President Hassan Rouhani said Iran will work hard to maintain its oil sales and increase its non-oil exports to cushion the impact of harsh US sanctions.
President Hassan Rouhani said Iran will work hard to maintain its oil sales and increase its non-oil exports to cushion the impact of harsh US sanctions.
The United States on Friday renewed several sanctions waivers that allow Russia, China and European states to engage in civilian nuclear cooperation with Iran, but revoked the other two as it heightens pressure on Tehran.
In a decree on Saturday, Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei appointed Hojjatoleslam Abdolfattah Navvab as his new representative for hajj and pilgrimage affairs.
Iran's new ambassador to the United Nations says he will strengthen the country's status in debates over international issues, laws and policies, and fight unilateralism that poses a threat to the world.
"A series of international treaties are drawn up in the United Nations, which is an important issue. So we want to have a say and play a role in the drafting of these agreements. It should not be the case that some individuals decide to draft a treaty and approve it, and then we choose to either join it or not," Majid Takht-Ravanchi told IRNA in a recent interview.
The career diplomat said he plans to strengthen Iran's participation in global negotiations over socioeconomic issues, international peace and security, nuclear disarmament and non-proliferation, regional developments and environment, particularly measures aimed at tackling air pollution.
The National Iranian Oil Company and Iraqi oil officials explored ways to boost cooperation in Tehran on Friday.
According to Shana, the Oil Ministry news portal, Ramin Qalambor Dezfouli, NIOC director for production support and procurement, met with Iraq's Deputy Oil Minister Mahmoud Abdul Amir Hashim on the sidelines of the Iran International Oil, Gas, Refining and Petrochemical Exhibition in.
"NIOC is interested in opening an office in Iraq. The two sides discussed ways to facilitate the process," Qalambor said.
The United States' decision to end waivers that allowed a handful of countries to buy oil from Iran is more likely to have geopolitical implications than to affect Italy's energy supply, analysts said.
Many say that in the current economic conditions resuming the gasoline rationing system to better manage (curb) fuel consumption is inevitable, but may not help much in preventing smuggling.
The government sells gasoline much lower than its cost price and pays a huge amount of subsidy -- $35 billion per annum to consumers.
Consumption of the fossil fuel is prohibitively high and further increase means added pressure on the government to produce more gasoline.
According to data from the National Iranian Oil Products Distribution Company, gasoline consumption in the first month of the new calendar year (March 21-April 20) indicates an increase of 4.7% compared to the corresponding period last year.
Despite the new US sanctions and bullying, and concerns expressed by Dutch banks, Dutch companies are still cooperating with Iran’s oil industry, said the head of the Dutch pavilion at the 24th Iran International Oil, Gas, Refining and Petrochemical Exhibition, May 1-4, in Tehran.
“Dutch firms have an active presence in Iran and carry out different activities in the market,” the Oil Ministry news website Shana quoted Khosrow Salour as saying.
He said the Dutch government does not prevent the country’s companies from cooperating with Iran’s oil industry and is committed to the terms of the Joint Comprehensive Plan of Action (JCPOA), signed between Iran and the six world powers in 2015.
A total of $1.28 billion worth of commodities were imported into Iran's free trade zones in the last fiscal year (ended March 20, 2019) to register a 36.4% decline compared to the year before.
According to Mohammad Reza Abdolrahimi, an official with the High Council of Free Trade Zones and Special Economic Areas, the imports mainly included raw materials, equipment, machinery and consumer goods.
The official noted that motor vehicle imports witnessed a remarkable year-on-year decrease of 89% to around $53 million.
Exports of finished steel products surged 84% YOY to reach 2.98 million tons in the last fiscal year (ended March 20, 2019).
Rebar was the main exported finished product with 1.65 million tons, registering a 177% jump YOY, according to the Iranian Steel Producers Association's latest report.
Following rebar were hot-rolled coil with 662,000 tons, down 5% YOY; beams with 243,000 tons, up 45% YOY; “other steel products” with 212,000 tons, up 165% YOY; coated coil with 172,000 tons, up 182% YOY; and cold-rolled coil with 43,000 tons, up 115% YOY.
Nevertheless, the export of finished and semi-finished steel products from Iran reached 7.88 million tons to register a 7.17% year-on-year decrease.
The average Producer Price Index for the mining sector in the last fiscal year (ended March 20, 2019) increased by 50.9% compared with the year before to reach 349.9 (using 2011 as the base year).
According to the Statistical Center of Iran, producer inflation for “extraction of copper ores” stood at 197.1, indicating a 91.5% rise YOY—the highest inflation among the mining sector's subgroups.
PPI of “extraction of iron ores” increased 61.9% year-on-year to reach 471.6, while that of “ornamental ores extraction” grew 21% YOY to hit 270.5.
Producer inflation for “extraction of coal” subsector stood at 352.2, indicating a 33.4% rise ...
There seems to be no end in sight to the huge and sudden rise in paper prices, as well as many other goods for that matter.
Publishers have seen an astonishing 340% increase in the price of coated paper used in printing and packaging industry last year. Last week and in a matter of 24 hours, paper prices jumped 22%.
Let’s take the example of a ream (500 sheet or 70 grams) of Indonesian 100.70 print paper: It cost 1.08 million rials ($7.42) in the month ending March 20, 2018, about 1.21 million rials ($8.31) in the month to April 20, 2018, 3.06 million rials ($21.1) in the month leading to Jan. 20, 2019, and 4.5 million rials ($31.1) in the month to April 20, 2019.
The Industrial Development and Renovation Organization of Iran has signed a memorandum of understanding with the most experienced German company in organizing trade fairs, IMAG.
Iran traded 686,597 tons of non-oil commodities worth $600 million with Taiwan in the last fiscal year that ended on March 20, 2019, to register a 53.27% and 45.91 decline in tonnage and value respectively compared with the year before, latest data released by the Islamic Republic of Iran Customs Administration show.
Since the beginning of the current fiscal (March 21) over 2.2 billion has been sold via the Integrated Forex Deal System, locally known as Nima, the Central Bank of Iran reported.
Nima is a platform where exporters sell currency earnings at prices lower than open market rates and companies buy it for importing machinery, equipment and raw material.
The currency on includes CBI contribution to the system plus the repatriated currency earnings from non-oil exports.
Each Euro was sold for 110,000 rials on Nima on Saturday.
The share of life insurance in the overall portfolio of the Iranian insurance industry is meager which has reduced the overall penetration rate of insurance cover in the country of 80 million people.
According to IBENA, the penetration rate of non-life insurance is close to the average rate in the world. Iran’s insurance penetration ratio now is 35th in the world.
Insurance penetration rate, which is measured as the ratio of premiums underwritten in a particular year to the GDP, in Iran stands at 2.3% which is 0.2% higher than in Central Asia and the Middle East insurance market.
After consecutive rallies last week, TSE continued to soar Saturday and added another 4,480 points to its benchmark to wrap up trading at 224,589 points.
Stocks in bank, auto, tire and IT companies contributed most to the rise.
A member of the board of the director of TSE ascribes the persistent rallies in the stock market to the inflow of the new liquidity, lower return in parallel markets and a general price rise in most of the listed companies’ products.
“Parallel markets are no longer attractive for investors and low interest rates on bank deposits are not encouraging either for investors involved in the money market,” the Persian-language newspaper ‘Iran’ quoted him saying.
With car prices hiking north of 30% over the past three weeks in Iran, local media and officialdom have rushed in to lay the blame at the feet of auto dealers and online marketplaces.
Since Washington imposed new sanctions against Tehran last summer, car prices—just like the cost of every other commodity—have been on an upward trajectory.
In the latest round of media frenzy over skyrocketing car prices, online marketplaces were branded as “dealers’ lair” by local news outlets for jacking up prices on an hourly basis.
Reportedly, hubristic dealers create numerous accounts on online sale websites like Divar, Sheypoor and Bama for posting several ads for a single vehicle in which the same car is priced differently.
Tap30, the second most popular ride-hailing app in Iran, is planning to connect its security system directly to the police for improving the safety of passengers.
The plan was discussed when a senior police authority, Sadeq Rezadoust, visited Tap30 company on Wednesday.
Earlier in July 2018, the company introduced a “red button” feature in its app, which enables passengers to contact the company's security unit in the event of feeling threatened during a ride.
Data released by the Iranian Legal Medicine Organization present a worrisome picture of road fatalities.
Over 17,000 people lost their lives in road mishaps in the last fiscal year (ended March 20, 2019). The death rate is 1.2% higher compared to the year before.
A comparative look at ILMO’s charts shows that during the period under review, 17,183 people lost their lives in road accidents across the country. The figure was 16,984 in the year before.
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