Turkey wants 'new and vibrant' phase for Iraq-Turkey oil pipeline, official says
In a presidential decision published in the Official Gazette earlier on Monday, Ankara said the Turkey-Iraq Crude Oil Pipeline Agreement - agreed by Turkey's government in 1973 and put into effect in 1975 - and all subsequent protocols or memorandums will be halted from July 27, 2026.
The official said the pipeline had the potential to become a "highly active and strategic pipeline for the region", and added Turkey had invested heavily in its maintenance, while repeatedly noting its importance for regional projects like the Development Road - a planned trade route involving Turkey and Iraq.
"A new and vibrant phase for the Iraq-Turkey Pipeline will benefit both countries and the region as a whole," the person said.
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The Independent
16 minutes ago
- The Independent
David Lammy's condemnation of the atrocities in Gaza is an important breakthrough
The images coming out of Gaza of emaciated, dying children are, as the foreign secretary David Lammy says, appalling and sickening. They cannot be dismissed as propaganda, and even the Israeli authorities have not sought to do so. They are, in human terms and by any standard, atrocities – just as surely as those inflicted on innocent people by Hamas terrorists on 7 October 2023 were also atrocities. This latest wave of human suffering should evoke yet more anguish among all civilised peoples. It is time, as Mr Lammy and his colleagues from 27 other nations plead in an open letter, for the war in Gaza to end. Realistically, it will not – at least not immediately. The Israeli government, with unconscious irony, dismisses the calls for an end to the fighting as 'disconnected from reality' and 'sending the wrong message to Hamas'. As opposed, critics might wonder, to the 'message' the Netanyahu government is currently sending to Hamas, which is that peace will never come, the IDF is set on the literal destruction of Gaza as a place of human habitation, and that they, Hamas, as terrorists, therefore have nothing to lose, whether they release the remaining hostages or not (and which they should do, in any case, without delay). So there is no change yet in Israeli policy. It has even opened up a new front by intervening in Syria, unleashing more agonies, as The Independent 's Bel Trew reports. The Israeli Defence Force is engaged in another major military offensive, this time in central Gaza, and the shelling goes on. Tens of thousands of people have been told, yet again, to move to safety, when there is no sanctuary anywhere, not least because of the terrible shortages of the means of life – clean water, food, shelter. There are credible reports that Israeli forces are systematically destroying what few structures remain standing across Gaza. In planned demolitions, to already damaged buildings and ones that appear largely intact, former homes, schools and other civilian infrastructure are being blown up. The plan to crush millions of people into a cynically labelled 'humanitarian city', which will be anything but safe, is still in place. The equally misnomered Gaza Humanitarian Foundation (GHF), backed by Israel and the United States, is failing to deliver aid; instead, people are dying in the ensuing chaos. One witness, the British doctor Nick Maynard, says people at aid sites are being used as target practice (a claim rejected by the IDF). Philippe Lazzarini, commissioner general with the UN Palestine aid agency, calls the sites a 'sadistic death trap'. There was a time when combatants in any war would not target United Nations agency posts and personnel. Not in the case of the Israeli occupying forces in Gaza, where the World Health Organisation's staff residence, main warehouse and health hub were attacked. The WHO reports that 'Israeli military forces entered the premises, forcing women and children to evacuate on foot toward al-Mawasi amid active conflict. Male staff and family members were handcuffed, stripped, interrogated on the spot, and screened at gunpoint.' The suffering of the people of Gaza is on an apocalyptic scale, bombarded and besieged virtually without respite, and visited by conquest, war, famine and death. It seems hopeless – but the last thing the Palestinian people need from the West is a counsel of despair. Mr Lammy has called out what Israel has been doing, taken some, as yet inadequate action, and come as close as he can to condemning Israel for war crimes: 'Permanent forced displacement is a violation of international humanitarian law.' Many would urge him to go further. Lord Sumption, a universally respected lawyer, has argued that 'the conduct of Israel in Gaza is grossly disproportionate and there's at least an arguable case that it's genocidal '. Mr Lammy and the other 27 foreign ministers have the option to echo that kind of language. He is urged to do so – but he is right to hold back, and, for the time being, await the International Court to come to a judgment. Why? Because the only consideration about what to do next should be whether it will have any appreciable impact on what's happening on the ground. Recognising a Palestinian state and setting up a British embassy in Ramallah wouldn't save the life of single Palestinian baby. Nor would an outright charge of genocide. Not yet, at any rate. What would matter is if the Americans can be persuaded to put pressure on Israel to end the war and the famine: after all, this is Donald Trump 's declared policy. Loyal as he is to Benjamin Netanyahu, the Israeli leader has been testing President Trump's patience in recent months. When Karoline Leavitt, the forthright White House spokesperson, reveals that the president has been 'caught off guard' by recent Israeli bombings in Syria and of a church in Gaza, and called his friend Bibi to 'rectify' the situation, it does at least show that action is possible. In May, Mr Trump expressed concern about people starving, and perhaps, as with Vladimir Putin and the war in Ukraine, the president may slowly be coming to realise that Mr Netanyahu has also been playing him along; he might take decisive action that would stop the killings in a day. But if Washington remains impassive, then once again a ' coalition of the willing ' must be formed to do whatever it takes to pressure Israel – diplomatic recognition of Palestine, a full arms embargo, trade sanctions and economic pressure. Especially if this is done in concert with Israel's influential regional neighbours, such as Egypt, Turkey, Jordan, the UAE and Saudi Arabia. ends the war in Gaza – now.
Reuters
23 minutes ago
- Reuters
Lockheed profit dives 80% on $1.6 billion charge, shares tumble
July 22 (Reuters) - Lockheed Martin (LMT.N), opens new tab reported on Tuesday that its second-quarter profit plunged by about 80%, after the U.S. defense group recorded a pretax loss of $1.6 billion, mainly linked to a classified program within its Aeronautics segment, sending its shares down more than 8%. The company also trimmed its 2025 profit outlook by $1.5 billion or 18% and said it now targets $6.65 billion in operating profit for the year. This new guidance, revised down since the company's last estimate in April, did not include potential impacts from tariffs which have affected other defense companies with international customers. Lockheed's tariff risk is relatively low, as its supply chains and labor are largely domestic, said Brian Mulberry, portfolio manager at Zacks Investment Management. The company's hefty charge stemmed from difficulties with a classified program in its Aeronautics business and international helicopter programs in its Sikorsky unit. Defense contractors are grappling with mounting cost pressures as inflation and supply chain disruptions drive up expenses on long-term programs priced years ago. Many of these contracts — often fixed-price — were negotiated before the post-pandemic surge in labor, material, and component costs, forcing contractors such as Lockheed to absorb overruns. Apart from the $950 million charge on the classified program, Lockheed took a $570 million hit on its work for the Canadian government relating to the procurement of its CH-148 Cyclone maritime helicopters. The Turkish Utility Helicopter Program (TUHP) saw a $95 million loss as well. This charge was due to a restructuring caused by U.S. government sanctions on Turkish entities and persons involved in the program, Taiclet said in a call with analysts. Lockheed is also engaged in a tussle with U.S. tax authorities who assert the company owes an additional $4.6 billion tax bill, executives said, adding they were pursuing a remedy that could include litigation. Additionally, the company provided an update on progress with upgrades on its F-35 jets, saying it had completed hardware integration and released new software on the fleet. Earlier this month, the Pentagon's program office confirmed the final delivery of 72 jets held in long-term storage in 2024. Lockheed's net income in the quarter fell to $342 million, or $1.46 per share from $1.64 billion, or $6.85 per share, a year earlier. Excluding these charges, the group posted an adjusted profit of $7.29 per share, beating an average estimate of $6.44 per share according to data compiled by LSEG. Lockheed missed Wall Street estimates for second-quarter revenue, which came in at $18.16 billion, compared with an average expectation of $18.57 billion.
Reuters
an hour ago
- Reuters
Dassault, in spat with Airbus, says European fighter jet project at risk
PARIS, July 22 (Reuters) - French warplane maker Dassault Aviation ( opens new tab raised questions over the future of a Franco-German-Spanish fighter jet project on Tuesday in a growing feud with Europe's Airbus ( opens new tab over control of the futuristic program that combines traditional warplanes with automated drones. CEO Eric Trappier said the Future Combat Air System, widely known under its French initials SCAF, needed clearer leadership and organisation as partners move towards a second phase that calls for a flying model to prove its cutting-edge technology. SCAF is one of several so-called sixth-generation fighter projects expected to combine traditional crewed warplanes with a cohort of uncrewed and armed drones. Britain is working on a similar proposal with Italy and Japan known as GCAP. Dassault, which builds France's Rafale warplanes, is in charge of efforts to come up with designs for the core fighter, one of several "pillars" in the hugely complex SCAF project. Trappier said that in practice, decisions over key parts of the current design phase were having to be cleared with Airbus, adding complexity and contributing to delays. "They say Dassault is the leader but that all decisions must be taken between three (countries)," Trappier said at a half-yearly earnings conference. Airbus, which represents both Germany and Spain in the project with Dassault backed by France, declined comment. Asked if Dassault was threatening to leave the SCAF project, Trappier indicated the programme's wider future was at stake. "It is not a question of leaving SCAF but of deciding if it continues or not," he said. However, he strongly denied reports that Dassault was seeking 80% control. Dassault and Airbus, two historic European industry rivals called on to work together after French President Emmanuel Macron and then German Chancellor Angela Merkel launched the initiative in 2017, have squabbled repeatedly over handling of the project to replace current warplanes by 2040. The latest comments came on the eve of a Berlin summit between Macron and German Chancellor Friedrich Merz that are expected to touch on the status of the defence project, according to a French presidential adviser and industry sources. Airbus Defence & Space CEO Michael Schoellhorn told the Paris Air Forum last month that governance had been agreed and that Airbus, a leading partner in the Eurofighter Typhoon, had a history of successful cooperation with other defence firms.
