China, Iran, and Russia recently held joint naval exercises in the Gulf of Oman, specifically named "Maritime Security Belt 2025." This marked the fifth consecutive year in which the three countries have participated in such drills.

The exercise took place near the strategically vital Strait of Hormuz, a crucial waterway through which approximately 20% of global oil trade occurs.

The Russian Ministry of Defense reported that Russia dispatched two corvette vessels along with the tanker "Pechenega" for the exercises.

Meanwhile, China contributed a guided-missile destroyer named "Baotou" and an additional naval vessel.

These naval drills aim to enhance cooperation and operational capabilities regarding maritime security, with specific focuses on search and rescue operations at sea and artillery firing exercises.

It is noteworthy that both China and Russia do not actively patrol the broader Middle East region; these roles have primarily been undertaken by Western nations and the US Navy's Fifth Fleet.

During the drills, the Iranian government sought to bolster public support for its military capabilities in light of recent tensions, particularly following rocket attacks launched by Israel.

State-run Iranian television allocated significant coverage to the exercise, emphasizing its importance for national pride and military readiness.

In a separate development, as of March 31, 2024, fuel stations in New Delhi, India, will be prohibited from selling fuel to vehicles with internal combustion engines older than 15 years as part of air quality control measures.

This ban affects approximately 100,000 registered vehicles in the city's densely populated environment, which has faced criticism for pollution.

Artificial intelligence technology will be implemented at gas stations to ensure adherence to this regulation.

Additionally, the city is planning to replace 90% of its natural gas-powered buses with new electric buses, purchasing 8,000 electric units by next year.

Environmental authorities in New Delhi have also announced plans to plant new forests on available urban land and mandate the installation of water cannon systems in high-rise buildings and hotels to mitigate particle pollution in the air.

Previous regulations in the city have already prohibited gasoline vehicles older than 15 years and diesel vehicles more than 10 years old, although enforcement of these restrictions has been inconsistent.

Meanwhile, Swedish battery manufacturer Northvolt filed for bankruptcy amid a substantial debt crisis exceeding $8 billion.

This bankruptcy marks a pivotal moment for one of the most ambitious industrial projects in recent Swedish history, which sought to establish a competitive battery manufacturing capacity in Europe.

Despite previous attempts to protect itself from creditors in the United States, Northvolt's financial situation deteriorated, leading to its downfall.

The company, which employed over 5,000 workers, had attracted significant investments since its founding in 2016 but failed to achieve its production targets, ultimately causing supply chain disruptions and severe financial losses.

Additionally, European Union trade statistics reveal that in the past year, the EU exported iron and steel worth €77.8 billion, while imports totaled €73.1 billion, resulting in a trade surplus of €4.7 billion within this sector.

The most significant export markets for EU steel products included Turkey, the United States, and the United Kingdom.

In Slovenia, the industrial giant Cimos is planning to relocate its production facility, leading to discussions of potential layoffs.

As this transition is prepared, representatives of the firm's union have expressed dissatisfaction with the proposed employee release plan, citing a lack of professionalism and transparency regarding job preservation.

The economic landscape continues to shift as companies navigate the challenges of international commerce and internal operational shifts, particularly in light of geopolitical tensions and the ongoing ramifications of the global pandemic.