Iran’s top diplomat said miscalculations and significant mistakes by world powers over the past decades are the prime cause of the surge in extremism in West Asia.
Iran’s top diplomat said miscalculations and significant mistakes by world powers over the past decades are the prime cause of the surge in extremism in West Asia.
Iran’s new daily Covid-19 cases climbed to a two-month high on Monday, as the number of its counties on red alert reached a staggering 170, health officials announced.
To help expand the value-added chain in the petrochemical industry, three projects that cost $1.6 billion will be inaugurated on Thursday, managing director of the state-run National Petrochemical Company said.
“Kaveh Methanol Complex in the southern port city of Bandar Dayyer, Bushehr Province, Middle East Kimia Pars Petrochemical Company in the 2nd phase of Pars Special Economic Energy Zone in Assaluyeh, Bushehr Province, and Lorestan Petrochemical Complex in western Lorestan Province will add 4,000 tons to NPC’s annual output that currently is 66 million tons,” Behzad Mohammadi was quoted as saying by IRNA.
Referring to the first venture (Kaveh complex), he said it would increase Iran’s annual methanol production (now 8.3 million tons) by 2.3 million tons.
BP expects its oil and gas production to fall by at least 1 million bpd of oil equivalent or 40% over the next decade, as it transitions to a lower carbon energy company, the company said.
As the mercury rises and pushes up power consumption, the failure rate of equipment used in the distribution network grows causing blackouts, deputy of operations and dispatching at Tehran Power Distribution Company said.
“Equipment breakdown is inevitable. But with timely care and maintenance the failure rates can be reduced and TPDC carries out such programs every year,” Mehr News Agency quoted Hamidreza Mansouri as saying.
According to the official, 50% of Tehran’s electricity distribution network is over 30 years old. This is while useful life of power grids at the most is 20 years. Machinery and equipment must be replaced after two decades.
Small businesses account for 52% of the total number of industrial units and 45% of industrial jobs in Iran.
As of April 19, 23,550 small enterprises across the country provided jobs for 451,609 people, IRNA reported.
A total of 1,047 large production units employed a total of 232,736 people, while 2,146 medium-sized businesses generated 139,079 jobs.
By definition, enterprises run by under 50 workers and under 100 workers are considered small- and medium-sized respectively, while large enterprises are the ones that employ over 100 workers, according to Iran’s Small Industries and Industrial Parks Organization.
The Statistical Center of Iran provides two figures for the youth unemployment rate: the proportion of the population between 15 and 24 years and those between 18 and 35 years.
SCI's latest data show the youth unemployment rate of those between 15 and 24 years stood at 24.5% in the first quarter of the current Iranian year (March 20-June 20) to register a 2% decrease compared with the corresponding period of the year before.
The unemployment rate of those between 18 and 35 years stood at 16.7% in Q1, posting a decline of 1.5% YOY.
Iran’s overall unemployment rate, the proportion of jobless population of ages 15 and above, stood at 9.8% in spring, indicating a 1.1% decline compared with the same period of last year.
A total of 2,505,336 Iranians were unemployed in Q1.
Iran exported 35,740 tons of pistachio during the first four months of the current Iranian year (March 20-July 21), the head of Iran Pistachio Association said.
The Ministry of Industries, Mining and Trade's review of the first quarter of the current Iranian year (March 20-June 20) shows that the output of 22 industrial and mineral products registered growth compared with the same period of last year.
A total of 2,356 tons of flowers and ornamental plants worth $5.33 million were exported from Iran to 23 countries during the first three months of the current Iranian year (March 20-June 20), according to the spokesman of the Islamic Republic of Iran Customs Administration.
“Iraq with more than 1,543 tons worth nearly $2.39 million was Iran’s biggest customer over the three-month period, followed by Armenia that purchased 226 tons of plants, Vietnam bought 15 tons of flowers and plants, and the Netherlands imported 5 tons of roses from Iran,” Rouhollah Latifi was also quoted as saying by IRNA.
The official added that in the same period, only 28 tons of flowers and ornamental plants worth around $121.172 were imported from Turkey, Germany and the Netherlands.
A 1,500-hectare shrimp farm, in which a total of 420 billion rials ($1.8 million) worth of public and private investments have been made, will be launched within the next three months in Chabahar’s Rudik-e Karim Bakhsh Village, the director general of Sistan-Baluchestan Fisheries Organization said.
The underground economy and tax evasion in Iran have been estimated to average 37.7% and 3.5% of gross domestic product respectively in the fiscal 2017-8, an analytical research published by the Iranian National Tax Administration shows.
Using Vito Tanzi’s Currency Demand Approach and Vector Error Correction Model, the research put the size of the underground economy at an estimated 5,584 trillion rials ($24 billion) and tax evasion at 515 trillion rials ($2.2 billion).
Iran’s total tax revenues stood at 1,366 trillion rials ($5.86 billion) and the country’s GDP, using current prices, amounted to 14,807 trillion rials ($63.5 billion) in the year under review.
The rial values have been converted using current dollar exchange rates.
The average annual Consumer Price Index for the communications sector in the 12-month period ending July 21, which marks the end of the fourth Iranian month, increased by 7.3% compared with the corresponding period of the year before, which is the lowest among 12 groups of the basket of consumer goods and services purchased by households.
The CPI of communications stood at 163.4 for the month, indicating a 3.7% growth compared with the month before.
Faltering near the psychological resistance of two million points, the benchmark of Tehran Stock Exchange, TEDPIX, closed Tuesday near the flat-line.
Amid sell-off in many large-cap shares, the market-cap weighted TEDPIX gained a meager 0.09% for the day, adding 1,696 points to finish at 1,995,037.
Better performance of small-cap shares, however, pushed up the equal-weighted index by 0.33%.
The CEO of Securities and Exchange Organization says 140 companies are in the listing process to join the Tehran Stock Exchange and Iran Fara Bourse, the junior equity market.
Hassan Qalibaf-Asl said efforts are underway to ease the listing process. Ninety companies are doing the paperwork to get listed on the IFB while 50 want to be listed with the TSE, IRNA quoted him as saying.
The government has eased the listing process in line with the declared aim to expand the bourse and strengthen the supply side to accommodate the ballooning liquidity flowing into the market.
The Central Bank of Iran says it will send to the judicial authority a bigger list of exporters that have failed to repatriate their currency earrings.
Last week the CBI said it had provided the judiciary with a list of 250 export companies and individuals who had not complied with the forex repatriation rules.
"An estimated 2,386 exporters failed to repatriate €17.7 billion from March 2019 to July 2020. This amount is expected to increase and the CBI is working with the Ministry of Industries, Mining and Trade and the judiciary," Samad Karimi, head of CBI's export department told Tasnim news agency.
Value of trade at the Iran Energy Exchange surged in the first four months of current fiscal year (March 20-July 21).
Data from IRENEX shows more than 295.82 trillion rials ($1.2 billion) worth of commodities were traded via the energy exchange during the period, Securities and Exchange News Agency (SENA) reported.
The figure indicates strong promise with a whopping 540% growth compared to the corresponding period last year, the highest in the history of the relatively new market.
Startup gatherings organized by the state-back Iran National Innovation Fund in the last Iranian year (ended March 19, 2020) have resulted in contracts worth 47 trillion rials ($201.7 million) between tech firms and major industrial units.
According to Siavash Malekifar, a deputy at INIF, 14 technology events were organized by the fund in the last fiscal year, offering domestic industries an opportunity to introduce their technological needs and seek appropriate tech solutions, the fund’s website reported.
“During the events, around 2,700 B2B meetings were held between knowledge-based firms and domestic industries, and over 1,650 tech needs were listed in different fields,” he added.
The INIF official noted that events have given rise to numerous contracts, strengthening ties between the growing technology ecosystem and conventional businesses and industries.
Malekifar further said the most recent tech gathering was jointly held by the Vice Presidential Office for Science and Technology, INIF and Agricultural Research Education and Extension Organization as online sessions from August 2-4.
Subscribe to our daily newsletter.
More from DEN Media Group:
© Financial Tribune Daily and Contributors 2014-2018