Iran has improved its cooperation with the UN nuclear watchdog, the IAEA’s acting chief said on Friday.
Iran has improved its cooperation with the UN nuclear watchdog, the IAEA’s acting chief said on Friday.
The 2015 nuclear deal between Iran and the remaining signatories can still be saved after the US withdrawal, but Iran must return to the full implementation of its commitments and in return be offered goodwill instead of sanctions, the Slovak candidate to head the UN nuclear agency said.
France's top diplomat judged on Wednesday that Iran and the United States have just over a month to start a dialogue on easing tensions in the Middle East, before another expected move by Tehran to ramp up its nuclear activities.
The secretaries general of the Organization of the Petroleum Exporting Countries and the Gas Exporting Countries Forum (GECF) signed a Memorandum of Understanding to strengthen cooperation in research and sharing of best practices.
Crude oil futures edged higher during mid-morning trade in Asia Friday amid bargain hunting after prices sank to near two-month low the day before, and were currently moving in a tight range awaiting fresh cues to provide direction, analysts said.
The government-affiliated Power Generation, Distribution and Transmission Company (Tavanir) and Iran Fuel Conservation Company, a subsidiary of National Iranian Oil Company, signed an agreement on Thursday in Tehran to expedite electrification of agriculture wells.
According to the Energy Ministry news portal, as per the contract 75,000 diesel farming wells are expected to be electrified by Tavanir at an estimated cost of $1.2 billion.
"The plan will help save 750 million liters of eco-unfriendly diesel per year, which can be exported to international markets at 30 cents per liter," deputy minister of energy Homayoun Haeri was quoted as saying, adding that the win-win collaboration is in the interest of environmental protection.
Not only does the initiative help burn less environmentally-unfriendly fuel and reduce air pollution, it also will decrease maintenance expenses, he said.
Economic expert Hamid Azarmand believes that the government’s desire to regain a tighter grip over local markets is the underlying motivation for separating the trade wing of the Ministry of Industries, Mining and Trade and establishing a new ministry.
On Sept. 24, Iranian parliamentarians agreed in principle to the formation of the Ministry of Commerce with 132 votes in favor and 78 against, while eight abstained.
The decision is expected to be implemented by the end of the current Iranian year on March 19, 2020.
Once approved in its entirety, the separation of commerce department from the current ministry would reverse the decision of former president, Mahmoud Ahmadinejad, during his last days in office in 2012 to merge several ministries, purportedly to create a streamlined and efficient administration.
Iran exported 7.86 million tons of iron ore during the first five months of the Iranian year (March 21-Aug. 22), registering an increase of 43% compared with last year’s corresponding period.
Exports during the fifth fiscal month ending Aug. 22 hit 1.79 million tons, witnessing a staggering rise of 96% compared with last year’s corresponding month, according to the latest report released by the Iranian Mines and Mining Industries Development and Renovation Organization.
The report shows iron ore pellets had the lion’s share in Iran’s iron ore exports in the fifth month under review with 751 tons, making up 42% of total exports.
Next was iron ore fines/lumps with 548 tons or 30%, followed by iron ore concentrates with 499 tons or 28%.
Iran Chamber of Commerce, Industries, Mines and Agriculture plans to send an economic delegation to Kazakhstan in November to visit two exhibitions, namely "WorldFood Kazakhstan 2019" and "AgroWorld Kazakhstan 2019".
More than 606,000 tons of commodities were exported to Central Asian countries via railroad from the Sarakhs Border Terminal in the northeastern Khorasan Razavi Province during the first half of the current Iranian year (March 21-Sept. 22), showing a 90% surge compared with the corresponding period of last year.
Iran's Energy Minister Reza Ardakanian has underscored that the trade agreement with the Eurasian Economic Union provides Iranian state and private firms with a great opportunities to widen business and trade.
"Joining this union will open the gates of a very large market, giving the country a great opportunity,” Ardakanian was quoted as saying by Mehr News Agency on Thursday.
Iran and the Eurasian Economic Union are looking to substantially increase trade, as the two sides signed a three-year provisional agreement in Astana, Kazakhstan, on May 17, 2018, for the bloc to welcome Iran into EEU.
The arrangement is the first step in implementing free trade between Iran and the five members of the union. It lowers or abolishes customs duties, setting off a three-year process for a permanent trade agreement.
The agreement, which has also been ratified by all five members of the EEU, is expected to come into effect in late October.
The stock market in Iran, for a long time dogged by US sanctions, has notched up a notable achievement: ranking among the world’s best performing over the past 12 months.
In line with efforts to help promote corporate governance and protect the rights of bank depositors and shareholders, the Central Bank of Iran has announced restrictions on ownership of banks’ shares.
Pointing to a bylaw sent to banks and credit institutions, the CBI governor Abdolnasser Hemmati said ownership of more than 33% of a bank’s shares by one person is prohibited and owning 10-33% of a bank’s shares is subject to approval from the CBI.
As per rules ratified by the Majlis in April, owning shares of banks up to 10% of the total stake does not CBI permission.
In an Instagram post on Friday, Hemmati warned major shareholders to decide the fate of their shares above the set limit and get rid of the surplus by the time the current fiscal year is out (March 19, 2020).
“If ownership of shares crosses the legal ceiling, the dividend on surplus shares and rights issues will be subject to 100% tax,” Hemmati noted.
Domestic financial services group Turquoise Partners unveiled an online system to ease investment in startups at Iran National Library late on Wednesday.
The system named Firouzeh Plat (Firouzehplat.com) allows startup shareholders to publish an ad anonymously, saying they are willing to fully or partly offer their company’s shares.
On the other hand, those who want to invest in a startup can file an ad announcing their interest.
The expansion of communication services and promotion of telecom infrastructure investment have been high on President Hassan Rouhani’s agenda since he took office for the first time in 2013.
Data released by the Communications Regulatory Authority of Iran show that the sector has observed significant growth over the past few years.
Internet penetration rate has reached 90.78% in the country. The mobile internet penetration rate is lower and stands at 78.14%. About two years ago, the rates stood at 53.53% and 41.72% respectively.
Iran has over 64 million mobile internet subscribers, in addition to the registration of 10.3 million landline internet subscriptions.
Economic sanctions imposed by the US against Iran has hurt the water and wastewater industry, similar to many other sectors, participants in this year's International Water and Wastewater Exhibition in Tehran say.
Grappling with rapidly declining water resources, persistent drought and unusually high consumption, the government, with the help of the private sector, is stepping up efforts to modernize the ageing water infrastructure, build new treatment facilities and promote advanced farming systems.
Local companies faced huge barriers in interacting with foreign firms when it comes to importing equipment and parts, and as the last resort turned to local engineers and manufacturers.
However, domestic production too has been negatively affected by the US sanctions because some sensitive raw material to manufacture parts and components used in the industry cannot be imported due to the embargo.
Without the presence of major international players in Iran, the market is filled with Chinese products with questionable quality. As such, without access to quality raw material, the final domestic product may not be as good as its foreign counterpart.
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