Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei said on Wednesday legal infrastructures should be put in place to facilitate the activities of knowledge-based companies, as scientific progress paves the way for economic development.
Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei said on Wednesday legal infrastructures should be put in place to facilitate the activities of knowledge-based companies, as scientific progress paves the way for economic development.
President Hassan Rouhani said security in the volatile Syria-Turkey border areas can only be guaranteed through cooperation between the Syrian Army and Kurdish forces.
Chinese oil imports from ship-to-ship transfers surged last month as flows from some traditional suppliers were crimped by the White House’s aggressive trade and foreign policies.
Hidden subsidies paid to industry, mining and petrochemical sectors last fiscal year (March 2018-19) for gas and electricity reached a staggering $9.5 billion, according to a new report by the Majlis Research Center.
Total consumption of gas in the three sectors then was 55.1 billion cubic meters and 78.4 terawatt hours of electricity -- around a fifth of the total power annually produced in Iran was consumed in the sectors, ILNA reported.
The report used export prices for natural gas (11 cents per cubic meter) and electricity (5.5 cents per kilowatt hour) as the base to calculate to what extent the two key sources of energy have been subsidized.
There has been no rise in electricity tariffs despite the elimination of paper billing, the Energy Minister said in Tehran on Tuesday.
The amount of energy wasted in Iran due to daily flaring equals the energy produced by burning 5.5 million barrels of oil, a former lawmaker and a consultant to Majlis Speaker Ali Larijani revealed on Wednesday.
“Neither the government nor Majils feels accountable vis-a-vis such colossal waste, and this has been going on for years,” Mohammad Reza Bahonar was quoted as saying by ILNA.
Associated petroleum gas, or APG, is natural gas found with deposits of petroleum. Flaring is the practice of burning natural gas that cannot be processed or sold.
Government data show Iran burned as much as 56 million cubic meters of gas per week in 2008, which roughly equal the output of a standard South Pars phase in a day.
Egg production is predicted to witness an increase of 11% compared to last year (March 2018-19) to 1 million tons by the end of the current Iranian year (March 19, 2020), a deputy agriculture minister says.
Karaj Chamber of Commerce, Industries, Mines and Agriculture plans to send a delegation of traders from the fields of information technology, machinery, food products and tourism to Poland and Estonia.
Iran is expected to achieve self-sufficiency in rice production in the current fiscal year (ending March 2020).
It is estimated that rice production will increase 42% this year to reach between 2.9 million and 3 million tons. This volume will meet the entire domestic demand and there will be no need for imports, according to deputy agriculture minister for planning and economic affairs.
“Due to good climatic conditions this year, land under rice cultivation was increased from more than 600,000 hectares to around 830,000 hectares, marking a 38.33% growth,” Abdolmehdi Bakhshandeh was also quoted as saying by IRNA.
Abundant rainfall at the beginning of the current fiscal year (started March 21) has led to increased crop yields.
The Iranian Mines & Mining Industries Development & Renovation has defined $16 billion worth of mining projects by the Iranian year 1400 (March 2021-2) for domestic and foreign investors, announced the chairman of the organization.
“More than $3.5 billion worth of investments in mines and mining industries will be made by the end of the current Iranian year [March 19, 2020],” Khodadad Gharibpour said on the sidelines of the Eighth International Investment Opportunities in Iran’s Mines & Mining Industries Exhibition & Conference, also known as "MINEX 2019".
The private sector has made an investment of 12 trillion rials ($105.26 million) in mining industries in the current fiscal year (started March 21) and with the introduction of new opportunities, private sector investments are expected to increase considerably, IRIB News reported.
Iran exported 74 tons of saffron worth $78 million during the first five months of the current Iranian year (March 21-Aug. 22), the executive manager of Agriculture Ministry's National Medicinal Plants Project said.
“More than 40 countries were customers of Iranian saffron during the period. Spain, Vietnam, Qatar and the UAE were the biggest exporters,” Hossein Zeinali was also quoted as saying by Mehr News Agency.
Saffron exports hit 280 tons worth $351 million in the last fiscal year (March 2018-19).
A total of 404 tons of the precious spice was produced from 113,000 hectares in Iran last year.
The Ministry of Industries, Mining and Trade's review of 12 minerals during the first five months of the current Iranian year (March 21-Aug. 22) shows eight witnessed year-on-year growth while the other 4 saw declines.
Some 600 small- and medium-sized industrial enterprises have been revived in Iran’s industrial parks since the beginning of the current fiscal year (March 21), a deputy industries minister said.
“About 44,000 industrial and production units are operating in Iran’s industrial parks, having created close to 900,000 direct jobs,” IRIB News also quoted Mohsen Salehinia as saying.
He noted that 10,000 (22.72) of the total number of units in the industrial parks are facing recession.
“Ninety-three percent of industrial and production units are considered small, 4% medium and 3% large enterprises. They have generated jobs for a total of 880,000 people,” he was earlier quoted as saying by Mehr News Agency.
By definition, enterprises run by 100 workers or less, and 50 workers or less are considered medium- and small-sized businesses respectively, according to Iran’s Small Industries and Industrial Parks Organization.
The process of merging five banks and credit institutions, affiliated to the armed forces, with the state-owned Bank Sepah, will be completed by the yearend Abdolnasser Hemmati, says the governor of the Central Bank of Iran.
"A large portion of the share of these five banks has been transferred to Bank Sepah. The remaining shares are being transferred," he told reporters on the sidelines of a weekly Cabinet meeting on Wednesday.
"The evaluation of banks’ assets is in progress," he said He expressed optimism over the positive effects of the major merger on the banking industry.
Tehran Stock Exchange slipped on Wednesday as the market continues in the correction mode following non-stop rallies in recent weeks.
TSE extended the losing streak into the second day on Wednesday after the benchmark shed 1,420.83 points to close trading week at 313,049.0.
About 4.01 billion shares valued at 18.02 trillion rials ($158 million) changed hands at TSE for the day.
Trading on TSE and over-the-counter Iran Fara Bourse starts on Saturday and ends Wednesday.
Over the past decade, goods and services in Iran suffered at least two bouts of price shocks following unprecedented volatility in the currency market due to foreign economic sanctions.
But apparently the impact on diverse industries varies in terms of both the pace at which prices are affected and the extent of price surge. Say, for example, how far the price of a product soars due to rise in forex rates.
The Monetary and Banking Research Institute -- affiliated to the Central Bank of Iran - has examined the spillover effect of currency rate fluctuations on prices of goods and services in the domestic market.
Drawing on prices of 2,369 products made by companies listed in the stock market during 2005-2018, and the Production Price Index reported for 734 other items by official bodies, the MBRI concluded that the goods were influenced mostly by currency rate fluctuations.
Iran hosted 7.29 million foreign tourists in 2018, about 50% more compared with the year before, according to the United Nations' World Tourism Organization.
The country had a 2.1% share of global tourist arrivals and more than 22% in South Asia last year.
A total of 4.86 foreign tourists visited Iran in 2017, 1.5% less compared to the year before.
Deputy Minister of Cultural Heritage, Handicrafts and Tourism Vali Teymouri recently said 4.1 million foreign tourists visited Iran during the first five months of the current Iranian year (March 21-Aug. 22).
"The visits were made despite the threats and challenges facing the country," Teymouri was quoted as saying by Radio Eqtesad.
An earlier report by World Travel and Tourism Council indicates that Iraq was the main source of tourism for Iran last year, as Iraqis constituted 24% of all inbound visitors.
The western flank of the under construction subway in Karaj, Alborz Province, going up to Hashtgerd New Town is almost complete and ready for undergoing final tests, a deputy roads minister says.
Habibollah Taherkhani added that the line will start offering services as soon as trials are conducted, equipment are examined and all deficiencies are removed successfully, ISNA reported.
"Last month, power and signaling systems were connected and fences and other equipment were installed at Hashtgerd Station," he said.
Taherkhani promised Hashtgerd residents that they will be able to commute via metro in the coming weeks.
Hashtgerd is located 25 kilometers west of Golshahr Metro Station in Karaj, the last station of Tehran Metro’s Line 5.
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