Parliament Speaker Ali Larijani said Saturday that the US is a waging an economic war...
Parliament Speaker Ali Larijani said Saturday that the US is a waging an economic war...
The International Court of Justice (ICJ) will rule on Iran's lawsuit against the United States on October 3.
Sa’ad Jawad Qandeel will replace Rajeh al-Mousawi as the Iraqi ambassador to Iran, the foreign...
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Iran’s ambassador to Spain Mohammad Hassan Fadayeefard in separate meetings with...
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The joint OPEC and non-OPEC ministerial committee, aka JMMC, which is due to meet today in Algeria, has decided to adjust Iran’s declining share in OPEC, a senior energy analyst said.
"The meeting, chaired by Saudis, will discuss the likelihood of boosting output between 500,000 and 1 million barrels per day to compensate Iran's crude that will be eliminated from the market gradually due to the US looming sanctions, set to be imposed on Nov. 4," Behrouz Namdari also told ILNA.
According to the expert, Saudi Arabia and Russia have already planned to replace Iranian oil and now they will discuss the details of each member's share within the organization whether Iran’s Oil Minister Bijan Namdar Zanganeh attends it or not.
"Nonetheless, Zanganeh's absence in the meeting will translate into a strong disagreement with the decision as Iran, OPEC’s third-largest producer behind Saudi Arabia and Iraq, has pledged to block any supply increase to curb rising prices," he said.
Tehran says the price rally was instigated by US President Donald Trump's decision to withdraw from the Iran nuclear deal and reimpose sanctions on Iranian oil sales.
Over 4.56 trillion rials ($30 million) have been allocated to projects for supplying natural gas to 500 villages in the northern Mazandaran Province by the end of the current fiscal year (March 2019), a deputy oil minister said.
"Gas expansion projects are underway, upon the completion of which, the share of rural gas consumers in Mazandaran will rise from 92.5% to 95%," Mahmoud Astaneh was also quoted as saying by Shana.
The project will cover at least 10,000 rural households.
According to the official, over 70,000 households in the green province have been supplied with the fuel.
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Iran exported 569,974 tons of watermelon worth $106.42 million during the first five months of the current fiscal year (March 21-Aug. 22), latest data released by the Islamic Republic of Iran Customs Administration show.
Iraq, the UAE, Turkey, Afghanistan and Oman were the main customers of Iranian watermelon during the period.
Trade between Iran and the 28 member states of the European Union during the first eight months of 2018 amounted to €12.02 billion, indicating a 4.4% decrease compared with last year’s similar period.
Iran’s top five trade partners over the period under review were Italy, France, Spain, Germany and Greece with more than €2.93 billion, €1.98 billion, €1.82 billion, €1.71 billion and €1.04 billion worth of transactions respectively.
Trade with Croatia (€62.84 million), Hungary (€80.35 million) Latvia (€6.27 million), Spain (€1.82 billion) and Austria (€390.35 million) saw the highest increase of 1,673.6%, 213.4%, 157.8%, 63.6% and 28% respectively.
Iran experienced the sharpest decline in trade with Cyprus (65.6%), Bulgaria (59.6%), Portugal (53.2%), the Netherlands (44.9%) and Slovakia (28.9%).
Iran traded 839,348 tons of non-oil commodities worth $355.73 million with Indonesia during the first five months of the current fiscal year (March 21-Aug. 22). This marks a 12.96% and 32.92% growth in tonnage and value respectively compared with last year’s corresponding period, the latest data released by the Islamic Republic of Iran Customs Administration show. Iran’s exports to Indonesia stood at 753,942 tons worth $281.53 million, up 12.83% and 39.50% in tonnage and value respectively year-on-year. Indonesia was Iran’s 11th major export destination during the period. Iran mainly exported liquefied butane and propane, and steel to Indonesia during the five-month period. The country exported 85,406 tons of goods worth $74.20 million to Iran, up 14.15% and 12.75% in tonnage and value respectively YOY. Indonesia was the 29th major exporter of goods to Iran over the five months. Imports mainly included aluminum oxide, paperboard and medium-density fiberboard.
The 18th International Industry Exhibition, also known as IINEX 2018, is scheduled to open at Tehran International Fairground on Oct. 13, according to the event’s official website at Idro-sanat.com.
Organized by IDRO International Trading Company, the expo is one of the biggest industrial and business events in the country aimed at providing a platform for industrial players to showcase their latest achievements and capabilities.
Companies active in the fields of machinery, industrial automation, equipment, technical and engineering services, safety and health equipment, and sales and after-sales services will participate in the expo. The four-day event will conclude on Oct. 16. Those interested in participating can register on the website.
Seven deputy industries, mining and trade ministers have offered their resignation in a show of support for the so-called “law banning the reemployment of retired public employees”, which includes senior officials, provincial governors, ambassadors and deputy ministers. The Ministry of Industries, Mining and Trade is one of the top-heavy ministries of the government with around 25 deputy ministers, ILNA reported. Yet, only seven of these senior officials are subject to the newly-ratified law, which will be legally enforceable within the next couple of months. The ban does not apply to the heads of the three branches of government (executive, legislative and judicial), first vice president, deputy speakers of the parliament, members of the Guardians Council, ministers, legislators and vice presidents.
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Governor of the Central Bank of Iran said on Saturday that since his bank allowed the import of hard currency by money exchange houses and other legal and natural persons, the inflow has been growing steadily.
Abdolnasser Hemmati added that CBI is also keeping a watch on the market and will inject its own hard currency in case of a shortfall, the state TV reported on its news website.
“CBI officials have good coordination with the Association of Bureaux de Change Operators of Iran and they plan to facilitate hard currency trade in exchange houses,” he said.
Latest figures disclosed by Bank Maskan, the agent bank of Iran’s housing sector, indicate that the lender has upped the volume of its loans, as the housing market, especially the one in the capital Tehran, is taking a hit due to the prevailing currency volatility.
A report published Saturday on HIBNA, the official news website of Bank Maskan, shows that the bank doled out 56,000 loans worth 24.56 trillion rials ($209.04 million) to applicants during the fifth month of the current Iranian year that ended on Aug. 22.
The number of loans remained virtually unchanged compared with the similar period of last year, but their value increased by 19%.
A look at the balance sheets of Iranian banks and credit institutions shows that their capacity to create money and allocate credit has been significantly influenced by the current state of liquidity and is expected to drop.
The total volume of liquidity was reported by the Central Bank of Iran at about 16.02 quadrillion rials ($136.35 billion) by the end of the fourth month of the current fiscal year on July 22.
However, an analysis by Tehran Chamber of Commerce, Industries, Mines and Agriculture published on its website shows that about 95% of the money supply are in the form of deposits that had either been allocated to manufacturing or non-manufacturing sectors as loans or entrusted to CBI in the form of reserve requirement and surplus reserves.
The head of Competition Council welcomed efforts made by the Central Bank of Iran to stabilize the currency market, saying CBI has taken positive measures to improve the conditions under the current circumstances facing the economy and the country. Reza Shiva also said CBI Governor Abdolnasser Hemmati had taken positive steps, including the creation of Secondary Forex Market and the allocation of US dollar at the official exchange rate of 42,000 rials for importing essential goods, IBENA reported. Shiva added that these policies should be pursued with greater vigor and CBI should protect its reserves at the same time. Shiva added that other issues like banking debts and their overdrafts from CBI should also be tackled.
Tehran Stock Exchange’s main index gained 3,209.53 points or 2.04% on Saturday to end trading at 160,538.2.
About 4.62 billion shares valued at $118.10 million changed hands at TSE for the day.
Trading at TSE and Iran Fara Bourse starts on Saturday and ends on Wednesday. The two exchanges were closed last Tuesday and Wednesday due to national holidays.
Tehran Renovation and Building Company was the biggest winner, as its shares went up 31.98% to 2,885 rials per share.
Damavand Mining Company incurred the biggest loss among all TSE-listed companies and went down 5% to 41,979 rials per share.
The average unemployment rate for university graduates stood at 19.4% in the last fiscal year (March 2017-18), registering a decline of 0.6% compared with the year before, according to a new report released by the Ministry of Cooperatives, Labor and Social Welfare.
The unemployment rate among male and female graduates was at 13.5% and 30.4% respectively.
Out of 12.5 million university graduates, only about 7.1 million or 56.9% were economically active last year, of whom 5.7 million or 80.6% were employed and 1.4 million or 19.4% were unemployed.
Iran produced 24.08 million tons of cement during the first five months of the current fiscal year (March 21-Aug. 22).
“This registers an increase of over 244,000 tons compared with last year’s corresponding period,” the head of the board of directors of Cement Employers Association Company said.
Mohammad Atabak added that production in the Iranian month ending Aug. 22 stood at 5.17 million tons to register a 0.12% growth year-on-year, IRNA reported.
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Market observers are anticipating a new round of car price jumps in the coming days as the auto market adjusts to the most recent increase in the USD rate against the rial currency.
The USD rate in the free market stood at 144,000 rials on Saturday morning, up 3.94 % from 138,530 last Saturday, sparking speculations that cars will also see another price surge in the following days.
According to an article published by the Persian economic daily Donya-e-Eqtesad, while the value of imported vehicles that has hit a ceiling is no longer affected by the volatility in the foreign currency market, locally-made cars have not yet settled at a steady rate due to the economic headwinds the country is facing.
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A Persian leopard cub was discovered late last week during a police raid on the smugglers' hideout in Ramhormoz County in Khuzestan Province.
The 3-month-old female cub, which was supposed to be illegally sold to a customer from one of the Persian Gulf Arab countries, has been evidently kept in an inconvenient condition, for there are scars and scratches on her face, Mehr News Agency quoted the head of the provincial office of the Department of Environment as saying.
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A suspicious wildfire swept through the Miankaleh protected area in the east of Mazandaran Province once again and burned at least 50 hectares of vegetation in the area.
This is the sixth time that natural areas of Miankaleh have fallen victim to flames this year, raising suspicion as to the cause of the incident.
According to a member of Zagh Marz Village Council, the blaze started on Wednesday near a livestock building and was put out after midnight by park rangers, firefighters and locals.
"Plants that had dried up in the summer heat made the operations tougher, but it was finally contained," said Jamal Aboutalebi Abdolmaleki.
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The play “The Stools” written and directed by theater director Jafar Mahyari is to have three...
A book about subjectivity in theories of French psychoanalyst Jacques Lacan has been translated in Persian.
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