Iranian authorities are determined to boost multifaceted ties with the Republic of Azerbaijan, President Hassan Rouhani said in a meeting with Azeri Foreign Minister Elmar Mammadyarov in Tehran on Saturday.
Iranian authorities are determined to boost multifaceted ties with the Republic of Azerbaijan, President Hassan Rouhani said in a meeting with Azeri Foreign Minister Elmar Mammadyarov in Tehran on Saturday.
The South African government has reiterated its commitment to supporting Iran in the sanctions era despite challenges while underlining the importance of diplomacy in resolving international issues.
President Hassan Rouhani congratulated Hojjatoleslam Seyyed Ebrahim Raeisi on his appointment as judiciary chief, saying his administration is keen to increase cooperation with the judicial branch.
Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei issued a decree on Thursday, naming Raeisi as the judiciary chief for a five-year term.
President Hassan Rouhani is scheduled to visit Baghdad at the head of a politico-economic delegation on Monday for a three-day visit aimed at strengthening political, economic and cultural ties.
According to Iraj Masjedi, Iran’s ambassador to Iraq, the president will meet top Iraqi officials, including President Barham Salih, Prime Minister Adel Abdul Mahdi and Speaker of the Council of Representatives Mohammed al-Halbousi as well as Grand Ayatollah Ali al-Sistani, the top Shia religious authority in the holy city of Najaf.
“The accompanying ministers will also hold sessions with their counterparts,” he added.
A key contributing factor to high water consumption and waste in Iran is that the precious commodity is sold inexpensively to households, industries and farmers, says the director of Natural Science Department of the National Commission for UNESCO in Iran.
"Consumers barely pay 40% of real cost. Moreover, little attention has been paid to water resources and economics which address the financial dimensions of water resource management," Ali Chavashian was quoted as saying by Fars News Agency.
Iran's annual water consumption is over 100 billion cubic meters and the country has 88 bcu of renewable sources.
Semnan Province Electric Power Distribution Company will set up 100 small-scale solar power systems for rural homes in the next calendar year (starts March 21), the managing director said Saturday.
Each photovoltaic system will generate 5 kilowatts of electricity per hour, the Energy Ministry news website Paven reported Mohammad Mousavizadeh as saying.
With over 300 sunny days, the northeastern province has huge potential to expand solar farms. “The plan is to help create sustainable employment in the underdeveloped regions plus increase family income, and by extension discourage immigration,” Mousavizadeh was quoted as saying.
Brazil’s state-controlled oil company Petroleo Brasileiro SA, or Petrobras, announced plans to cut $8.1 billion from its operational costs in the period from 2019 through 2023, according to a securities filing released on Friday.
Norway took a partial step in divesting oil and gas stocks in its massive $1-trillion wealth fund, approving the sale of smaller exploration companies while sparing the biggest producers such as Royal Dutch Shell Plc and Exxon Mobil Corp.
South Korea overtook China as the No. 2 destination for US crude behind Canada in 2018, as shipments to South Korea soared to a record high of 558,000 barrels per day in December while shipments to China have started to return from zero, according to Energy Information Administration data released Friday.
The Statistical Center of Iran carries out a yearly census to collect information about active mines and mineral plants in the country, with the 36th conducted in the current fiscal year (March 2018-19).
According to SCI’s latest findings, Iran had 5,353 mines in the fiscal 2017-18, indicating an increase of 9% (or 440 mines) compared with the year before.
The number of those employed in the mining sector stood at 95,831, registering a 2.5% rise (or 2,345 people more) compared with the previous year.
Iran Airports Company registered 394,932 takeoffs and landings during the 11 months to Feb. 19, which shows a 14% decrease compared with the similar period of last year.
A total of 47.59 million passengers and 474,794 tons of cargos were transported during the period, indicating a 17% and 14% decline respectively year-on-year, IAC's latest data published on its website show.
During the 10 months to Jan. 21, 2019, the downturn in airport traffic remained almost unchanged compared to IAC's previous data that registered 360,754 takeoffs and landings.
Iran traded 16.95 million tons of non-oil commodities worth $9.01 billion with member states of Economic Cooperation Organization in the first 10 months of the current fiscal year (March 21, 2018-Jan. 20) to register a 17.78% and 1.75% increase in tonnage and value respectively year-on-year.
Turkey, Afghanistan, Pakistan, Azerbaijan, Turkmenistan, Kazakhstan, Uzbekistan, Tajikistan and Kyrgyzstan are the other ECO countries.
Latest data released by the Islamic Republic of Iran Customs Administration show Iran’s exports totaled 15.39 million tons worth $6.57 billion during the period, indicating a 26.04% and 15.5% increase in tonnage and value respectively YOY.
The cargo train between Pakistan and Iran has resumed services after a suspension of one week due to flash floods in Chagai District.
A senior former banker says the planned merger of five banks affiliated to the armed forces with the government-owned Bank Sepah can be a step in the right direction in that it would cut costs.
Ahmad Hatami Yazd, a former chief executive of Bank Saderat Iran, however, warned that if the government resorts to the central bank for reimbursing depositors of the five lenders, it would entail great risks for the economy.
The Central Bank of Iran said earlier this month the merger of Bank Sepah with five banks and credit institutions affiliated to armed forces with Bank Sepah is in the making.
Governor of the Central Bank of Iran says the subsidized foreign currency programs for importing essential goods has failed to achieve the desired results due mainly to the dysfunctional distribution systems.
In an Instagram post late Friday, Abdolnaser Hemmati admitted that because of shortcomings in the forex distribution network and oversight weakness the policy has failed to curb rising prices of most essential goods in the midterm.
“Despite the initial positive effects of subsidized currency on controlling [price] shocks on the supply side, the faults with the distribution system gradually came to the fore,” he wrote.
A group of Iranian cryptocurrency activists and business owners have called on the Central Bank of Iran to refrain from taking hasty measures for regulating blockchain technology and cryptocurrencies.
"The notion of cryptocurrencies and their functionality are complex…therefore, more time and expertise is needed for development of a comprehensive set of rules addressing concerns of both the authorities and the market," says a letter sent to the CBI governor Abdolnasser Hemmati on Friday and shared with the Financial Tribune.
In the letter, the cummunity called on the Money and Credit Council meeting to finalize the CBI's draft policy to be postponed for four months, expressing their readiness to work closely with the authorities towards creation of an efficient rulebook.
The letter contains an in-depth review of CBI's draft policy of cryptocurrencies, highlighting misunderstandings about the functions of cryptocurrencies, legal deficiencies and its negative impact on the startups.
Back in January, the central bank published a draft of its cryptocurrency policy saying that it cannot give guarantees about the authenticity of cryptocurrencies and would not create a mechanism for controlling and managing the stability of their prices.
The CBI called on experts and stakeholders in virtual currencies to send their views.
It added that the risk for all cryptocurrencies will be for investors themselves and licenses will be issued for these exchanges after their credibility is approved by the bank.
In some experts' point of view, the regulations should also include a framework for legal activities in cryptocurrencies market.
Hamed Salehi, a blockchain researcher, believes the majority of CBI concerns could be addressed technically "if the central bank allows the ecosystem take an active part in development of regulations."
"Well thought out rules could reduce possible trouble in the future…it's better to develop strong regulations from the outset because revision will not be easy " he told the Financial Tribune, "It could help save online businesses."
In the draft policy document, the CBI said developing crypto wallets for keeping tokens within the legal frameworks would be allowed. Tokens could be backed either by gold or other precious metals, the national currency, foreign currencies or other visible or invisible assets.
The community believes that by taking its current approach, the central bank leaves no room for development of startups.
As per the document, the CBI is the only entity that can issue a national cryptocurrency. The planned national cryptocurrency can only be traded in certified banks inside the country and be used as a payment tool. The national cryptocurrency cannot be mined.
"Cryptos could be used across the globe... Categorizing the currencies as national or regional is not technically correct…The project could easily fail if built on wrong basis," the letter reads.
The community also criticized the CBI for its centralized approach toward mining and development of a national cryptocurrency. "Developers basically are supposed to develop the project."
"There is no need to work on the project, if it does not allow p2p transactions," the community noted.
What has kept the cummunity optimistic however, is the CBI's welcoming approach towards innovative technologies, especially in recent years.
The CBI last year had a successful experience of working with developers and innovators, when it decided to involve fintechs in the process of developing regulations.
Pars Khodro, a subsidiary of Iranian car company SAIPA, reportedly presold 36,000 Renault cars which it now says it cannot deliver because the new US sanctions have disrupted the supply of parts.
The company used to sell Renault Logan (locally known as Tondar 90) plus Sandero and Sandero Stepway. According to the Persian-language economic newspaper Donya-e-Eqtesad, before the US re-sanctioned Tehran, the firm presold 36,000 Renault cars.
After the latest sanctions, the French carmaker, fearing the wrath of mercurial US President Donald Trump, put its Iran operations on hold. Soon after that the supply of parts was disrupted along with most delivery schedules.
Reports published by the Iranian Legal Medicine Organization reveal an alarming picture of road mortality rates. Close to 14,000 people lost their lives in road mishaps in 10 months to January 20.
The death rate is 0.8% higher compared to the corresponding period last year.
A comparative look at the LMO chart shows that during the period under study, 13,964 people lost their lives in road accidents.
As per a pilot program run by Tehran Municipality, the Bus Rapid Transit (BRT) network has partly been equipped with bike racks for the convenience of cyclists, head of Tehran Bus Company said.
Peiman Sanandaji told ISNA that bike racks are installed on buses operating in two lines.
Bike racks are available on 12 buses in Lines 4 and 7, he said, adding that expansion of the project depends on the public feedback on the latest eco-friendly scheme.
Subscribe to our daily newsletter.
More from DEN Media Group:
© Financial Tribune Daily and Contributors 2014-2018