Financial Tribune

  • A Capital City Not  Cherished by Residents

    There is indeed much to hate about Tehran, including its harrowing traffic jams and persistent air pollution, the polarization of city services between its northern and southern districts, and high population density.
    These urban issues, according to a survey by Tehran Municipality, have so rattled the nerves of 58% of its residents that they are keen to leave the capital city, provided other cities have favorable conditions. 
    According to the Persian daily Donya-e-Eqtesad, which did not mention the period of the survey, up to 70% of the residents of southern areas of Tehran, encompassing the municipal districts 10, 14, 12, 11, 15 and 17 generally known as underprivileged areas, are willing to leave Tehran.  
    The metropolis of Tehran is divided into 22 municipal districts, each with its own administrative center. Twenty of the 22 municipal districts are located in Tehran County’s Central District, while districts 1 and 20 are respectively located in the counties of Shemiranat and Rey. 
    Although administratively separate, the cities of Rey and Shemiranat are considered part of Greater Tehran. 

  • Iran’s net hot-rolled coil consumption was 5.6 million tons in 2017, of which 0.8 million tons were imported.

    Russia and Kazakhstan are temporarily stepping back on sales of hot-rolled steel coils to Iran...

  • Europe May Tap Cryptocurrencies to Shield Iran Against US Sanctions

    The European Union may opt for digital currencies in its dealings with Iran, as it seeks to save the nuclear deal it signed with Iran along with other world powers in 2015 and now in tangible risk after the US move in May to leave the agreement. 
    Austrian Ambassador in Tehran Stefan Scholz said in his speech to a large gathering of foreign diplomatic representatives and Iranian business figures late Monday that one of the ways for safeguarding European interests in Iran is to tap the digital payment methods and cryptocurrency channels. 
    The envoy, however, said the move should come in tandem with observance of anti-money laundering rules, an area in which Iran is making progress after it was given another deadline by the Financial Action Task Force until October to implement the global body’s action plan. 
    Iranian officials had in the past spoken of the potential of using digital currency as a way to bypass the US financial system and the use of greenback, as Iran remains cut off due to the US primary sanctions. 

  • Power Supply to Iraq Cut  Over Rising Domestic Demand

    Energy Minister Reza Ardakanian said on Tuesday Iran has cut power export to Iraq so as to meet its rising domestic demand.
    "The soaring power consumption in the hot season has made us cut power supplies to the neighboring state," Ardakanian was also quoted as saying by Mehr News Agency.
    Iran cut off electricity supplies to Iraq, as constant blackouts and water shortages in the southern Khuzestan Province in the face of high temperatures triggered a series of protests.
    Ardakanian said Iran's electricity export contracts secure its right to cut supplies when it needs electricity for domestic use during peak consumption times of the year.

  • PSA Group Committed to Delivering Presold Cars in Iran

    Automotive joint ventures between Iranian and subsidiaries of French automotive group PSA, Peugeot and Citroen, have announced that measures have been adopted so as to deliver the cars they earlier presold in Iran before they are forced to fully suspend their activities in the country due to the imminent reimposition of sanctions against Tehran by the hawkish US government.  
    PSA Group’s Peugeot and Citroen forged joint venture agreements with Iranian carmaker Iran Khodro and SAIPA respectively after the 2015 Iran nuclear deal was clinched. With the belligerent US President Donald Trump withdrawing the United States from the historic accord, the French automotive giant has announced that it is forced to halt its operations in Iran. 

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