3% compared to the first quarter, reaching 3.624 million metric tons. Pellet production rose by 10% to 1.422 million metric tons, while production of commercial concentrate decreased by 1% to 2.202 million metric tons.
The number of UK residents with a personal fortune of at least GBP1 million fell by 7% in 2025 to 442,000, according to calculations by the Adam Smith Institute. This is the lowest figure since the 2008 global financial crisis. Compared to the peak in 2021, when the country had approximately 1.07 million millionaires, their number has decreased by about 59%.
For the purposes of the study, a millionaire is defined as an adult resident of the United Kingdom with a net worth of at least GBP1 million in constant 2025 prices. The calculation includes real estate, pension savings, cash, and investments, net of debt.
The Institute attributes the decline primarily to a decrease in the real value of assets. Post-pandemic interest rate hikes have put pressure on the value of pension savings and high-priced real estate, particularly in London. An additional factor is the low savings rate among British households, which limits the accumulation of private capital.
The study’s authors cite the departure of wealthy residents and the UK’s declining appeal to foreign entrepreneurs and investors as another reason. The Institute points to high tax rates, the abolition of the former “non-dom” tax regime, and discussions regarding new taxes on wealth and capital gains.
Effective April 6, 2025, the UK replaced the “non-dom” tax system with a new regime based on tax residency. New residents who have not lived in the country for the previous ten years may, for the first four years, receive an exemption from UK tax on foreign income and capital gains. After this period ends, the general rules apply to them.
The Adam Smith Institute also emphasizes that its data are estimates. The UK does not have an up-to-date government registry of personal wealth, so the indicator is calculated based on data from the Office for National Statistics and statistical modeling. It primarily reflects the general trend in changes to private wealth, rather than the exact number of wealthy residents.
The Institute has called on British authorities to abandon plans to introduce a wealth tax, lower the capital gains tax, and review the tax treatment of wealthy foreign residents. According to its data, the top 1% of British earners account for 29.1% of income tax revenue.
The seven OPEC+ countries that have voluntarily cut production beyond the quotas set for all countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) have decided to increase their oil production quotas in September by 188,000 barrels per day, according to an OPEC press release.
With this decision, the “Seven” have completed the return to the market of volumes previously cut as part of the second phase of voluntary restrictions, totaling 1.65 million bpd. The first phase—amounting to 2.2 million bpd—was “phased out” in September 2025.
Consequently, by the end of 2026, the previously approved quotas will apply to all member countries of the alliance without any restrictions, and the alliance’s total permitted production level will be 36.206 million bpd.
The leaders of the agreement—Saudi Arabia and Russia—will be able to increase production next month by 62,000 b/d, to 10.478 million b/d and 9.949 million b/d, respectively. Iraq is entitled to increase production by 26,000 b/d, to 4.431 million b/d; Kuwait—by 16,000 bpd, to 2.676 million bpd; Kazakhstan—by 10,000 bpd, to 1.628 million bpd; Algeria—by 6,000 bpd, to 1.007 million bpd; Oman – by 5,000 bpd, to 841,000 bpd.
Previously, the OPEC+ “volunteers” had stated that the cuts could be reinstated either fully or partially, depending on market conditions. However, this remark is absent from the current press release.
Despite the conclusion of the latest cycle of voluntary cuts, the OPEC+ “Seven” will continue to hold monthly meetings, the press release states. The next one is scheduled for September 6.
To increase production quotas for all OPEC+ countries, a meeting of ministers from all alliance countries must be scheduled—the next one is currently set for November 29. This decision could be made by the OPEC+ Monitoring Committee, which also met on August 2 but did not adopt a corresponding resolution. Its next meeting will take place on October 4.
Meanwhile, OPEC+ countries are currently discussing a new methodology for determining maximum production capacity, which will serve as the basis for setting production quotas in 2027—for now, quotas for all countries are set through the end of 2026. It was expected that the methodology would be approved in September so that quotas for 2027 could be determined at the November meeting.
Since March, the Gulf countries that are members of OPEC+ have been unable to increase production in line with their quotas because Iran has blocked the Strait of Hormuz, through which approximately 20 million barrels per day of oil and petroleum products from the Persian Gulf were flowing to the global market. Russia is also significantly behind its quota.
