Turkish Foreign Minister Hakan Fidan announced at an emergency parliamentary session that Turkey was severing all economic and trade ties with Israel. He also confirmed that Turkish airspace would be closed to government and arms flights from Israel and that Israeli ships would be banned from entering Turkish ports. Turkish ships will also no longer be able to enter Israeli ports.
Fidan stressed that the decision itself is already being partially implemented: Turkish port authorities have begun to require ships to confirm that they are not affiliated with Israel and are not transporting weapons.
Earlier, in May 2024, Ankara suspended direct trade relations with Tel Aviv in response to its actions in Gaza.
In 2023, trade between the countries reached $7 billion. Turkey accuses Israel of genocide in Gaza, which Israel denies. Ankara has also begun preparations for humanitarian flights to deliver aid to Palestine. Fidan made this announcement, emphasizing that the president’s approval has already been obtained and that they are now waiting for permission from Jordan.
Turkey is making a decisive geopolitical shift, completely severing economic and logistical ties with Israel. The actions cover the air, sea, and trade sectors and deepen the rift in relations between the countries, highlighting the growing tensions throughout the region.
Danish Defense Minister Troels Lund Poulsen said that Ukrainian defense companies may soon start production in Denmark.
“The second thing I will mention today is what could be called the ‘Danish model 2.0’. I hope that in a few weeks we will invite the first Ukrainian defense company to start production here in Denmark, in a safe environment,” he said during a briefing with EU foreign policy chief Kaja Kallas on Friday.
Poulsen noted that he expects other Ukrainian defense companies to join the process later this year. “And I believe that this will also be a way to provide even more support to Ukraine,” he stressed.
The minister also said that he discussed this initiative during his visit to Kyiv on Sunday. “During this visit, I had the opportunity to talk to both President Zelensky and the new Minister of Defense Denys Shmyhal about the prospects of inviting Ukrainian defense companies to start production here in Denmark. And they fully support this idea,” he said.
Canada’s economy contracted by 1.6% year-on-year in the second quarter, according to the country’s statistics agency. Analysts polled by Trading Economics had expected a more moderate decline of 0.6%. Compared to the previous quarter, Canadian GDP fell by 0.4%.
According to revised data, in the first quarter, the Canadian economy fell by 2% year-on-year but rose by 0.5% quarter-on-quarter. Canadian exports fell by 7.5% in April-June, while imports fell by 1.3%.
Meanwhile, consumer spending rose by 1.1% and government spending by 1.8%.
Earlier, the Experts Club information and analytical center made a video analysis of the prospects for the Ukrainian and global economies. For more details, see the video — https://youtu.be/kQsH3lUvMKo?si=F4IOLdLuVbYmEh5P
A US appeals court on Friday ruled that most of the tariffs imposed by Donald Trump were illegal, undermining the use of these levies as a key tool of international economic policy, Reuters reports.
The court allowed the tariffs to remain in effect until October 14 so that the Trump administration could appeal to the US Supreme Court.
“The decision comes amid a legal battle over the independence of the Federal Reserve, which is also likely to reach the Supreme Court, creating an unprecedented legal confrontation this year over Trump’s economic policy,” the report said.
US President Donald Trump criticized the verdict, saying it was accepted: “ALL TARIFFS ARE STILL IN EFFECT! Today, the highly partisan Court of Appeals wrongly ruled that our tariffs should be canceled, but they know that the United States of America will ultimately prevail. If these tariffs ever disappear, it will be a complete disaster for the country. It will make us financially weak, and we must be strong… Now, with the help of the US Supreme Court, we will use them to benefit our nation and make America rich, strong, and powerful again!” Trump wrote on Truth Social.
According to the publication, in a 7-4 decision, the court considered the legality of the “reciprocal” tariffs imposed by Trump in April as part of the trade war, as well as separate tariffs against China, Canada, and Mexico imposed in February.
The court noted that the International Emergency Economic Powers Act (IEEPA), to which Trump referred, does not provide the president with the direct right to impose tariffs. “It is unlikely that Congress, in enacting the IEEPA, intended to depart from its previous practice and grant the president unlimited authority to impose tariffs,” the document states.
Poland has deported 15 Ukrainian citizens who “posed a threat to public safety and order in Poland” and handed them over to the Ukrainian side, Polish broadcaster RMF24 reported.
“15 Ukrainian citizens were deported from Poland. They were forcibly brought to the border by border guards and handed over to the Ukrainian side,” the broadcaster said in a statement on its website on Saturday.
Polish border guards claim that the 15 Ukrainians who were expelled from the country had been repeatedly convicted of theft, robbery, and drunk driving. According to them, they “posed a threat to public safety and order in Poland.” In one case, a Ukrainian was on the list of persons whose stay in Poland is considered undesirable.
The people covered by this procedure had been repeatedly convicted of crimes and offenses. These included theft, robbery, possession of narcotic and psychotropic substances, document forgery, drunk driving, and organizing illegal crossings of the Polish border. In addition to being expelled from the country, they were also banned from entering Poland for 5-10 years.
“Poland is a friendly country, open to foreigners. However, there has been and will be no tolerance for violations of the law by them, regardless of their country of origin. The Ministry of Internal Affairs and Administration will respond decisively to violations of our legal order,” said ministry spokeswoman Karolina Halecka, as quoted by the publication.
It is noted that since the beginning of the year, 1,100 foreigners have been forced to leave Poland.
As reported, Polish Prime Minister Donald Tusk announced in early August that after riots at a concert by Belarusian rapper Max Korzh at the National Stadium in Warsaw, 57 Ukrainians would have to leave the country.
Astarta, Ukraine’s largest sugar producer, increased its average cattle herd to 29,000 head (+4%) in January-June 2025.
According to data published by the holding company on the Warsaw Stock Exchange, in the first half of this year, Astarta increased milk yield per cow by 3% to 28 kg/day, which led to a 2% increase in milk production to 63,000 tons.
Revenue in the segment grew by 17% to EUR29 million due to an 11% increase in prices and a 2% increase in sales volumes.
Gross profit decreased by 11% compared to the same period last year to EUR13 million, reflecting higher costs and a revaluation of BA during Q1 2025. Gross margin decreased from 57% to 43% in the first half of 2025.
EBITDA amounted to EUR12 million compared to EUR15 million in the first half of 2024.
The agricultural holding estimated its share in milk production in Ukraine at 3%.
Astarta is a vertically integrated agricultural holding operating in eight regions of Ukraine and the largest sugar producer in Ukraine. It comprises six sugar factories, agricultural enterprises with a land bank of 220,000 hectares, dairy farms with 22,000 head of cattle, an oil extraction plant in Hlobyn (Poltava region), seven elevators, and a biogas complex.
In 2024, Astarta increased its net profit by 34.5% to EUR83.25 million, while its consolidated revenue decreased by 1.1% to EUR612.15 million.
In the first quarter of this year, the agricultural holding’s revenue fell by 24.9% to EUR124.58 million, while net profit fell by 28.8% to EUR6.42 million.
