Iran has remained within the key limits on its nuclear activities imposed by its 2015 deal with major powers despite growing pressure from newly reimposed US sanctions, a report by the UN nuclear watchdog showed on Friday.
Iran has remained within the key limits on its nuclear activities imposed by its 2015 deal with major powers despite growing pressure from newly reimposed US sanctions, a report by the UN nuclear watchdog showed on Friday.
President Hassan Rouhani said on Saturday his administration will provide greater support to innovative firms, considering their crucial role in helping the country overcome sanctions and achieve self-sufficiency in different areas.
“I promise that we will make every effort to facilitate the cooperation of knowledge-based companies with the government and meet their demands. We have to create an environment conducive to scientific activities,” he said in a meeting with the heads of knowledge-based and startup firms, the presidential website reported.
Rouhani added that businesses offering creative products and services have contributed greatly to Iran’s progress over the past several years and they bear a heavier responsibility now that US sanctions on Iran have snapped back into force.
The recent decision by the global financial watchdog to extend the suspension of its countermeasures against Iran indicates that it seeks to avoid a deadlock with Iran, a senior Iranian official said on Saturday.
This, according to Ali Akbar Salehi, the head of Atomic Energy Organization of Iran, shows that the watchdog does not wish to close all the doors on Iran.
“The case will be reviewed in Iran and whatever would be in the interest of the nation will be decided,” he was quoted as saying by ISNA.
The Financial Action Task Force, an international body that monitors money laundering and terrorism financing worldwide, has urged Iran to bring itself into line with its norms, otherwise it would be listed among non-cooperative countries, making international industries and investors reluctant to do business with the country.
US crude oil production hit a record 12 million bpd in the week ending February 22, rising by 100,000 bpd from 11.9 million bpd in the previous week, the weekly US Energy Information Administration petroleum data showed as American production is growing faster than forecasts suggested a few months ago.
Construction of a new petrochemical complex in Andimeshk, Khuzestan Province, started at the weekend.
The project seeks to develop the value chain of methane as in the first phase. Annual production capacity will be 200,000 tons of monoethylene glycol (MEG) and 25,000 tons of ethylene glycol (EG), ISNA reported.
MEG is an important raw material with industrial applications. A primary use of MEG is in the manufacture of polyester (PET) resins, films and fibers. It is also used in the production of antifreeze, coolants, aircraft anti-icer and solvents.
The Energy Ministry has settled $1 billion of its debt to private power plants over the past 11 months.
According to IRNA, the ministry owes $2.6 billion to private contractors.
Due to the huge gap in the real energy costs and the bills sent to consumers, the government must pay annually pay at least $500 million in subsidies.
Liquefied natural gas prices in North Asia, the world’s biggest market for the fuel, have slumped to the lowest in 17 months as the peak demand season ends with a whimper.
Iran has taken noticeable steps in recent years to develop its green energy sector and has the potential to emerge as a regional Green energy hub.
Austrian Ambassador to Iran Stefan Scholz made the statement Friday while touring the 11th International Renewable Energy, Lighting & Energy Saving Exhibition in Tehran, Paven, the Energy Ministry news portal reported.
"Iran is a dynamic country in the Middle East," the diplomat said, adding that good measures have been adopted to expand the renewable sector, develop eco-friendly technologies and promote efficiency in the key energy sector.
The Ministry of Economic Affairs and Finance’s worst-case scenario forecast for Iran's average annual consumer inflation in the current fiscal year (March 2018-19) is at 27.8% and that of economic growth is at -2.5%.
The forecasts are based on an assessment of the country's economic climate and data provided by the Statistical Center of Iran.
According to the ministry’s predictions, annual inflation rate inthe current year (March 2018-19) would range between 24.4% and 27.8% and economic growth could vary from -1.1% to -2.5%.
Trends in Iran’s economic variables indicate that the rise in inflation rate, decline in economic growth and increase in unemployment rate would proceed in the coming months, Fars News Agency reported the Economy Ministry as saying.
A Boeing commercial airliner that belongs to budget carrier Norwegian Air and was stranded in Iran after an emergency landing in December, landed at Stockholm's Arlanda Airport early Saturday, Bloomberg reported citing a company statement.
The Iranian private sector is invited to participate and invest in Sierra Leone’s health projects, the West African country's ambassador to Iran said.
Alie Badara Kamara made the statement in a meeting with Chairman of Tehran Chamber of Commerce, Industries, Mines and Agriculture Masoud Khansari in the Iranian capital on Saturday.
Iran's mineral trade recorded a $4.46 billion surplus in the 10 months to January 20.
The country exported 45.95 million tons of mineral products worth over $7.48 billion during the period, down 7% in tonnage and up 2% in value compared with last year's corresponding period.
Imports stood at 3.1 million tons worth $3.01 billion, down 39% in tonnage and 31% in value year-on-year, the latest report released by the Iranian Mines and Mining Industries Development and Renovation Organization shows.
Iran traded 444,423 tons of non-oil commodities worth $613.26 million with Japan during the first 10 months of the current fiscal year (March 21, 2018-Jan. 20), registering a 55.31% and 30.24% 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.
In an amendment to the next budget bill, the Majlis obliged the government on Saturday to levy tax on the earnings of Astan Qods Razavi, Executive Headquarters of the Imam's Directive - shortly known as Setad - and companies affiliated to the armed forces.
According to the Majlis news agency ICANA, the law doesn’t affect bodies exempted via a decree issued by the Leader Ayatollah Seyyed Ali Khamenei.
AQR is an influential autonomous foundation based in Mashhad, headed by Ebrahim Raisi. It manages the shrine of Imam Reza (PBUH), the eighth imam of Shia Muslims and the holiest site in Iran. AQR is said to be the richest non-government conglomerate in Iran everything from cattle farms to major trading companies.
Setad is body founded by the late Imam Khomeini, the founder of the Islamic Revolution, to support development in the underprivileged areas.
With proposals to split the Ministry of Industries, Mining and Trade into two separate ministries making the rounds once again, a business expert says the issue should be put on the backburner because the need of the hour is free trade.
"With or without restoring the erstwhile Commerce Ministry, focusing on the benefits of free trade is a step toward sustainable development the country cannot and should not neglect," Farzad Kiasat told the Financial Tribune.
Lawmakers obliged the government on Saturday to identify and remove three high-income deciles from the list of those receiving the monthly cash subsidy payment.
They ratified the measure late Saturday which had been sent to as part of the March 2019-20 budget bill to parliament for approval.
The First Clause of Note 14 of the budget bill states that "government is obliged to use all data banks at its disposal to identify and remove three high-income deciles from the list of cash subsidy recipients."
Tehran Stock Exchange and Iran Fara Bourse clocked their biggest single-session point gains in more than a month on Saturday. TSE's main index, TEDPIX, rose 4,778.26 or 3.00%, as of market close, ending at 164,267.8 points. Iran Fara Bourse's main gauge IFX was up 42.37 points or 2.13%
Shares of commodity, mineral and petrochemical giants were among the biggest gainers on Saturday. As Donyaye Bourse website reported, big firms had the biggest impact on Saturday's growth while small firms had insignificant activity.
Improved prospects for the global economy, robust oil prices, and the US Federal Reserve's decision to put the brakes on its tight monetary policy and progress in US-China trade talks are among these factors.
Bank Maskan, the state-run agent bank of the housing sector, granted a total of 421,800 loans worth 157.14 trillion rials ($1.17 billion) during the 10 months ending Jan. 20.
The facilities were doled out in various forms, including bond facilities, savings funds, home loans or construction facilities, the bank’s official news outlet HIBNA reported.
Bank Maskan posted a considerable increase in loan output during the period. The number of loans granted by Bank Maskan shows a rise of 42% over last year’s similar period, outpacing the average 6% growth registered by the country’s banking network.
Human-staffed toll booths are to be replaced with a cashless electronic toll system on four major freeways on the eve of Norouz, the Iranian New Year and a major holiday season.
The move is part of a project of the Ministry of Roads. If it produces the desired results, the automated toll system will be implemented throughout the country.
A deputy with Iran Road Maintenance and Transportation Organization, Khodadad Moqbeli, told ISNA the Tehran-Saveh, Tehran-Qom, Qazvin-Rasht, and Qazvin-Zanjan highways will be equipped with the Electronic Toll Collection (ETC) system.
Similar projects have been tested on several freeways over the past few years, Moqbeli said. ETC will speed up toll collection on roads.
Projects to supply potable water to rural areas in Kerman Province were inaugurated at the weekend in the presence of the energy minister.
Eight water supply units, built at a cost of $2.2 million, will supply fresh water to 11,200 people in 56 villages in Jiroft and Anbarabad counties.
Other projects, costing $1.5 million, in 45 villages in the southeastern province supply potable water to 13,500 people.
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