A group of 21 fishermen from Tamil Nadu, who were stranded in Iran, have been released and will...
A group of 21 fishermen from Tamil Nadu, who were stranded in Iran, have been released and will...
Lawmakers have given President Hassan Rouhani one month to appear in parliament to answer questions on his government’s handling of the economy that is undergoing unusually hard times over the past several months as millions struggle to make ends meet.
It is the first time parliament has summoned the embattled Rouhani, who is under mounting pressure to reshuffle his Cabinet following the upsurge in economic difficulties unseen in recent history.
Lawmakers want to question Rouhani on topics including the precipitous decline in the value of the rial, which has lost more than half its value since April, fragile economic growth and rising unemployment, according to ISNA News Agency.
The latest international meeting in Russia will contribute to the search for peace in Syria, a senior diplomat said Tuesday, adding that Iran will stay in the Arab country as long as the Damascus government wants.
"I would like to say that the meeting produced a good result. It was a good time [follow up the] agreements between the three guarantor nations to promote the process of normalizing the situation in Syria so that the country can restore peace and end the crisis," Hossein Jaberi Ansari, the foreign minister's special assistant for political affairs, told Russia’s TASS news agency.
The US president should try respect instead of threats and sanctions in dealing with Iran, Foreign Minister Mohammad Javad Zarif said Tuesday in response to Donald Trump's offer of direct talks without preconditions.
"Iran & US had 2 yrs of talks. With EU/E3+Russia+China, we produced a unique multilateral accord—the JCPOA. It's been working. US can only blame itself for pulling out & leaving the table. Threats, sanctions & PR stunts won't work. Try respect: for Iranians & for int'l commitments," Zarif wrote on his official Twitter account.
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Due to overhaul operations in some refineries, gasoline output has reduced, but production will soon return to its previous level of 95 million liters per day, an official of National Iranian Oil Production and Distribution Company said.
“The supply of gasoline in northern Gilan and Mazandaran provinces is continuing normally and there are no worries,” Alireza Arman-Moqadam was also quoted as saying by Shana, the Oil Ministry’s news agency.
Rejecting speculations about plans to increase fuel price, the official asked people not to store the fuel at home. According to the official, the sudden rise in the number of travelers to the northern regions has coincided with the refineries’ overhaul and exacerbated the situation.
The National Iranian Oil Company is expected to sign two contracts, worth $1.2 billion, with domestic...
Iran’s oil exports stood at 2.3 million barrels per day during the first four months of the current fiscal that started on March 21, higher than its average volumes over the past year.
According to Shana, the Oil Ministry's news portal, the country has sold 2.3 million barrels of crude per day to European and Asian countries between March 21 and July 22.
Notwithstanding looming US sanctions after US President Donald Trump's withdrawal from Iran nuclear deal in May and his decision to reimpose oil sanctions, the country's traditional customers, namely China and India, are still importing their much-needed fuel from Iran.
Iran’s largest oil customer—China—saw its imports increase by nearly 2% on the year to around 525,000 bpd in June, according to Reuters oil flow data.
The directive to raise water tariffs for consumers was ratified by Tehran City Council and approved by the Economy Council, chief executive of the Tehran Regional Water Authority said. "Water prices for households who consume less than 30 cubic meters a month will rise by 7%, yet the tariffs for subscribers who exceed the limit will increase by 15%," Mohammad Reza Bakhtiari was also quoted as saying by ISNA. According to the official, the new directive will take effect in November. "The generated revenue will be spent on ventures aimed at enhancing water quality in the province," he added. The official noted that based on the new tariffs, the price for each cubic meter of water will increase as much as one cent. Experts believe that low water prices have made people oblivious to the fact that they must consume water judiciously and help mitigate the effects of water shortage. There is a strong consensus that if water consumption patterns do not change, many parts of the country will turn into swathes of barren lan
Crude oil production from the giant South Azadegan field near the Iraqi border will exceed 170,000 barrels per day by the end of the current fiscal year (March 20, 2019), the director of the field's development project said.
"The field's current output stands at 100,000 bpd. Drilling operations are underway to increase the extraction rate by 70,000 bpd in nine months," Mohammad Ali Ajdari was also quoted as saying by the National Iranian Oil Company's news portal on Wednesday.
"Currently, 13 drilling rigs are operating in the field by Iranian firms," Ajdari added, noting that the field's development is being carried out with the help of domestic contractors and internal financial resources.
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The export of all kinds of refined vegetable oils has been banned since July 31.
This was announced by Industries Minister Mohammad Shariatmadari in a directive sent to the Iranian Vegetable Oil Industry Association on Monday.
The measure has been taken to make up for any supply shortage in the domestic market, as the commodity is considered a staple food in Iran, the association’s website reported.
The fear of raw material shortage has led producers of home appliances to scale down their output, the head of Iran’s Home Appliances Association said.
Mohammad Tahanpour was elaborating on the recent price hikes and shortages in the domestic home appliance market.
“Shopkeepers are not to blame for the lack of household appliances; the capital possessed by them is limited so they cannot hoard goods. The rise in the prices of raw materials on the one hand and hurdles in the way of imports on the other have led to a supply shortage,” he said.
Mohammad Reza Diani, chairman of the Association of Producers of Home Appliances, told IRNA that prices did not go up overnight, but were kept unchanged ever since the fiscal 2016-17.
India’s first consignment of pulses to be sent to Afghanistan arrived at Iran’s southeastern port of Chabahar on Wednesday, the news outlet of the Ministry of Roads and Urban Development reported. Following the successful transportation of six wheat shipments (130,000 tons in total) from India’s port of Kandla in Kutch District of Gujarat to Iran’s Chabahar in Sistan-Baluchestan Province over the second half of the last Iranian year (Sept. 23, 2017-March 20, 2018), India dispatched its first batch of pulses for Afghanistan to Chabahar, said an official with Sistan-Baluchestan Ports and Maritime Directorate, Hossein Shahdadi.
Iran traded 248,036 tons of non-oil commodities worth $105.96 million with Egypt during the first three months of the current fiscal year (March 21-June 21), registering a 72.03% and 140.73% increase in tonnage and value respectively compared with last year’s corresponding period, Islamic Republic of Iran Customs Administration’s data indicate.
Iran’s exports to Egypt stood at 247,901 tons worth $105.237 million, up 74.44% and 151.08% in tonnage and value respectively year-on-year. Egypt was Iran’s 14th biggest export destination during the period.
The average Producer Price Index in the 12 months ending July 22, which marks the end of the Iranian month of Tir, increased by 13.1% compared with last year’s corresponding period, according to the latest report by the Central Bank of Iran.
CBI put the preceding month’s PPI inflation at 12%. This is a 1.1 percentage point increase over last month, a record high growth since June 22-July 22, 2013.
The PPI (using Iranian year to March 2017 as the base year for the first time) stood at 135.6 in Tir, indicating a 10.3% rise compared with the previous month.
Photos of at least six brand new ATR 72-600 turboprops made for Iran in the vicinity of Toulouse-Blagnac Airport have surfaced on aviation media outlets in recent days, raising hopes for the possibility of last-minute deliveries before the reimposition of US sanctions against Iran, which is due on August 6.
The planes are part of Iran Air's post-nuclear deal order for 20+20 new turboprops. The delivery process is facing hurdles following the US administration’s unilateral withdrawal from the 2015 nuclear agreement between Iran and world powers.
Iran has taken deliveries of eight ATR 72-600 aircraft so far as part of the order.
Tehran Stock Exchange’s main index gained 2,777.76 points or 2.29% on Wednesday to end trading at 123,951.3.
About 2.13 billion shares valued at $171.87 million changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.
Pars Petrochemical Company was the biggest winner, as its shares went up 5% to 31,544 rials per share.
Tolid Mavade Avallieh Daroupakhsh incurred the biggest loss among all TSE-listed companies and went down 4.99% to 6,202 rials per share.
Tehran Stock Exchange saw 55,000 trading codes issued for new investors during the first four months of the current fiscal year (March 21-July 22), TSE’s managing director said. “The number of new codes shows a 40% increase compared with the last fiscal year’s similar period,” Hassan Qalibaf-Asl added. The official attributed the rise in the number of investors to equities’ growing attraction, which is evident in the market’s improving liquidity. Four-month TSE trade value grew 28% year-on-year to more than 254 trillion rials ($5.77 billion), TSE reported. Over 11 million trading codes have been issued at TSE since its inception, accounting for 14% of Iran’s population. Tehran Stock Exchange is Iran’s largest stock exchange, established in 1967.
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As markets await the government’s new foreign exchange plan to combat the intense volatility, speculation about the contents of the package abounds.
Mohammad Reza Pour-Ebrahimi, chairman of Majlis Economic Commission, said on Tuesday the new forex package would be implemented within 48 hours, meaning that the scheme could be officially kicked off on Thursday.
Pour-Ebrahimi, who has been a vocal critic of the government’s forex policy, noted after his commission’s meeting with Economy Minister Massoud Karbasian that “new cooperation” has formed between the parliament and the government.
A new report by Tehran Chamber of Commerce, Industries, Mines and Agriculture highlights the fact that Iran’s banks and credit institutions have too many branches compared to both international and regional counterparts.
The report published on TCCIM’s website uses data from the World Bank and the Central Bank of Iran to highlight the discrepancy between bank branches in Iran and across the world, especially in the Middle East and North Africa.
WB data show there were 12.5 bank branches in the world for every100,000 adults in 2016 while the same number for Iran in that year stood at 31.3. Iran’s average is also more than double MENA’s average at 14.7 bank branches for every 100,000 adults.
Iran’s payment industry is beset by unhealthy competition between payment service providers and the fallout of a volatile foreign currency market, the managing director of Fanava Card Company said. “Lack of healthy rivalry among e-payment companies, fluctuations in rial’s value that have made it difficult to procure the required equipment and set up infrastructures, as well as a shortage of skilled workforce, are the biggest challenges facing the payment industry,” Ali Norouzi also told IBENA on Wednesday. Norouzi noted that some PSP firms are competing to boost demand for their POS devices by lowering the service fees.
Iran Development Bank will be established in the foreseeable future to meet the country's production and manufacturing needs and foster job creation and thwart the fallout of the reimposition of US sanctions.
The plan to establish the bank was approved by the parliament on July 25, ICANA, the official news outlet of the parliament, reported. Later, IBENA, a website affiliated with the Central Bank of Iran, disclosed more details of the plan.
"One of the major challenges of Iran is that because of the government's increasing current expenses, it is not possible to adequately finance the establishment of necessary, wealth-creating and job-creating infrastructures through public government funds," reads the introductory section of the plan.
A new wave of higher car prices has arrived; pushing decent rides further out of average Iranians' reach and helping avaricious dealers make another quick buck at the expense of customers. This is while some public figures have rushed in to calm down the market saying that nothing is out of the ordinary.
With the US dollar exchange rate on a runaway bullish run, most market observers expected the tumultuous rates have a knock-on effect on the auto market, as it did on Monday when mid-range vehicles saw a 3-6% hike in their prices while the value of high-end models jumped by 13% compared to a day earlier.
In the span of a single day, locally designed sedan model Dena+ saw a 13.3% price jump and is now sold at 850 million rials ($19,300), Peugeot 207's 13.09% rise places the vehicle's price at 950 million rials ($21,600), and Sandero Stepway's 10.47% jump has put the car's price above the one billion rials mark at 1.05 billion rials ($23,860), Tasnim News Agency reported.
Striving to improve the quality of urban life, as well as realizing the dream of turning Tehran into a smart city, a new startup has launched a dockless bike-sharing system that facilitates short-distance journeys.
The first Iranian smart bike rental platform dubbed ‘BDOOD’ (pronounced ‘Bee-DUDE’, literally meaning ‘zero-emission’) was unveiled in Elecomp 2018, standing out among others as its services were showcased in the fair’s open space, wrote local technology news website Digiato.
Docked all around the pavilion were the bicycles with orange paintjobs that made them quite noticeable. Visitors were given the chance to see them up close or try them for a ride around the fair.
Using eco-friendly and sustainable technologies to enhance the urban transport system, BDOOD is an affordable service that aims for promoting a healthier, and happier society.
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The bill to convert Iran's Cultural Heritage, Handicrafts and Tourism Organization to a ministry was approved by a majority of votes during an open session of the Parliament after going through extensive debate.
A project to stimulate genetic admixture among the wildlife species in Lashgardar Protected Area in Malayer, Hamedan Province, will be carried out this year to stem a decline in their populations, the head of the Department of Environment said.
Isa Kalantari made the statement in response to a letter by Mohammad Kazemi, a lawmaker representing Malayer in the Parliament, in which he had warned of the loss of wild goat and sheep in the region, DOE's news portal reported.
"Research teams from the provincial DOE office have scrutinized the lack of growth in the wildlife populations of Lashgardar and identified such issues as consecutive droughts and inbreeding as major causes," he said.
Iran's Forests, Range and Watershed Management Organization needs a stronger mandate in protecting the natural resources in the face of pressure from vested interests, the head of FRWMO said.
"Anyone intending to do any activity involving the natural resources is required to obtain a license from the FRWMO. This is while some entities, mostly semi-governmental, put our organization under pressure to allow them to go ahead with their illegal projects," Khalil Aqaei told a ceremony in Tehran on Tuesday to mark the World Ranger Day.
The once gorgeous Gulf of Gorgan, one of the Caspian Sea's vastest bays, is likely to vanish in at most eight years if no efficient remedial measure is adopted, a member of the Caspian Sea National Research Center said.
Covering an area of about 400 square kilometers in the southeast of the Caspian Sea on Golestan and Mazandaran provinces, the once-thriving gulf, the largest bay in the region, is now on the brink of desiccation, and the scant remaining water in the body is polluted.
According to Homayoun Khoshravan, who also heads the environment research team at the Science Ministry, the gulf has so far lost about half of its area and will completely die out and turn into a source of dust storm if no action is taken, IRNA reported.
"Unlike the 1995-2006 period when the gulf had an acceptable water inflow from the sea, the incoming water has decreased significantly as the link between the bodies has been almost cut thanks to the sea's water recession," Khoshravan said.
With an annual decrease of 3 to 4 centimeters in the water level of the Caspian Sea, which is equal to 12 billion cubic meters, it is quite normal that the sea can no longer feed the gulf.
In a recent observation of coral reefs in Chabahar Bay, researchers registered high degrees of bleaching caused by rising sea temperatures. A team of experts and divers were dispatched to the area in late July to investigate the state of the reefs following global warnings of the devastating impact of warming waters on the organisms, IRNA reported.
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