The judiciary is investigating the former governor of the Central Bank of Iran (CBI) for corruption, the...
The judiciary is investigating the former governor of the Central Bank of Iran (CBI) for corruption, the...
Foreign Minister Mohammad Javad Zarif on Saturday criticized US President Donald Trump's...
A senior official said there are traces of foreign agents and warmongers in the region behind the attack...
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The Islamic Revolution Guards Corps (IRGC) confirmed on Sunday that it had launched a missile...
Pakistani Minister for Finance, Revenue and Economic Affairs Asad Umar said his country...
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Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei on Sunday called on the...
Oil Minister Bijan Namdar Zanganeh said no refunds will be provided to the French giant Total...
An Iranian lawmaker dismissed the US claims on cutting Iranian oil exports to zero by November and likened Washington's efforts to flogging a dead horse.
"Iran has been targeted by sanctions for years and always managed to sell its oil," Abdolhamid Khedri, a member of Majlis Energy Commission, was also quoted as saying by Oil Ministry’s official news agency Shana.
The lawmaker noted that a large number of petroleum ventures have been launched in the past, which were implemented during the sanction years.
Currently, there is no need to establish a consortium of domestic urea exporters, as there is an implicit coordination among major companies active in the industry, the managing director of Pardis Petrochemical Company said.
“It is not necessary to set up an export consortium under a joint brand,” Hossein Shahriari was also quoted as saying by NIPNA on Sunday.
The completion of Iran-Pakistan Gas Pipeline Project—aka Peace Pipeline—will lead to fundamental economic changes in Pakistan.
Iranian Ambassador to Pakistan Mehdi Honardoust made the statement while addressing an international panel on "Pakistan Geopolitics' Requirements" in Islamabad on Sunday, IRNA reported.
Honardoost said Iran desires enhanced trade with Pakistan and the Peace Pipeline could help change Pakistan’s future.
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More than 209,650 tons of banana worth over $200 million were imported into Iran during the first five months of the current fiscal year (March 21-Aug. 22).
This shows a 28.49% and 11.41% decline in weight and value respectively compared with the similar period of last year, latest figures released by the Islamic Republic of Iran Customs Administration show.
This amount of banana imports accounted for 1.5% and 1.06% of the volume and value of Iran’s total imports during the period under review, Mehr News Agency reported.
Iran’s economy is on the brink of experiencing a crisis, if not already. What got us here?
Farhad Nili, the representative of the Central Bank of Iran to the World Bank, believes that four main mechanisms, namely massive imbalances, people’s overexpectations, external pressures and the system of governance, have led the economy to its present state.
A gist of his interview with the Persian weekly Tejarat-e Farda follows:
More than 113,000 tons of glassware were produced in the first three months of the current Iranian year (March 21-June 21), registering an increase of 15.9% compared with last year’s corresponding period, the Ministry of Industries, Mining and Trade reported
As for chinaware, production stood at over 11,000 tons during the same period to register an 11.4% year-on-year growth.
Of the 80,000 licensed production units in Iran, 68,000 or 85% are operating, a deputy minister of industries, mining and trade said.
“About 90% of the production units are small, 6% are medium-sized and 4% are large,” Mohsen Salehinia was also quoted as saying by Iran Chamber of Commerce, Industries, Mines and Agriculture’s news service.
According to Salehinia, the government has given 13 trillion rials ($100 million) in loans to 450 economic entities since the beginning of the current fiscal (March 21).
The agricultural mechanization coefficient in Iran currently stands at its highest of 1.65 horsepower per hectare.
The coefficient is expected to increase to 2.1 hp/ha by the end of the Sixth Five-Year Development Plan (2017-21), the head of the Ministry of Agriculture’s Agricultural Mechanization Expansion Center said.
Kambiz Abbasi added that 20 trillion rials (about $162 million) worth of banking facilities will be granted to farmers for agro mechanization during the current Iranian year (March 2018-19), IRNA reported.
Iran traded 9.48 million tons of non-oil commodities worth $6.16 billion with the UAE during the first five months of the current fiscal year (March 21-Aug. 22), registering a 2.08% and 3.39% decline in tonnage and value respectively compared with last year’s corresponding period, latest data released by the Islamic Republic of Iran Customs Administration show. Iran’s exports to the UAE stood at 7.71 million tons worth $3.49 billion, down 0.56% in tonnage and up 33.13% in value year-on-year. The UAE was Iran’s second major export destination during the period. Iran mainly exported gas condensates, cathode and mineral products to the UAE during the five-month period. The UAE exported 1.77 million tons of goods worth $2.66 billion to Iran, down 8.16% and 28.95% in tonnage and value YOY respectively. It was also the second major exporter of goods to Iran during the period. The imports mainly included cellphones, benzene and machinery.
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Tehran Chamber of Commerce, Industries, Mines and Agriculture plans to hold two specialized business courses on advanced marketing management and rule of innovation in business, the chamber’s website reported. Designed for business management graduates and marketing experts, the advanced marketing course will take 30 hours to complete and has capacity for 12 people. It is scheduled to start on Sept. 26.
Tehran Stock Exchange’s main index gained 2,605.74 points or 1.87% on Sunday to end trading at 142,234.4.
About 3.56 billion shares valued at $69.74 million changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday.
Nirou Cholor Company was the biggest winner, as its shares went up 13.67% to 4,990 rials per share.
Iran Carton Company incurred the biggest loss among all TSE-listed companies and went down 3.59% to 6,695 rials per share.
Bandar Abbas Oil Refining gave the biggest boost to the benchmark index, followed by Persian Gulf Petrochemical Industries Company and Pars Petrochemical Company
Trading at Tehran Stock Exchange has seesawed in the past few weeks.
While the main index TEDPIX surpassed 140,000 two weeks ago to set a historic record, the days that followed registered a 7,000 decline to 133,000.
Experts believe that ambiguities in the pricing of metal and petrochemicals on Iran Mercantile Exchange, along with systemic risks, were the most important reasons for the decline in stock prices. IME pricing formulae and TSE investments are closely connected.
As prices of all goods and services, including apartments, are rising in Iran due to an ongoing currency crisis, the government is pondering on ways to facilitate conditions of homeownership to at least partially offset the declining public purchasing power in the housing market.
According to Hamed Mazaherian, deputy for housing and construction at the Ministry of Roads and Urban Development, rules for obtaining facilities from the Housing Savings Account, the main government initiative aimed at helping first-time homebuyers, could be changed.
"The proposal to eliminate the limitation on the buildings' age for homeownership has been put forward, which has pros and cons," he told ILNA.
The past year has been especially difficult for Iranians working or studying in China due to financial...
Governor of the Central Bank of Iran Abdolnasser Hemmati late Saturday sat down with a group of economic experts and university professors to review the country’s latest economic developments, particularly those pertaining to the hard currency market. According to CBI’s public relations office, the meeting lasted three hours and economic analysts from different schools of thought offered their views about forex and banking issues. Hemmati, who took the reins of CBI in late June, has said that he will seek the advice of all types of experts. The pundits present at Saturday’s meeting called for “curbing liquidity”, “educating the public to not engage in speculative activities”, “opening forex accounts backed by gold” and “using other countries’ experience on currency market” management. They also underscored CBI’s independence.
As Iran's October deadline to complete the Action Plan set forth by the Financial Action Task Force draws near, lawmakers are renewing efforts to pass the related bills sent by the government months ago.
Behrouz Nemati, a member of Majlis Presiding Board, said on Sunday the parliament will discuss the bill to join the International Convention for the Suppression of the Financing of Terrorism after the summer recess is over in two weeks, Tasnim News Agency reported.
The Iranian government has sent four pieces of legislation to the parliament, which includes amending the country's AML/CFT law in accordance with the FATF standards and joining the United Nations Convention Against Transnational Organized Crime (Palermo) and the International Convention for the Suppression of the Financing of Terrorism.
As commodities in Iran are experiencing price jumps, costs of two electronic goods, namely laptops and tablets, have remained more or less untouched by the tumultuous economic circumstances, with market insiders attributing the steady prices to market stagnation.
The largely "stable" laptop and tablet market in Iran prompted ILNA to interview a market insider on the reasons behind the consistency of prices of the two gadgets.
Peyman Iravani, a member of Iran Information Technology Union, explained why the prices have remained flat, saying laptops and tablets are no longer among the items average Iranians purchase.
Iravani said, "When someone is having troubles buying essential goods, they would not consider purchasing laptops or tablets."
Iran Post CEO Hossein Nemati attended the Universal Postal Union Second Extraordinary Congress to vote on the proposed reforms to the structure of the organization.
Held from September 3 to 7 in Addis Ababa, the capital of Ethiopia, the gathering brought together representatives from 192 member countries, reported the ICT Ministry’s official website.
On the sidelines of the event, the post company CEO attending met Bishar Hussein, director general of the UPU, Ethiopia’s Minister of Communication and Information Technology Ouba Mohammad Hussein and Turkish officials to explore enhanced collaborations.
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A touring initiative titled "Tehran With You" aimed at school students was officially unveiled on Saturday in a ceremony attended by urban and education officials.
The plan has been organized by Tehran Gasht Arghavani Company, affiliated to Tehran Municipality's Cultural and Artistic Organization, and seeks to familiarize students in Tehran with the city's cultural, historical, religious and artistic assets as well as its luminaries, IRNA reported.
The CAO had earlier inked a memorandum of understanding with the School Students Organization of the Education Ministry in July with the purpose of increasing schoolchildren's role in management of cultural affairs.
Over 70% of information that the Chinese receive about Iran cultivate a negative image of the country, which is an obstacle in the way of Iran's efforts to grab a share of the nation's tourism market.
This is the result of a comprehensive research conducted by Faezeh Akhoundi, a tourism activist and Chinese-speaking tour guide who has over 10 years of work experience and close acquaintance with the target country's culture and popular attitudes.
Considering the fact that over 600 million people are daily users of the Internet in China, "the research was based on the data gained from the most popular social applications in order to monitor what the Chinese think of Iran as a potential travel destination," ISNA quoted her as saying.
According to Akhoundi, when the word "Iran" is searched in the most used applications, negative political issues come up first and most.
The 15th Mashhad International Tourism Fair held simultaneously with the ninth Handicrafts Fair in Khorasan Razavi Province came to a close on Thursday. The four-day cultural events, were attended by hotels, travel agencies and investors as well as artisans from different provinces in over 176 stalls, CHTN reported. According to Abolfazl Mokarramifar, head of the provincial office of Iran's Cultural Heritage, Handicrafts and Tourism Organization, this year's events were exceptionally lively and active. "The hand-made works of art in numerous fields were specially spotlighted reflecting the fact that the artisans have bridged the gap between the art of old times and that of today," the official said.
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